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Richmond, VA—23226

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$594,000
1.5% YoY Growth
Household Income
$127,000
35.8% YoY Growth
Days on Market
23
16.0% Shorter YoY
Home Price Forecast
1.4%
Median Rent
$2,200
2.1% YoY Growth
1-Bed Rent
$1,950
N/A
2-Bed Rent
$2,200
4.1% YoY Growth
3-Bed Rent
$2,300
3.6% YoY Growth

Other Zip Codes in Richmond, VA

232212323523222232192322023225232342323623224
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Richmond, VA

As of May '26, the median home price in Richmond, VA is $594,000, with a year-over-year change of 1.5%. This indicates that home prices in Richmond, VA are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$594,0001.5%
Single Family $597,0001.4%
Condos $562,0003.3%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$384,0001.6%
    3 Bed
    		$530,0001.7%
    4 Bed
    		$814,0001.9%
    5 Bed $2,019,4224.1%
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    % of Housing Stock

    1 Bedroom
    3.6%
    2 Bedrooms
    23.8%
    3 Bedrooms
    40.0%
    4 Bedrooms
    23.4%
    5+ Bedrooms
    9.1%

    Rental Trends — Richmond, VA

    As of July '25, Rentcast reports the average rent in Richmond, VA is $2,300, with a year-over-year rent change of -2.1%. Per bedroom, the median rent as of July '25 in Richmond, VA is 1-bedrooms: $1,940, 2-bedrooms: $2,010, 3-bedrooms: $2,390, 4-bedrooms: $2,370. The most common rental property sizes in Richmond, VA are 3-bedroom and 2-bedroom, accounting for 41.3% and 39.7% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,200$2,300
    Studio Rent N/AN/A
    1 Bed Rent $1,950$1,940
    2 Bed Rent $2,200$2,010
    3 Bed Rent $2,300$2,390
    4 Bed Rent $2,370$2,370
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    % of Rental Stock

    1 Bedroom
    9.5%
    2 Bedrooms
    39.7%
    3 Bedrooms
    41.3%
    4 Bedrooms
    7.8%
    5+ Bedrooms
    1.7%

    Property Listings — Richmond, VA

    As of May '26, Realtor.com reports that the median days on market for a home in Richmond, VA is 23. This is a decrease of -16.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 7.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$725,00044.0%
    Listing Count
    		595.0%
    Listings as % of Homes0.3%5.0%
    Days on Market
    		23-16.0%
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    Demographics — Richmond, VA

    As of the latest ACS Survey released in 2023, Richmond, VA has a population of 15,800, which has decreased by -1.9% over the past 5 years. Richmond, VA is a moderately popular place for families, as children make up 17.8% of the population. The area has a highly educated workforce, with 74.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.8% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		15,800-1.9%
    % Under 18
    		17.8%-11.0%
    % Seniors
    		19.6%24.1%
    % WFH
    		22.8%216.7%
    % w/ College Degree
    		74.8%6.6%
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    As of the latest ACS Survey released in 2023, Richmond, VA is a predominantly white area, with 83.5% of the population identifying as white. The white population has shrunk by 1.4% in the last 5 years. The second most common race or ethnicity in Richmond, VA is black, making up 6.3% of the population. Foreign-born residents account for 6.7% of the population in Richmond, VA, and this percentage has decreased by 14.1% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		83.5%-1.4%
    % Black
    		6.3%12.5%
    % Hispanic
    		3.4%-34.6%
    % Asian
    		3.0%3.4%
    % Foreign Born
    		6.7%-14.1%
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    Mortgage and Risk — Richmond, VA

    According to HUD data as of 2023, there were 367 mortgage originations in Richmond, VA, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Richmond, VA. Investor activity is low, as 3.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		367
    % Conventional Loans
    		94.0%
    % Government Loans
    		6.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		2.0%
    % Cash Out Refinance
    		10.0%
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    Rentals and Section 8 — Richmond, VA

    As of 2024, the percent of homes in Richmond, VA under the Section 8 program is 0.2%. 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
    		2
    Total Units Section 8
    		2
    % Rentals under Section 8
    		0.2%
    % Occupied Section 8
    		N/A

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$70$1,950$2,020
    2 Bedroom$40$2,200$2,240
    3 Bedroom$540$2,300$2,840
    4 Bedroom$1,140$2,370$3,510

    Affordability — Richmond, VA

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.7
    Median Home Price$594,000
    Median Household Income$127,000

    Richmond, VA — ZIP Code Boundary Map

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    Nearby ZIP Codes

    River Road Hills

    23173

    Henrico, VA

    23230

    Richmond, VA

    23221

    Henrico, VA

    23229

    Lakeside, VA

    23228

    Frequently Asked Questions