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Richmond, VA—23220

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$455,000
0.8% YoY Growth
Household Income
$56,700
34.6% YoY Growth
Days on Market
36
16.0% Longer YoY
Home Price Forecast
1.9%
Median Rent
$1,600
0.5% YoY Growth
1-Bed Rent
$1,380
7.8% YoY Growth
2-Bed Rent
$1,630
8.2% YoY Growth
3-Bed Rent
$2,380
11.8% YoY Growth

Other Zip Codes in Richmond, VA

232212323523222232192322523234232362322423226
  • 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 $455,000, with a year-over-year change of 0.8%. 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 TypeMedian Home ValueYoY % Change
All Homes
$455,0000.8%
Single Family $485,0000.8%
Condos $359,0000.0%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • $279,000
    0.7%
    2 Bed
    		$345,0000.3%
    3 Bed
    		$478,0001.3%
    4 Bed
    		$642,0000.6%
    5 Bed $1,013,2790.6%
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    % of Housing Stock

    Studio
    5.9%
    1 Bedroom
    24.6%
    2 Bedrooms
    32.7%
    3 Bedrooms
    26.0%
    4 Bedrooms
    9.2%
    5+ Bedrooms
    1.7%

    Rental Trends — Richmond, VA

    As of July '25, Rentcast reports the average rent in Richmond, VA is $1,850, with a year-over-year rent change of 0.5%. Per bedroom, the median rent as of July '25 in Richmond, VA is studios: $1,230, 1-bedrooms: $1,380, 2-bedrooms: $1,710, 3-bedrooms: $2,470, 4-bedrooms: $2,770. The most common rental property sizes in Richmond, VA are 2-bedroom and 1-bedroom, accounting for 37.1% and 33.4% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,600$1,850
    Studio Rent $1,200$1,230
    1 Bed Rent $1,380$1,380
    2 Bed Rent $1,630$1,710
    3 Bed Rent $2,380$2,470
    4 Bed Rent $2,700$2,770
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    % of Rental Stock

    Studio
    8.2%
    1 Bedroom
    33.4%
    2 Bedrooms
    37.1%
    3 Bedrooms
    15.5%
    4 Bedrooms
    5.7%
    5+ Bedrooms
    0.1%

    Property Listings — Richmond, VA

    As of May '26, Realtor.com reports that the median days on market for a home in Richmond, VA is 36. This is a increase of 16.0% 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 16.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$465,000-13.0%
    Listing Count
    		97-5.0%
    Listings as % of Homes0.3%-5.0%
    Days on Market
    		3616.0%
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    Demographics — Richmond, VA

    As of the latest ACS Survey released in 2023, Richmond, VA has a population of 34,500, which has remained stable by 0.7% over the past 5 years. Richmond, VA is a less popular place for families, as children make up 10.6% of the population. The area has a highly educated workforce, with 58.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.6% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		34,5000.7%
    % Under 18
    		10.6%34.2%
    % Seniors
    		9.9%19.3%
    % WFH
    		17.6%291.1%
    % w/ College Degree
    		58.9%3.0%
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    As of the latest ACS Survey released in 2023, Richmond, VA is a predominantly white area, with 54.1% of the population identifying as white. The white population has shrunk by 5.7% in the last 5 years. The second most common race or ethnicity in Richmond, VA is black, making up 31.5% of the population. Foreign-born residents account for 5.9% of the population in Richmond, VA, and this percentage has decreased by 7.8% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		54.1%-5.7%
    % Black
    		31.5%0.0%
    % Hispanic
    		5.7%67.6%
    % Asian
    		3.7%-24.5%
    % Foreign Born
    		5.9%-7.8%
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    Mortgage and Risk — Richmond, VA

    According to HUD data as of 2023, there were 348 mortgage originations in Richmond, VA, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Richmond, VA. Investor activity is low, as 14.0% 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
    		348
    % Conventional Loans
    		94.0%
    % Government Loans
    		6.0%
    % Investor Loans
    		14.0%
    % Second Loans
    		3.0%
    % 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 7.6%. 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. 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
    		1,584
    Total Units Section 8
    		825
    % Rentals under Section 8
    		7.6%
    % Occupied Section 8
    		90.8%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$440$1,380$1,820
    2 Bedroom$380$1,630$2,010
    3 Bedroom$160$2,380$2,540
    4 Bedroom$450$2,700$3,150

    Affordability — Richmond, VA

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio7.1
    Median Home Price$455,000
    Median Household Income$56,700

    Richmond, VA — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Richmond

    23284

    Richmond, VA

    23219

    Richmond, VA

    23221

    Church Hill

    23298

    Henrico, VA

    23230

    Frequently Asked Questions