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Richmond, VA Real Estate Market

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 Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

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

Richmond, VA Housing Market Trends

With a population of 226,610, 91,005 total housing units (homes and apartments), and a median house value of $305,284, 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 48.06% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 33.11%), duplexes, homes converted to apartments or other small apartment buildings ( 10.88%), and a few row houses and other attached homes ( 7.35%).

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 35.83% of the city's housing hails from this era. Other housing ages represented in Richmond include homes built before 1939 ( 30.46%) and housing constructed between 1970-1999 ( 22.73%). There's also some housing in Richmond built between 2000 and later ( 10.99%).

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 98.10%, which ranks in the top 30% nationwide. This equates to an annual average Richmond house appreciation rate of 7.08%.

NeighborhoodScout's data show that during the latest twelve months, Richmond's appreciation rate, at 13.05%, has been at or slightly above the national average. In the latest quarter, Richmond's appreciation rate has been 3.19%, which annualizes to a rate of 13.39%.

Relative to Virginia, our data show that Richmond's latest annual appreciation rate is lower than 60% 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

 

Median Home Value:
$305,284

Richmond, VA HOME PRICES

> $1,382,000
$1,037,001 - $1,382,000
$691,001 - $1,037,000
$553,001 - $691,000
$415,001 - $553,000
$276,001 - $415,000
$138,001 - $276,000
$69,001 - $138,000
$0 - $69,000
2.4%
2.4%
3.6%
3.6%
7.9%
7.9%
7.4%
7.4%
13.3%
13.3%
19.6%
19.6%
31.6%
31.6%
12.5%
12.5%
1.8%
1.8%
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:
91,005

Richmond Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
187.93% 4.81%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,759 / per month

Homeownership Rate

Owners
Renters
Vacant
41.7%
41.7%
58.3%
58.3%
9.8%
9.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.0%
11.0%
22.7%
22.7%
35.8%
35.8%
30.5%
30.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
48.1%
48.1%
7.3%
7.3%
10.9%
10.9%
33.1%
33.1%
0.6%
0.6%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.3%
4.3%
17.8%
17.8%
32.8%
32.8%
30.3%
30.3%
12.3%
12.3%
2.6%
2.6%
0.0% 100.0%
% OF HOMES