Housing Market Overview
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 Map: Nearby Counties
Housing Market Overview
| Metric | Richmond County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $226,666 | $257,048 | $242,182 |
| Price Trend (Annual %) | 86.6% | 4.1% | 8.2% |
| Median Gross Rent | $1,011 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richmond County is about 12% lower than in Virginia. Rent is about 33% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Richmond County, up about 86.6% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Richmond County rose about 30.9% between 2015 and 2023, from $773 to $1,011. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Richmond County.
Buying the median-priced home in Richmond County costs roughly 18.7 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 County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Richmond County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $226,666 | $257,048 | $242,182 |
| Median Household Income | $68,235 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.3 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Richmond County rose about 8.5%, while median household income rose about 62.5% between 2009 and 2023 — 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 County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.2% | 61.1% | 58.2% |
| Rental Rate | 21.8% | 29.9% | 31.3% |
| Vacancy Rate | 26.0% | 9.0% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Richmond County has a homeownership rate of 52.2%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 26.0%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Richmond County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1980 | 1981 | 1978 |
| Median Number of Rooms | 5.8 | 6.0 | 5.5 |
The typical housing unit in Richmond County was built around 1980. On average, 2.5 people live in a home with about 5.8 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Richmond County, Virginia.
What is the median home price in Richmond County, Virginia?
The median home price in Richmond County, Virginia is $226,666, lower than the Virginia average of $257,048.
What is the average home price in Richmond County, Virginia?
The typical home price in %s, reported as the median sale price, is %s. 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 County, Virginia?
The median gross rent in Richmond County, Virginia is $1,011 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Richmond County in 2020?
In 2020, the median gross rent in Richmond County, Virginia was $842 per month.
What is the price-to-rent ratio in Richmond County, Virginia?
The price-to-rent ratio in Richmond County, Virginia is about 18.7, meaning it would take roughly 18.7 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 County.
Are home prices or rent rising faster in Richmond County, Virginia?
Both home prices and rent are rising in Richmond County, up about 86.6% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Richmond County, Virginia?
52.2% of households in Richmond County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Richmond County, Virginia?
The housing vacancy rate in Richmond County, Virginia is 26.0%, higher than the Virginia average of 9.0%.