Richmond, California Housing Market

What stands out in Richmond?

• 9% of sellers have cut their price: among the lowest share of price cuts of 763 tracked cities. Sellers are holding firm on price.
• Asking price per square foot has moved -1.1% a year over five years: among the weakest five-year price growth of 763 tracked cities. Appreciation has been weak, so buy for cash flow.
• Prices were above the year before in 59% of months: among the least consistent price growth of 763 tracked cities. Price growth here is unreliable. Do not count on it.

How deep is Richmond's renter pool?

46% of occupied homes in Richmond's ZIP codes are rented, more than in 79% of the cities we track. HUD's county-wide fair market rent for 2 bedrooms is $2,912 a month, including utilities. A deep renter pool shortens vacancy. It also means you compete with other landlords on condition and price.

What is the fair market rent in Richmond?

HUD sets one fair market rent for Contra Costa County. For fiscal year 2026:

• 1 bedroom: $2,385 a month. Up 8% on last year, up 43% since FY2016.
• 2 bedrooms: $2,912 a month. Up 9% on last year, up 38% since FY2016.
• 3 bedrooms: $3,724 a month. Up 9% on last year, up 27% since FY2016.
• 4 bedrooms: $4,413 a month. Up 8% on last year, up 35% since FY2016.

The figures include tenant-paid utilities and apply to all of Contra Costa County, so one home's rent can sit well above or below them. See fair market rent by city.

How does Richmond compare with other California markets?

Ranked among the 141 California markets we track:

• Asking price: 37th cheapest of 141. Richmond is at $577,525. Closest: Moreno Valley and Menifee.
• Buyer competition: 10th most competitive of 138. Richmond is at 0.53 buyers per home. Closest: Fresno and Moreno Valley.
• Time on market: 40th shortest time on market of 141. Richmond is at a median of 48 days on market. Closest: Vallejo and Torrance.
• Price cuts: 2nd fewest price cuts of 141. Richmond is at 9% of sellers cutting. Closest: Malibu and San Francisco.

How much can you negotiate in Richmond?

For every 100 homes still for sale, 53 are under contract. In 2017–2019 at this time of year it was 76. The rest are still waiting for a buyer. Few sellers are dropping their price. Asking prices are holding firm. Your discount will come from one stale listing.

Richmond listings spend a median 48 days on the market. There are 114 homes for sale in Richmond. That is 2.5 times the tightest month on record, but below the peak of 157. Supply is shrinking against last year.

What to do about it

• Judge each listing on its own.
• Homes listed 60+ days ago with a price cut are where your discount is.
• Fresh, well-priced homes will not move on price. Do not waste offers on them.

Who will rent from you in Richmond?

In Richmond, 46 out of every 100 households rent. That is nearly half. The renter share is shrinking. Five years ago it was 52 in 100. Renter households here average 2.9 people. Families rent here. Buy bedrooms. Studios will sit.

Households grew 12% in five years. The housing stock grew 9%. Demand is outrunning supply. Just 4.7% of homes sit empty. A well-priced rental fills fast here.

The median Richmond household earns $91,404 a year. Incomes here have grown 7.7% a year since 2019. Incomes are rising faster than home prices. Affordability is improving. A typical home costs 6.3 times the median income. Most locals cannot buy. That keeps rental demand deep. It also caps the rent they can pay. At 30% of income, a tenant on the median income can pay about $2,285 a month.

To see what one Richmond address would rent for and cash flow, run it through the app.

What numbers should you underwrite a Richmond deal with?

• Price growth to assume — -1.1%/yr. Richmond grew 2.8% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Richmond loses about 1.1% a year. That is the number to type in. Prices fell 1.8% over the last year. Use it for timing. The five-year rate is the better guide.
• Odds you cut your price to sell — 1 in 11. 9% of Richmond listings have cut their asking price. Underwrite your exit below asking.
• Competition when you exit — -9%. Homes for sale in Richmond are down 9% on last year, so your resale faces less competition than today's comps did.

Read whether a market fits Section 8 tenants and how we read these numbers, then run the numbers on a deal.

What is the median home price in Richmond?

The median asking price in Richmond is about $578,000 as of Oct 2026, about the same as a year ago. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Richmond figures cover the 6 ZIP codes with a Richmond mailing address, which can reach past city limits.

Is Richmond a buyer's or seller's market in 2026?

Neither side has the upper hand in Richmond right now. We compare Richmond with 2017–2019 at this time of year: listings spend 60% more days on the market; 9% of sellers have cut their price, against 13% then; there are 53 pending sales per 100 listings, against 76 then.

Are Richmond home prices going up or down?

The median asking price is 11.9% below its Jul 2023 peak. You are not buying at the top. Prices stopped falling about a year ago. They are flat now. Waiting will not get you a cheaper house. It might still get you a more motivated seller.

What is the best month to buy a house in Richmond?

Across 9 full years, Richmond asking prices ran lowest in January, about 3.6% below the year's average. They peaked in July. The most homes for sale show up in October, about 27% above the yearly average.

What is the fair market rent in Richmond?

HUD's fiscal year 2026 fair market rent for Contra Costa County is $2,912 a month for 2 bedrooms and $3,724 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.