Richmond, VA—23234
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 $298,000, with a year-over-year change of 0.1%. This indicates that home prices in Richmond, VA are flat. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $298,000 | 0.1% |
| Single Family | $299,000 | 0.0% |
| Condos | $167,000 | 0.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $191,000 | 1.1% |
3 Bed | $286,000 | 0.0% |
4 Bed | $351,000 | 0.3% |
| 5 Bed | $419,000 | 0.5% |
% of Housing Stock
Rental Trends — Richmond, VA
As of July '25, Rentcast reports the average rent in Richmond, VA is $1,710, with a year-over-year rent change of 3.0%. Per bedroom, the median rent as of July '25 in Richmond, VA is 1-bedrooms: $1,080, 2-bedrooms: $1,370, 3-bedrooms: $2,050, 4-bedrooms: $2,420. The most common rental property sizes in Richmond, VA are 2-bedroom and 3-bedroom, accounting for 50.6% and 28.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,450 | $1,710 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,100 | $1,080 |
| 2 Bed Rent | $1,400 | $1,370 |
| 3 Bed Rent | $2,000 | $2,050 |
| 4 Bed Rent | $2,400 | $2,420 |
% 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 increase of 13.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $342,000 | 2.0% |
Listing Count | 181 | 45.0% |
| Listings as % of Homes | 0.4% | 45.0% |
Days on Market | 37 | 13.0% |
Demographics — Richmond, VA
As of the latest ACS Survey released in 2023, Richmond, VA has a population of 46,300, which has increased by 2.4% over the past 5 years. Richmond, VA is a moderately popular place for families, as children make up 23.8% of the population. The area has a poorly educated workforce, with 19.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 46,300 | 2.4% |
% Under 18 | 23.8% | -0.8% |
% Seniors | 13.8% | 15.0% |
% WFH | 9.3% | 232.1% |
% w/ College Degree | 19.6% | 16.7% |
As of the latest ACS Survey released in 2023, Richmond, VA is a predominantly black area, with 46.7% of the population identifying as black. The black population has shrunk by 6.0% in the last 5 years. The second most common race or ethnicity in Richmond, VA is hispanic, making up 30.1% of the population. Foreign-born residents account for 19.9% of the population in Richmond, VA, and this percentage has increased by 30.1% 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 | 17.5% | -25.2% |
% Black | 46.7% | -6.0% |
% Hispanic | 30.1% | 38.7% |
% Asian | 2.5% | 0.0% |
% Foreign Born | 19.9% | 30.1% |
Mortgage and Risk — Richmond, VA
According to HUD data as of 2023, there were 811 mortgage originations in Richmond, VA, of which 64.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 47.0% 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. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 811 |
% Conventional Loans | 64.0% |
% Government Loans | 36.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Richmond, VA
As of 2024, the percent of homes in Richmond, VA under the Section 8 program is 8.9%. 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 | 612 |
Total Units Section 8 | 610 |
% Rentals under Section 8 | 8.9% |
% Occupied Section 8 | 85.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $290 | $1,100 | $1,390 |
| 2 Bedroom | $140 | $1,400 | $1,540 |
| 3 Bedroom | -$50 | $2,000 | $1,950 |
| 4 Bedroom | $10 | $2,400 | $2,410 |
Affordability — Richmond, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $298,000 |
| Median Household Income | $63,600 |