Richlands, VA—24641
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Richlands, VA
Home Price Trends — Richlands, VA
As of Oct '25, the median home price in Richlands, VA is $120,000, with a year-over-year change of -2.5%. This indicates that home prices in Richlands, VA are decreasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $120,000 | -2.5% |
| Single Family | $120,000 | -3.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $76,000 | -5.0% |
3 Bed | $133,000 | -2.9% |
4 Bed | $198,000 | 2.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Richlands, VA
As of July '25, Rentcast reports the average rent in Richlands, VA is $1,200, with a year-over-year rent change of 140.0%. Per bedroom, the median rent as of July '25 in Richlands, VA is 2-bedrooms: $1,200. The most common rental property sizes in Richlands, VA are 2-bedroom and 3-bedroom, accounting for 47.3% and 29.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,200 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,200 | $1,200 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Richlands, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Richlands, VA is 56. This is a increase of 14.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $165,000 | 40.0% |
Listing Count | 24 | 52.0% |
| Listings as % of Homes | 0.4% | 52.0% |
Days on Market | 56 | 14.0% |
Demographics — Richlands, VA
As of the latest ACS Survey released in 2023, Richlands, VA has a population of 5,420, which has decreased by -2.4% over the past 5 years. Richlands, VA is a moderately popular place for families, as children make up 21.6% of the population. The area has a poorly educated workforce, with 14.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,420 | -2.4% |
% Under 18 | 21.6% | -2.7% |
% Seniors | 25.0% | 15.7% |
% WFH | 4.1% | -10.9% |
% w/ College Degree | 14.1% | 6.8% |
As of the latest ACS Survey released in 2023, Richlands, VA is a predominantly white area, with 97.7% of the population identifying as white. The white population has grown by 2.8% in the last 5 years. The second most common race or ethnicity in Richlands, VA is asian, making up 1.8% of the population. Foreign-born residents account for 0.7% of the population in Richlands, VA, and this percentage has increased by 75.0% 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 | 97.7% | 2.8% |
% Black | 0.1% | -96.7% |
% Hispanic | 0.0% | -100.0% |
% Asian | 1.8% | ∞% |
% Foreign Born | 0.7% | 75.0% |
Mortgage and Risk — Richlands, VA
According to HUD data as of 2023, there were 56 mortgage originations in Richlands, VA, of which 54.0% of loans were conventional mortgages. The average loan-to-value was 82.0%, with 46.0% above 90% LTV (very high). This implies large mortgage risk in Richlands, VA. Investor activity is low, as 5.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 56 |
% Conventional Loans | 54.0% |
% Government Loans | 46.0% |
% Investor Loans | 5.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Richlands, VA
Richlands, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 94 |
Total Units Section 8 | 62 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $700 |
| 2 Bedroom | -$290 | $1,200 | $910 |
| 3 Bedroom | N/A | N/A | $1,100 |
| 4 Bedroom | N/A | N/A | $1,340 |
Affordability — Richlands, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $120,000 |
| Median Household Income | $37,000 |