Market Overview
Home Prices in Richmond, RI
The median home value in Richmond, RI is $529,805 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.5% compared to a year ago and up 4.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Richmond are priced29% above average. Richmond is part of the Providence-Warwick, RI-MA metro area.
Over the past five years, Richmond home values have risen by approximately34.3%, reflecting strong long-term appreciation in this market.
Price History
Richmond Home Price Trend
City Comparison
Richmond vs. National Median
At $529,805, homes in Richmond cost 29% above the national median of $410,000. Buyers in Richmond should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Richmond?
20% Down Payment
$105,961
on $529,805
Monthly P&I
$2,763/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,509/mo
incl. taxes & insurance
Income Needed
$140,360
gross annual (30% rule)
10% Down Option
$52,981
+ PMI applies
Loan Amount (20% dn)
$423,844
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Richmond, RI?
The median home value in Richmond is $529,805 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.5% year-over-year.
How much have home prices changed in Richmond?
Over the past year, home values in Richmond have increased by 2.5%. Over five years, prices have risen approximately 34.3%.
How much do I need to earn to buy a home in Richmond?
To comfortably afford the median home price of $529,805 with a 20% down payment ($105,961) at today's rates (6.8%), you'd need a gross annual income of approximately $140,360. This assumes keeping total housing costs at or below 30% of gross income.
How does Richmond compare to the national average home price?
The national median home value is approximately $410,000. At $529,805, homes in Richmond are 29% above the national average.
What metro area is Richmond part of?
Richmond is part of the Providence-Warwick, RI-MA metropolitan area. Home prices and market conditions can vary across the broader metro region.