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 8,407 people, 3,025 houses or apartments, and a median cost of homes of $282,478, Richland Hills real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Richland Hills, accounting for 76.66% of the city's housing units. Other types of housing that are prevalent in Richland Hills include large apartment complexes or high rise apartments ( 12.40%), duplexes, homes converted to apartments or other small apartment buildings ( 8.78%), and a few row houses and other attached homes ( 2.16%).
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 Hills. Owner-occupied housing accounts for 66.21% of Richland Hills's homes, and 69.66% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Richland Hills's housing was primarily built during this period, from the '40s through the '60s. A full 75.68% of the city's housing hails from this era. Other housing ages represented in Richland Hills include homes built between 1970-1999 ( 21.77%) and housing constructed between 2000 and later ( 2.55%).
Vacant housing appears to be an issue in Richland Hills. Fully 10.29% of the housing stock is classified as vacant. Left unchecked, vacant Richland Hills homes and apartments can be a drag on the real estate market, holding Richland Hills real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Richland Hills has experienced some of the highest home appreciation rates of any community in the nation. Richland Hills real estate appreciated 140.77% over the last ten years, which is an average annual home appreciation rate of 9.18%, putting Richland Hills in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Richland Hills definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Richland Hills appreciation rates have trailed the rest of the nation. In the last twelve months, Richland Hills's appreciation rate has been 1.32%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Richland Hills were at 1.89%, which equates to an annual appreciation rate of 7.76%.
Relative to Texas, our data show that Richland Hills's latest annual appreciation rate is lower than 80% of the other cities and towns in Texas.
$282,478
for Texas
for nation
3,025
$2,143 / per month