Richmond, VA—23236
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 $380,000, with a year-over-year change of 0.1%. This indicates that home prices in Richmond, VA are flat. 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 | $380,000 | 0.1% |
| Single Family | $377,000 | 0.0% |
| Condos | $405,000 | 2.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $339,000 | 0.9% |
3 Bed | $343,000 | 0.0% |
4 Bed | $409,000 | -0.2% |
| 5 Bed | $540,000 | 0.7% |
% of Housing Stock
Rental Trends — Richmond, VA
As of July '25, Rentcast reports the average rent in Richmond, VA is $2,250, with a year-over-year rent change of 7.1%. Per bedroom, the median rent as of July '25 in Richmond, VA is studios: $1,800, 1-bedrooms: $1,320, 2-bedrooms: $1,530, 3-bedrooms: $2,230, 4-bedrooms: $2,670. The most common rental property sizes in Richmond, VA are 3-bedroom and 2-bedroom, accounting for 49.6% and 22.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,350 | $2,250 |
| Studio Rent | $1,800 | $1,800 |
| 1 Bed Rent | $1,210 | $1,320 |
| 2 Bed Rent | $1,500 | $1,530 |
| 3 Bed Rent | $2,200 | $2,230 |
| 4 Bed Rent | $2,600 | $2,670 |
% 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 50. This is a increase of 31.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $444,000 | 4.0% |
Listing Count | 99 | 9.0% |
| Listings as % of Homes | 0.5% | 9.0% |
Days on Market | 50 | 31.0% |
Demographics — Richmond, VA
As of the latest ACS Survey released in 2023, Richmond, VA has a population of 27,100, which has increased by 6.7% over the past 5 years. Richmond, VA is a moderately popular place for families, as children make up 20.3% of the population. The area has a highly educated workforce, with 46.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,100 | 6.7% |
% Under 18 | 20.3% | -4.2% |
% Seniors | 21.4% | 17.6% |
% WFH | 15.5% | 260.5% |
% w/ College Degree | 46.1% | 15.8% |
As of the latest ACS Survey released in 2023, Richmond, VA is a predominantly white area, with 64.0% of the population identifying as white. The white population has shrunk by 7.9% in the last 5 years. The second most common race or ethnicity in Richmond, VA is black, making up 20.5% of the population. Foreign-born residents account for 7.8% of the population in Richmond, VA, and this percentage has increased by 36.8% 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 | 64.0% | -7.9% |
% Black | 20.5% | 7.9% |
% Hispanic | 8.7% | 40.3% |
% Asian | 2.3% | 4.5% |
% Foreign Born | 7.8% | 36.8% |
Mortgage and Risk — Richmond, VA
According to HUD data as of 2023, there were 311 mortgage originations in Richmond, VA, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, VA. Investor activity is low, as 1.0% of loans were by investors. 20.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 311 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 20.0% |
Loan Activity
Rentals and Section 8 — Richmond, VA
As of 2024, the percent of homes in Richmond, VA under the Section 8 program is 2.8%. 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 | 41 |
Total Units Section 8 | 37 |
% Rentals under Section 8 | 2.8% |
% Occupied Section 8 | 87.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $580 | $1,210 | $1,790 |
| 2 Bedroom | $480 | $1,500 | $1,980 |
| 3 Bedroom | $310 | $2,200 | $2,510 |
| 4 Bedroom | $500 | $2,600 | $3,100 |
Affordability — Richmond, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $380,000 |
| Median Household Income | $109,000 |