Richmond, Virginia Housing Market Prices
Richmond Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
-
Median home price 7% above the Virginia median$273,766
-
Median rent 13% below the Virginia median$1,371
Housing Market Overview
| Metric | Richmond | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $273,766 | $256,082 | $248,835 |
| Price Trend (Annual %) | 5.7% | 3.5% | 7.5% |
| Median Gross Rent | $1,371 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 5.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richmond is about 7% higher than in Virginia. Rent is about 13% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Richmond, up about 5.7% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Richmond rose about 53.2% between 2015 and 2024, from $895 to $1,371. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Richmond.
Buying the median-priced home in Richmond costs roughly 16.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Richmond. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Richmond | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $273,766 | $256,082 | $248,835 |
| Median Household Income | $64,702 | $93,527 | $80,455 |
| Price-to-Income Ratio | 4.2 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Richmond rose about 59.1%, while median household income rose about 63.8% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Richmond | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 39.7% | 61.5% | 58.5% |
| Rental Rate | 51.5% | 29.8% | 31.2% |
| Vacancy Rate | 8.7% | 8.7% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Richmond has a homeownership rate of 39.7%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 8.7%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Richmond | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.10 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1962 | 1982 | 1978 |
| Median Number of Rooms | 4.9 | 6.0 | 5.5 |
The typical housing unit in Richmond was built around 1962. On average, 2.1 people live in a home with about 4.9 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Richmond, Virginia.
What is the median home price in Richmond, Virginia?
The median home price in Richmond, Virginia is $273,766, higher than the Virginia average of $256,082.
What is the average home price in Richmond, Virginia?
The typical home price in Richmond, Virginia, reported as the median sale price, is $273,766. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Richmond, Virginia?
The median gross rent in Richmond, Virginia is $1,371 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Richmond in 2020?
In 2020, the median gross rent in Richmond, Virginia was $1,070 per month.
What is the price-to-rent ratio in Richmond, Virginia?
The price-to-rent ratio in Richmond, Virginia is about 16.6, meaning it would take roughly 16.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Richmond.
Are home prices or rent rising faster in Richmond, Virginia?
Both home prices and rent are rising in Richmond, up about 5.7% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Richmond, Virginia?
39.7% of households in Richmond, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Richmond, Virginia?
The housing vacancy rate in Richmond, Virginia is 8.7%, higher than the Virginia average of 8.7%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →