Richmond, VA—23221
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 $625,000, with a year-over-year change of 3.0%. This indicates that home prices in Richmond, VA are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $625,000 | 3.0% |
| Single Family | $699,000 | 2.5% |
| Condos | $301,000 | 2.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $270,000 | 4.2% |
2 Bed | $344,000 | 1.5% |
3 Bed | $649,000 | 2.5% |
4 Bed | $925,000 | 3.4% |
| 5 Bed | $1,665,000 | 4.7% |
% of Housing Stock
Rental Trends — Richmond, VA
As of July '25, Rentcast reports the average rent in Richmond, VA is $2,000, with a year-over-year rent change of 17.0%. Per bedroom, the median rent as of July '25 in Richmond, VA is studios: $1,640, 1-bedrooms: $1,370, 2-bedrooms: $1,940, 3-bedrooms: $3,110, 4-bedrooms: $4,750. The most common rental property sizes in Richmond, VA are 2-bedroom and 1-bedroom, accounting for 59.0% and 29.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $2,000 |
| Studio Rent | $1,400 | $1,640 |
| 1 Bed Rent | $1,400 | $1,370 |
| 2 Bed Rent | $1,800 | $1,940 |
| 3 Bed Rent | $2,550 | $3,110 |
| 4 Bed Rent | $3,500 | $4,750 |
% 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 36. 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $662,000 | -14.0% |
Listing Count | 57 | 31.0% |
| Listings as % of Homes | 0.1% | 31.0% |
Days on Market | 36 | 1.0% |
Demographics — Richmond, VA
As of the latest ACS Survey released in 2023, Richmond, VA has a population of 14,200, which has decreased by -5.0% over the past 5 years. Richmond, VA is a less popular place for families, as children make up 12.8% of the population. The area has a highly educated workforce, with 75.8% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 27.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,200 | -5.0% |
% Under 18 | 12.8% | 10.3% |
% Seniors | 12.9% | -8.5% |
% WFH | 27.1% | 392.7% |
% w/ College Degree | 75.8% | 4.0% |
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 1.9% in the last 5 years. The second most common race or ethnicity in Richmond, VA is black, making up 5.1% of the population. Foreign-born residents account for 5.2% of the population in Richmond, VA, and this percentage has increased by 23.8% 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 | 83.5% | -1.9% |
% Black | 5.1% | -38.6% |
% Hispanic | 4.3% | 115.0% |
% Asian | 1.3% | -48.0% |
% Foreign Born | 5.2% | 23.8% |
Mortgage and Risk — Richmond, VA
According to HUD data as of 2023, there were 246 mortgage originations in Richmond, VA, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Richmond, VA. Investor activity is low, as 6.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 246 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 6.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Richmond, VA
As of 2024, the percent of homes in Richmond, VA under the Section 8 program is 0.1%. 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 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 and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 8 |
Total Units Section 8 | 8 |
% Rentals under Section 8 | 0.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $420 | $1,400 | $1,820 |
| 2 Bedroom | $210 | $1,800 | $2,010 |
| 3 Bedroom | -$10 | $2,550 | $2,540 |
| 4 Bedroom | -$350 | $3,500 | $3,150 |
Affordability — Richmond, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.8 |
| Median Home Price | $625,000 |
| Median Household Income | $97,000 |