North Richland Hills is an affluent suburb of Fort Worth, both of which are within Tarrant County, Texas, U.S.A. Back in 2006, this mid-to-high-end city made it to the list of top 100 best places to live in the U.S. As of now, it has a livability score of 93%, which is considered exceptional, bearing in mind that the score for the larger Texas is only 72, and that of the U.S., in general, is a mere 67. Furthermore, it ranks better than 99% of other residential areas in the U.S.
With these impressive statistics in mind, you’d want to have a clearer picture of the housing market in North Richland Hills, whether you’re a homeowner, renter, or potential buyer or seller. Read below to find out more details.
1. Median Home Value
North Richland Hills (N.R.H.) has a median home value of USD$242,366 and a median sale price of USD$312,500. These prices give you a good idea of the average value and resale price of real estate in any given area. In essence, it’s the midway point of all the houses sold at market price over recent years.
The breakdown below offers an even more detailed perspective of the home prices in this city.
- USD$0 to 66,000: 2.0%
- USD$66,001 to 132,000: 8.6%
- USD$132,001 to 264,000: 42.4%
- USD$264,001 to 396,000: 26.0%
- USD$396,001 to 527,000: 11.4%
- USD$527,001 to 659,000: 6.3%
- USD$659,001 to 989,000: 2.6%
- USD$989,001 to 1,318,000: 0.1%
- 4% of homes sell for more than USD$1,318,000
As a buyer, this is the average amount of money you ought to have in your pocket if you intend to purchase a house in this city. And as a seller, this should be your average list price once you advertise your house for sale. But, you can have a higher or lower figure depending on the presence or lack of unique features that home buyers look for in today’s market.
The fact that North Richland Hills’ median home value is 12% higher than that of Texas speaks of the affluence of the area. But, even so, the figure is 13% lower than the U.S. average, meaning it’s more affordable.
2. Age Of Homes
Most homes in North Richland Hills were built between 1970 and 1999. Below is a more detailed breakdown of the age of homes in N.R.H.
- Built in 1939 or before: 0.0%
- 1940 to 1969: 16.1%
- 1970 to 1999: 62.6%
- 2000 and beyond: 21.3%
The chances are slim that you’d want to sell a home built after 2000. After all, such are the most modern ones in the city, and everyone is eyeing them. On the contrary, homes built before 2000 have probably started getting old, with some of the features needing repairs.
If you have such a home and intend to sell it, it’s good to be prepared to do the necessary repairs before setting it up for sale, as no buyer would want to move into a partially broken house.
But, if you dread the thought of handling the repairs yourself, there’s the option of selling your house as-is in North Richland Hills. Once you get a reliable as-is buyer, you should be able to close the deal in just a few hours and receive cash payment instantly. The good thing about this approach is that you leave all the repair work to the as-is company, who, afterward, renovates the house and sell to willing and able buyers. Also, you avoid the scenario where your house overstays in the market due to its flaws.
3. Homeownership Rate
Homeowners in North Richland Hills make up 61.9% of the population, while the remaining 38.1% are renters. These figures don’t differ much from the national outlook. Statistics shows that the U.S. has 122.8 million households, of which 78.7 million own their homes. That’s an equivalent of 64.09%, which is slightly higher than the N.R.H. figures. So, whether you’re a renter or a homeowner in N.R.H., at least, you now know there are thousands of others in the same category as you.
4. Home Sizes
Take a look at the following N.R.H. statistics on home sizes:
- Five or more bedrooms: 2.6%
- Four bedrooms: 20.2%
- Three bedrooms: 44.9%
- Two bedrooms: 18.2%
- One bedroom: 12.2%
- No bedroom: 1.9%
It’s evident from the figures that most North Richland Hills residents prefer three-bedroom houses. Therefore, if you’re looking to buy a home and rent it out, you better go for a three-bedroom one to quickly increase your chances of getting a renter.
5. Home Types
Below are the percentages of the different home types in North Richland Hills:
- Mobile homes: 1.4%
- Townhomes: 3.9%
- Small apartment buildings: 4.6%
- Apartment complexes: 24.4%
- Single-family units: 65.6%
As the single-family houses carry the day by a whopping 65.6%, you can count on them as a feasible investment option instead of mobile homes, which aren’t very popular in this city. But, that’s not to say you must avoid investing in mobile homes altogether; they certainly have their place in the market.
6. Average Market Rent
Currently, renters in North Richland Hills pay an average monthly rent of USD$ 1,746. This is 50% higher than the national average of USD$1,164. You agree that N.R.H. isn’t the cheapest place to live in the U.S. But, still, given the developmental infrastructure, social amenities and suchlike advantages, you sure wouldn’t regret paying such high rents. And, if you’re a landlord, you’ll forever enjoy the high rental income.
7. Appreciation Rates
From 2000 to 2021, the average annual appreciation rate for houses in N.R.H. is estimated at 3.99%. You can use this trend to predict what the value of your home will be several years from now. Such projection into the future gives you the confidence of buying new homes with the aim of selling them later.
North Richland Hills is, by all means, an excellent city regarding its housing market. Whether you’re a homeowner in this city, a renter, or a potential buyer or seller, the market metrics seem to be in your favor. So, you can confidently invest your money in N.R.H. and wait patiently for the returns.