Richmond, VA—23225
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 -0.6%. This indicates that home prices in Richmond, VA are flat. 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 | -0.6% |
| Single Family | $364,000 | -0.8% |
| Condos | $205,000 | 0.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $266,000 | -0.7% |
3 Bed | $346,000 | -1.1% |
4 Bed | $488,000 | 0.6% |
| 5 Bed | $642,000 | 0.9% |
% of Housing Stock
Rental Trends — Richmond, VA
As of July '25, Rentcast reports the average rent in Richmond, VA is $1,750, with a year-over-year rent change of -5.9%. Per bedroom, the median rent as of July '25 in Richmond, VA is studios: $1,260, 1-bedrooms: $1,330, 2-bedrooms: $1,580, 3-bedrooms: $2,100, 4-bedrooms: $2,690. The most common rental property sizes in Richmond, VA are 2-bedroom and 1-bedroom, accounting for 44.9% and 34.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,750 |
| Studio Rent | $1,260 | $1,260 |
| 1 Bed Rent | $1,320 | $1,330 |
| 2 Bed Rent | $1,550 | $1,580 |
| 3 Bed Rent | $2,000 | $2,100 |
| 4 Bed Rent | $2,500 | $2,690 |
% 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 51. This is a increase of 33.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $379,000 | 13.0% |
Listing Count | 98 | 16.0% |
| Listings as % of Homes | 0.3% | 16.0% |
Days on Market | 51 | 33.0% |
Demographics — Richmond, VA
As of the latest ACS Survey released in 2023, Richmond, VA has a population of 42,200, which has decreased by -1.7% over the past 5 years. Richmond, VA is a moderately popular place for families, as children make up 20.3% of the population. The area has a moderately educated workforce, with 41.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 42,200 | -1.7% |
% Under 18 | 20.3% | 4.1% |
% Seniors | 16.3% | 10.9% |
% WFH | 14.3% | 308.6% |
% w/ College Degree | 41.1% | 15.4% |
As of the latest ACS Survey released in 2023, Richmond, VA is a predominantly black area, with 43.5% of the population identifying as black. The black population has shrunk by 7.2% in the last 5 years. The second most common race or ethnicity in Richmond, VA is white, making up 37.7% of the population. Foreign-born residents account for 9.1% of the population in Richmond, VA, and this percentage has increased by 5.8% 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 | 37.7% | -6.5% |
% Black | 43.5% | -7.2% |
% Hispanic | 14.1% | 85.5% |
% Asian | 1.4% | -33.3% |
% Foreign Born | 9.1% | 5.8% |
Mortgage and Risk — Richmond, VA
According to HUD data as of 2023, there were 574 mortgage originations in Richmond, VA, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, VA. Investor activity is low, as 3.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 574 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Richmond, VA
As of 2024, the percent of homes in Richmond, VA under the Section 8 program is 11.4%. 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 | 1,514 |
Total Units Section 8 | 1,290 |
% Rentals under Section 8 | 11.4% |
% Occupied Section 8 | 90.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $200 | $1,320 | $1,520 |
| 2 Bedroom | $130 | $1,550 | $1,680 |
| 3 Bedroom | $130 | $2,000 | $2,130 |
| 4 Bedroom | $130 | $2,500 | $2,630 |
Affordability — Richmond, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.4 |
| Median Home Price | $357,000 |
| Median Household Income | $60,900 |