Richmond, VA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Richmond Housing Market Information

With 230,436 people, 89,846 houses or apartments, and a median cost of homes of $247,564, Richmond real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Richmond, accounting for 48.68% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 32.07%), duplexes, homes converted to apartments or other small apartment buildings ( 10.99%), and a few row houses and other attached homes ( 7.75%).

People in Richmond primarily live in small (one, two or no bedroom) single-family detached homes. Richmond has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Richmond's housing was primarily built during this period, from the '40s through the '60s. A full 37.73% of the city's housing hails from this era. Other housing ages represented in Richmond include homes built before 1939 ( 31.75%) and housing constructed between 1970-1999 ( 22.40%). There's also some housing in Richmond built between 2000 and later ( 8.11%).

Vacant housing appears to be an issue in Richmond. Fully 10.26% of the housing stock is classified as vacant. Left unchecked, vacant Richmond homes and apartments can be a drag on the real estate market, holding Richmond real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Richmond Home Appreciation Rates

Appreciation rates for homes in Richmond have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 48.04%, which ranks in the top 30% nationwide. This equates to an annual average Richmond house appreciation rate of 4.00%.

NeighborhoodScout's data show that during the latest twelve months, Richmond's appreciation rate, at 4.30%, has been at or slightly above the national average. In the latest quarter, Richmond's appreciation rate has been 1.86%, which annualizes to a rate of 7.64%.

Relative to Virginia, our data show that Richmond's latest annual appreciation rate is higher than 80% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Richmond differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Richmond - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Richmond real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$247,564

Richmond, VA HOME PRICES

> $1,290,000
2.3%
2.3%
$968,001 - $1,290,000
2.2%
2.2%
$645,001 - $968,000
6.8%
6.8%
$516,001 - $645,000
6.6%
6.6%
$387,001 - $516,000
11.0%
11.0%
$258,001 - $387,000
17.6%
17.6%
$129,001 - $258,000
33.4%
33.4%
$65,001 - $129,000
16.7%
16.7%
$0 - $65,000
3.4%
3.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for VA

Value Relative To Nation

Number Of Homes And Apartments:
89,846

Richmond Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
128.65% 4.07%
10
10
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,315 / per month

Homeownership Rate

Owners
40.2%
40.2%
Renters
59.8%
59.8%
Vacant
10.3%
10.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
8.1%
8.1%
1970 - 1999
22.4%
22.4%
1940 - 1969
37.7%
37.7%
1939 or Older
31.8%
31.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
48.7%
48.7%
Townhomes
7.7%
7.7%
Small Apt. Buildings
11.0%
11.0%
Apt. Complexes
32.1%
32.1%
Mobile Homes
0.4%
0.4%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.9%
3.9%
1 Bedroom
17.5%
17.5%
2 Bedrooms
32.3%
32.3%
3 Bedrooms
31.2%
31.2%
4 Bedrooms
12.6%
12.6%
5 or more bedrooms
2.4%
2.4%
0.0% 100.0%
% OF HOMES