Richmond, VA—23219
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Richmond, VA
As of Oct '25, the median home price in Richmond, VA is $357,000, with a year-over-year change of -2.1%. This indicates that home prices in Richmond, VA are decreasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $357,000 | -2.1% |
| Single Family | $502,000 | -1.0% |
| Condos | $320,000 | -3.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $270,000 | -2.2% |
2 Bed | $400,000 | -1.7% |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Richmond, VA
As of July '25, Rentcast reports the average rent in Richmond, VA is $1,480, with a year-over-year rent change of -3.3%. Per bedroom, the median rent as of July '25 in Richmond, VA is studios: $1,210, 1-bedrooms: $1,320, 2-bedrooms: $1,790, 3-bedrooms: $2,100, 4-bedrooms: $2,750. The most common rental property sizes in Richmond, VA are 1-bedroom and 2-bedroom, accounting for 51.0% and 30.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,350 | $1,480 |
| Studio Rent | $1,150 | $1,210 |
| 1 Bed Rent | $1,290 | $1,320 |
| 2 Bed Rent | $1,650 | $1,790 |
| 3 Bed Rent | $2,100 | $2,100 |
| 4 Bed Rent | $2,600 | $2,750 |
% of Rental Stock
Property Listings — Richmond, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond, VA is 60. This is a increase of 56.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $367,000 | 9.0% |
Listing Count | 13 | -28.0% |
| Listings as % of Homes | 0.2% | -28.0% |
Days on Market | 60 | 56.0% |
Demographics — Richmond, VA
As of the latest ACS Survey released in 2023, Richmond, VA has a population of 3,860, which has decreased by -13.1% over the past 5 years. Richmond, VA is a less popular place for families, as children make up 10.0% of the population. The area has a highly educated workforce, with 62.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,860 | -13.1% |
% Under 18 | 10.0% | 284.6% |
% Seniors | 8.3% | -29.7% |
% WFH | 19.2% | 1,820.0% |
% w/ College Degree | 62.3% | 36.0% |
As of the latest ACS Survey released in 2023, Richmond, VA is a predominantly white area, with 54.7% of the population identifying as white. The white population has grown by 38.1% in the last 5 years. The second most common race or ethnicity in Richmond, VA is black, making up 30.3% of the population. Foreign-born residents account for 10.5% of the population in Richmond, VA, and this percentage has increased by 4.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 54.7% | 38.1% |
% Black | 30.3% | -29.7% |
% Hispanic | 5.5% | 7.8% |
% Asian | 4.1% | -39.7% |
% Foreign Born | 10.5% | 4.0% |
Mortgage and Risk — Richmond, VA
According to HUD data as of 2023, there were 18 mortgage originations in Richmond, VA, of which 100.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, VA. Investor activity is low, as 6.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 18 |
% Conventional Loans | 100.0% |
% Government Loans | 0.0% |
% Investor Loans | 6.0% |
% Second Loans | 6.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Richmond, VA
As of 2024, the percent of homes in Richmond, VA under the Section 8 program is 12.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Richmond, VA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 419 |
Total Units Section 8 | 336 |
% Rentals under Section 8 | 12.7% |
% Occupied Section 8 | 94.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $300 | $1,290 | $1,590 |
| 2 Bedroom | $110 | $1,650 | $1,760 |
| 3 Bedroom | $130 | $2,100 | $2,230 |
| 4 Bedroom | $150 | $2,600 | $2,750 |
Affordability — Richmond, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.7 |
| Median Home Price | $357,000 |
| Median Household Income | $62,500 |