Richmond, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Richmond, VA Real Estate Data


Richmond Housing Market Information

With a population of 220,289, 85,913 total housing units (homes and apartments), and a median house value of $251,573, 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 48.35% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 31.30%), duplexes, homes converted to apartments or other small apartment buildings ( 11.72%), and a few row houses and other attached homes ( 8.09%).

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 37.69% of the city's housing hails from this era. Other housing ages represented in Richmond include homes built before 1939 ( 32.87%) and housing constructed between 1970-1999 ( 22.80%). There's also some housing in Richmond built between 2000 and later ( 6.65%).

Vacant housing appears to be an issue in Richmond. Fully 13.33% 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

Real estate appreciation rates in Richmond's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.21% during the period.

NeighborhoodScout's data show that during the latest twelve months, Richmond's appreciation rate, at 4.80%, has been at or slightly above the national average. In the latest quarter, Richmond's appreciation rate has been 2.03%, which annualizes to a rate of 8.38%.

Relative to Virginia, our data show that Richmond's latest annual appreciation rate is higher than 70% 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:
$251,573

Richmond, VA HOME PRICES

Value Range
> $1,135,000 1.6
$851,001 - $1,135,000 1.9
$567,001 - $851,000 4.8
$454,001 - $567,000 4.8
$340,001 - $454,000 10.2
$227,001 - $340,000 19.2
$113,001 - $227,000 37.0
$57,001 - $113,000 15.8
$0 - $57,000 4.9

High for VA
High for Nation

Value Relative to Nation Value Relative to State
22.8787257715055 30.7479224376731

Number Of Homes And Apartments:
85,913

Rent & Ownership

 

Average Market Rent:
$1,122 / per month

Homeownership Rate

Homeownership
Owners 40.56
Renters 59.44
Vacant 13.33

Housing Market Details

 

Age of Homes

AGE OF Richmond HOMES
2000 or Newer 6.7
1970 - 1999 22.8
1940 - 1969 37.7
1939 or Older 32.9

Types of Homes

TYPE OF Richmond HOMES
Single-Family 48.4
Townhomes 8.1
Small Apt. Buildings 11.7
Apt. Complexes 31.3
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Richmond HOMES
No Bedroom 2.34
1 Bedroom 17.19
2 Bedrooms 34.67
3 Bedrooms 30.75
4 Bedrooms 12.38
5 or more bedrooms 2.68

Richmond Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
67.58% 3.08% 8 8
* 10 is highest