Richmond, VA—23226
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 $565,000, with a year-over-year change of 2.1%. This indicates that home prices in Richmond, VA are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $565,000 | 2.1% |
| Single Family | $567,000 | 1.6% |
| Condos | $553,000 | 3.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $368,000 | 1.4% |
3 Bed | $502,000 | 1.4% |
4 Bed | $763,000 | 2.3% |
| 5 Bed | $1,912,000 | 5.2% |
% of Housing Stock
Rental Trends — Richmond, VA
As of July '25, Rentcast reports the average rent in Richmond, VA is $2,300, with a year-over-year rent change of -2.1%. Per bedroom, the median rent as of July '25 in Richmond, VA is 1-bedrooms: $1,940, 2-bedrooms: $2,010, 3-bedrooms: $2,390, 4-bedrooms: $2,370. The most common rental property sizes in Richmond, VA are 3-bedroom and 2-bedroom, accounting for 41.3% and 39.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,300 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,950 | $1,940 |
| 2 Bed Rent | $2,200 | $2,010 |
| 3 Bed Rent | $2,300 | $2,390 |
| 4 Bed Rent | $2,370 | $2,370 |
% 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 35. This is a increase of 5.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $572,000 | 1.0% |
Listing Count | 62 | -3.0% |
| Listings as % of Homes | 0.3% | -3.0% |
Days on Market | 35 | 5.0% |
Demographics — Richmond, VA
As of the latest ACS Survey released in 2023, Richmond, VA has a population of 15,800, which has decreased by -1.9% over the past 5 years. Richmond, VA is a moderately popular place for families, as children make up 17.8% of the population. The area has a highly educated workforce, with 74.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,800 | -1.9% |
% Under 18 | 17.8% | -11.0% |
% Seniors | 19.6% | 24.1% |
% WFH | 22.8% | 216.7% |
% w/ College Degree | 74.8% | 6.6% |
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 1.4% in the last 5 years. The second most common race or ethnicity in Richmond, VA is black, making up 6.3% of the population. Foreign-born residents account for 6.7% of the population in Richmond, VA, and this percentage has decreased by 14.1% 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 | 83.5% | -1.4% |
% Black | 6.3% | 12.5% |
% Hispanic | 3.4% | -34.6% |
% Asian | 3.0% | 3.4% |
% Foreign Born | 6.7% | -14.1% |
Mortgage and Risk — Richmond, VA
According to HUD data as of 2023, there were 367 mortgage originations in Richmond, VA, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Richmond, VA. Investor activity is low, as 3.0% 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 | 367 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% 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 0.2%. 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 | 2 |
Total Units Section 8 | 2 |
% Rentals under Section 8 | 0.2% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $1,950 | $2,020 |
| 2 Bedroom | $40 | $2,200 | $2,240 |
| 3 Bedroom | $540 | $2,300 | $2,840 |
| 4 Bedroom | $1,140 | $2,370 | $3,510 |
Affordability — Richmond, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $565,000 |
| Median Household Income | $127,000 |