A Home Buyer’s Guide to the City of Richmond, California

This guide is part of an ongoing series that explores San Francisco Bay Area cities from a home buying perspective. Our goal is to educate buyers about the different real estate markets across the Bay Area, with relevant information for each individual city.

Today, we turn our attention to Richmond, California, a city of around 114,000 residents located in the East Bay. Here are some things you should know about the city of Richmond if you’re thinking about buying a home there.

Richmond, California at a Glance

Richmond is a culturally diverse city located in California’s East Bay region, in the western part of Contra Costa County. It borders the cities of San Pablo to the north and El Cerrito to the south. It also borders the San Francisco Bay to the southwest.

Founded in the early 20th century as a hub for industry and commerce, Richmond has evolved into a bustling city with housing options that range from urban condos to historic suburban homes.

Today, Richmond is known for its revitalized waterfront, historic architecture, and commitment to sustainability and environmental stewardship. The city boasts a thriving arts scene, a variety of recreational amenities, and a culinary scene that celebrates its cultural diversity.

The downtown area has undergone some revitalization in recent years, an effort that continues to this day.

The nonprofit Richmond Main Street Initiative is dedicated to revitalizing the historic downtown “as a pedestrian-friendly urban village, offering products, services, arts, and entertainment that reflect the community’s rich and diverse heritage.”

Housing Market Trends

If you’re thinking about buying a home in Richmond, you’ll be happy to know that local home prices are lower than most other Bay Area cities. This is due to many factors including the basic fundamentals of supply and demand.

Here’s a snapshot of median home values in spring 2024, according to Zillow:

• City of Richmond: $650,137
• San Francisco-Oakland metro area: $1,176,322
• Contra Costa County: $835,413
• State of California: $783,666

Home prices within the Richmond real estate market are relatively affordable when compared to the surrounding county, the Bay Area region, and the state of California as a whole.

Despite having lower home values, the Richmond housing market can be highly competitive due to limited inventory and steady demand. It also attracts a lot of East Bay home buyers who are seeking a “bargain” by San Francisco Bay Area standards.

In short, Richmond home buyers can benefit from lower prices but still need to bring their ‘A’ game when entering the real estate market.

Buyers can increase their chance for success by getting pre-approved for a mortgage ahead of time, and by making a strong first offer when the right house comes along.

Popular Neighborhoods in Richmond

Belding Woods: A quiet, residential neighborhood that offers affordable Bay Area housing with specialty markets and restaurants on almost every street. You’ll find a lot of affordable Spanish bungalow-style homes in this community.

Downtown Richmond: The city’s core, featuring the Richmond Civic Center and a growing number of restaurants and shops.

El Sobrante Hills: Primarily single-family homes with panoramic views and easy access to nature trails. It’s generally regarded as a safe and friendly neighborhood. Don’t confuse it with the unincorporated area of El Sobrante, California located to the north.

Hilltop District: Primarily a single-family home neighborhood with a mix of architectural styles, including Craftsman bungalows and newer constructions. It offers a convenient location close to I-80 for commuting and has several parks within the neighborhood.

Iron Triangle: Known for its industrial past, the Iron Triangle is transforming into a more mixed-use area. You’ll find a mix of residential options, including apartments, lofts (converted warehouses), and some single-family homes.

North Richmond: Primarily industrial, but also has residential areas with affordable housing options.

Point Richmond: A charming waterfront neighborhood known for its marinas, stunning views of the San Francisco Bay, and relaxed atmosphere. It features a mix of single-family homes and apartments, hiking trails, a historical pool, and a swimming beach.

Potrero District: A revitalized area with a mix of historic buildings, art galleries, trendy restaurants, and breweries. This neighborhood offers a mix of condos and classic Victorians, among other housing options.

The Richmond Annex: Located near Point Richmond, this neighborhood offers a suburban feel with Craftsman and California bungalows lining its streets. It’s the kind of neighborhood where you can walk to almost everything, from the post office to the grocery store.

Benefits of Living in Richmond

Richmond offers a host of benefits for residents, making it an attractive destination for home buyers of all kinds. Here are some of the reasons why people like to live there.

• Affordable Housing: Compared to many other Bay Area cities, Richmond offers relatively affordable housing options. This makes it appealing for first-time home buyers and families looking to get more value for their money.
• Rich Cultural Heritage: From its historic architecture to its diverse population, the city of Richmond has a rich cultural heritage. Residents have the opportunity to explore a variety of culture with many community events spread throughout the year. Food-wise, you’ll find everything from soul food to Central American cuisine.
• Outdoor Recreation: With its extensive park system, miles of shoreline, and proximity to regional parks and open space preserves, Richmond offers ample opportunities for outdoor recreation. Popular activities include hiking, biking, fishing, and birdwatching.
• Transit Accessibility: Richmond is well-connected to the rest of the Bay Area via public transit, including BART (Bay Area Rapid Transit) and AC Transit bus service. This makes it easy for residents to commute to work or explore the region without always relying on a car.
• Up-and-Coming City: Richmond is undergoing a revitalization with new businesses, restaurants, and arts initiatives emerging, making it an exciting place to live.

Need a home loan? Bridgepoint Funding is a local mortgage broker with deep roots in the East Bay. We offer a wide range of home loan options, including FHA, conventional and VA. Please contact us if you need help financing a home purchase in Richmond, California!