Is Richmond, KY 40475 a buyer’s or seller’s market?
Richmond is a seller’s market. With about 3.2 months of supply and 13% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 32% of U.S. ZIP codes, and #91 of 160 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Richmond housing market right now
In the three months ending August 31, 2026, 13% of homes in Richmond, KY 40475 sold above their list price, the typical home went under contract in 53 days and there were 3.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 284 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 15%, homes sold faster (55 days then) and the median sale price rose 5% to $329,857. Overall, Richmond is about as competitive as it was a year ago.
On our competition score, Richmond ranks #91 of 160 KY ZIP codes with enough sales (score 35 out of 100).
Nearby, buyers who want less competition could look at Waco 40385 (0% sold over asking) or Berea 40403 (9% sold over asking).
Run the numbers for 40475
Nearby markets
Berea 40403Seller’s market $172 /sq ftWaco 40385Seller’s market $155 /sq ft Browse all markets →Towns like Richmond nearby
Find towns like Richmond in other states →Where Richmond is
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Questions about Richmond real estate
Is Richmond a buyer’s or seller’s market?
A seller’s market: there were 3.2 months of supply in Richmond, KY 40475 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Richmond?
The typical home went under contract in 53 days in the latest three months.
Do homes in Richmond sell over asking?
13% of homes sold above their original list price, and the typical sale closed at 97.9% of the list price.
What are property taxes in Richmond?
About 0.73% of a home’s value a year in Madison County, or roughly $2,920 on a $400,000 home.
What is the median home price in Richmond?
The median sale price was $329,857 in the three months ending August 31, 2026, about $178 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology