Richmond, VA—23222
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 $267,000, with a year-over-year change of -0.6%. This indicates that home prices in Richmond, VA are flat. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $267,000 | -0.6% |
| Single Family | $267,000 | -0.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $205,000 | -0.5% |
3 Bed | $266,000 | -0.4% |
4 Bed | $311,000 | -1.6% |
| 5 Bed | $386,000 | -0.5% |
% of Housing Stock
Rental Trends — Richmond, VA
As of July '25, Rentcast reports the average rent in Richmond, VA is $1,630, with a year-over-year rent change of 5.2%. Per bedroom, the median rent as of July '25 in Richmond, VA is studios: $1,600, 1-bedrooms: $1,080, 2-bedrooms: $1,390, 3-bedrooms: $1,810, 4-bedrooms: $2,380. The most common rental property sizes in Richmond, VA are 2-bedroom and 3-bedroom, accounting for 40.1% and 34.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,630 |
| Studio Rent | $1,600 | $1,600 |
| 1 Bed Rent | $995 | $1,080 |
| 2 Bed Rent | $1,400 | $1,390 |
| 3 Bed Rent | $1,700 | $1,810 |
| 4 Bed Rent | $2,350 | $2,380 |
% 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 47. This is a increase of 17.0% 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 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $350,000 | -8.0% |
Listing Count | 117 | 12.0% |
| Listings as % of Homes | 0.8% | 12.0% |
Days on Market | 47 | 17.0% |
Demographics — Richmond, VA
As of the latest ACS Survey released in 2023, Richmond, VA has a population of 26,800, which has increased by 2.5% over the past 5 years. Richmond, VA is a moderately popular place for families, as children make up 23.1% of the population. The area has a moderately educated workforce, with 32.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 26,800 | 2.5% |
% Under 18 | 23.1% | 6.9% |
% Seniors | 16.0% | 10.3% |
% WFH | 18.6% | 431.4% |
% w/ College Degree | 32.2% | 65.1% |
As of the latest ACS Survey released in 2023, Richmond, VA is a predominantly black area, with 70.7% of the population identifying as black. The black population has shrunk by 11.5% in the last 5 years. The second most common race or ethnicity in Richmond, VA is white, making up 20.9% of the population. Foreign-born residents account for 4.6% of the population in Richmond, VA, and this percentage has increased by 76.9% 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 | 20.9% | 49.3% |
% Black | 70.7% | -11.5% |
% Hispanic | 2.6% | 62.5% |
% Asian | 2.3% | 187.5% |
% Foreign Born | 4.6% | 76.9% |
Mortgage and Risk — Richmond, VA
According to HUD data as of 2023, there were 530 mortgage originations in Richmond, VA, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 43.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, VA. Investor activity is low, as 5.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 530 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Richmond, VA
As of 2024, the percent of homes in Richmond, VA under the Section 8 program is 24.0%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Richmond, VA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,209 |
Total Units Section 8 | 1,078 |
% Rentals under Section 8 | 24.0% |
% Occupied Section 8 | 87.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $295 | $995 | $1,290 |
| 2 Bedroom | $30 | $1,400 | $1,430 |
| 3 Bedroom | $110 | $1,700 | $1,810 |
| 4 Bedroom | -$110 | $2,350 | $2,240 |
Affordability — Richmond, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $267,000 |
| Median Household Income | $58,100 |