Richmond, VA—23220
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 $435,000, with a year-over-year change of 1.4%. This indicates that home prices in Richmond, VA are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $435,000 | 1.4% |
| Single Family | $464,000 | 1.5% |
| Condos | $349,000 | 2.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $270,000 | 3.1% |
2 Bed | $332,000 | 1.8% |
3 Bed | $459,000 | 1.3% |
4 Bed | $627,000 | 2.0% |
| 5 Bed | $1,017,000 | 3.9% |
% of Housing Stock
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.
| Type | Median Rent | Average 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 |
% 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 43. This is a increase of 1.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $502,000 | -15.0% |
Listing Count | 111 | 12.0% |
| Listings as % of Homes | 0.3% | 12.0% |
Days on Market | 43 | 1.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 34,500 | 0.7% |
% Under 18 | 10.6% | 34.2% |
% Seniors | 9.9% | 19.3% |
% WFH | 17.6% | 291.1% |
% w/ College Degree | 58.9% | 3.0% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.8 |
| Median Home Price | $435,000 |
| Median Household Income | $56,700 |