Richmond, VA—23224
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 $232,000, with a year-over-year change of -1.1%. This indicates that home prices in Richmond, VA are decreasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $232,000 | -1.1% |
| Single Family | $231,000 | -1.3% |
| Condos | $256,000 | 0.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $188,000 | -1.1% |
3 Bed | $241,000 | -0.4% |
4 Bed | $277,000 | -0.4% |
| 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 $1,520, with a year-over-year rent change of -1.3%. Per bedroom, the median rent as of July '25 in Richmond, VA is studios: $1,160, 1-bedrooms: $1,210, 2-bedrooms: $1,380, 3-bedrooms: $1,980, 4-bedrooms: $2,200. The most common rental property sizes in Richmond, VA are 2-bedroom and 3-bedroom, accounting for 47.7% and 19.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,420 | $1,520 |
| Studio Rent | $1,200 | $1,160 |
| 1 Bed Rent | $1,200 | $1,210 |
| 2 Bed Rent | $1,420 | $1,380 |
| 3 Bed Rent | $1,950 | $1,980 |
| 4 Bed Rent | $2,100 | $2,200 |
% 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 37. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $291,000 | -3.0% |
Listing Count | 127 | 26.0% |
| Listings as % of Homes | 0.5% | 26.0% |
Days on Market | 37 | 0.0% |
Demographics — Richmond, VA
As of the latest ACS Survey released in 2023, Richmond, VA has a population of 39,000, which has decreased by -3.5% over the past 5 years. Richmond, VA is a moderately popular place for families, as children make up 22.9% of the population. The area has a poorly educated workforce, with 19.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 39,000 | -3.5% |
% Under 18 | 22.9% | -11.6% |
% Seniors | 10.9% | 22.5% |
% WFH | 10.9% | 395.5% |
% w/ College Degree | 19.1% | 42.5% |
As of the latest ACS Survey released in 2023, Richmond, VA is a predominantly black area, with 59.0% of the population identifying as black. The black population has shrunk by 9.9% in the last 5 years. The second most common race or ethnicity in Richmond, VA is hispanic, making up 21.9% of the population. Foreign-born residents account for 17.2% of the population in Richmond, VA, and this percentage has increased by 50.9% 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 | 15.5% | 9.2% |
% Black | 59.0% | -9.9% |
% Hispanic | 21.9% | 42.2% |
% Asian | 0.5% | -28.6% |
% Foreign Born | 17.2% | 50.9% |
Mortgage and Risk — Richmond, VA
According to HUD data as of 2023, there were 507 mortgage originations in Richmond, VA, of which 70.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, VA. Investor activity is low, as 7.0% of loans were by investors. 17.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 507 |
% Conventional Loans | 70.0% |
% Government Loans | 30.0% |
% Investor Loans | 7.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 17.0% |
Loan Activity
Rentals and Section 8 — Richmond, VA
As of 2024, the percent of homes in Richmond, VA under the Section 8 program is 14.6%. 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. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Richmond, VA, because HUD payments exceed market rent, while 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 2,040 |
Total Units Section 8 | 1,582 |
% Rentals under Section 8 | 14.6% |
% Occupied Section 8 | 87.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $150 | $1,200 | $1,350 |
| 2 Bedroom | $70 | $1,420 | $1,490 |
| 3 Bedroom | -$60 | $1,950 | $1,890 |
| 4 Bedroom | $230 | $2,100 | $2,330 |
Affordability — Richmond, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.7 |
| Median Home Price | $232,000 |
| Median Household Income | $49,300 |