Rent increases, new developments, and an influx of new Richmondites —all of these factors and more are changing the city’s real estate market in profound ways. Yet Richmond remains affordable compared to the rest of the Bay Area.
In order to take stock of the market as it is right now, here is a snapshot of the numbers and how Richmond compares to the rest of the Bay Area.
$1,963: Average rent for a two-bedroom in Richmond
$87,500: Price of one three-bedroom house in the Iron Triangle
$2.2 million: Price of one three-bedroom house in Brickyard Cove
$318,050: Median sale price for a house in Richmond today
19.4%: The price increase for a house in Richmond over the past year
Bay Area Rates
$3,240: Average rent for a two-bedroom in Berkeley
$375,000: Price of a three-bedroom house in East Oakland
$2.6 million: Price of one three-bedroom house on Parkside Drive in Berkeley
$931,900: Median sale price for a house in Berkeley today
$1,045,500: Median sale price for a house in San Francisco today
15.3%: The price increase for a house in Oakland over the past year
50,000: The number of possible new units allowed by the General Plan’s rezoning
2.6 out of 10,000: The number of foreclosed houses in the Richmond, which is lower than the national average of 3.9 for every 10,000
2,383: The number of recently sold houses in the city
5.3/10: The stability of Richmond’s housing market as determined by the Market Health Index. This number is measured by measuring metrics like the past and projected evolution of home values, the rate of foreclosures, foreclosure re-sales, negative equity and delinquency, and the pace of home sales.
All information came from zillow.com
Photo courtesy City of Richmond
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