Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 7,297, 3,004 total housing units (homes and apartments), and a median house value of $146,446, the cost of homes in Richland is among some of the lowest in the nation. Compared to Mississippi, however, Richland real state is not on the lower end of the price spectrum.
Single-family detached homes are the single most common housing type in Richland, accounting for 54.31% of the city's housing units. Other types of housing that are prevalent in Richland include mobile homes or trailers ( 31.57%), large apartment complexes or high rise apartments ( 9.58%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.54%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Richland. Owner-occupied housing accounts for 68.00% of Richland's homes, and 67.01% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Richland built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Richland built between 2000 and later ( 27.86%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.93%). There's also some housing in Richland built before 1939 ( 1.87%).
Richland's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Richland during the period has been just 4.92%, which is lower than 80% of US communities.
Appreciation rates are so strong in Richland that despite a nationwide downturn in the housing market, Richland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Richland appreciation rates continue to be some of the highest in America, at 14.79%, which is higher than appreciation rates in 97.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Richland. Richland appreciation rates in the latest quarter were at 0.63%, which equates to an annual appreciation rate of 2.56%.
Relative to Mississippi, our data show that Richland's latest annual appreciation rate is higher than 90% of the other cities and towns in Mississippi.
$146,446
for Mississippi
for nation
3,004
$1,623 / per month