Richmond city, Virginia Housing Market Prices
Richmond city 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.
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Median home price 7% above the Virginia median$273,766
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Median rent 13% below the Virginia median More expensive than 76% of counties in Virginia$1,371
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Richmond city | 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 city 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 city, up about 5.7% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Richmond city 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 city.
Buying the median-priced home in Richmond city 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 city. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Richmond city | 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 city 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 city | 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) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Richmond city 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 city | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.10 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1965 | 1982 | 1978 |
| Median Number of Rooms | 4.9 | 6.0 | 5.5 |
The typical housing unit in Richmond city was built around 1965. On average, 2.1 people live in a home with about 4.9 rooms, staying for about 13.0 years on average.
Richmond city, VA Housing Compared With Nearby Counties
Richmond city, VA is the 3rd largest of the 4 counties compared here, 229,341 residents against a local median of 335,485. Richmond city, VA's homeownership, at 43.5%, runs 43% below the 76.7% typical of the counties around it. That is the weaker end of the local range on this measure.
The counties themselves sit within 17.6% of each other on homeownership, a tighter band than the gap between any of them and Richmond city, VA, which makes it a genuine outlier here rather than one end of a wide local spread. Richmond city, VA has the 4th highest homeownership of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Richmond city, VA | 229,341 | $273,766 #3/4 | $1,371 #4/4 | 43.5% #4/4 |
| Henrico County, VA | 335,485 | $316,992 | $1,541 | 64.5% |
| Chesterfield County, VA | 377,744 | $259,447 | $1,629 | 76.7% |
| Hanover County, VA | 112,800 | $392,187 | $1,591 | 82.1% |
Frequently Asked Questions
Common questions about the housing market in Richmond city, Virginia.
What is the median home price in Richmond city, Virginia?
The median home price in Richmond city, Virginia is $273,766, higher than the Virginia average of $256,082.
What is the average home price in Richmond city, Virginia?
The typical home price in Richmond city, 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 city, Virginia?
The median gross rent in Richmond city, Virginia is $1,371 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Richmond city in 2020?
In 2020, the median gross rent in Richmond city, Virginia was $1,070 per month.
What is the price-to-rent ratio in Richmond city, Virginia?
The price-to-rent ratio in Richmond city, 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 city.
Are home prices or rent rising faster in Richmond city, Virginia?
Both home prices and rent are rising in Richmond city, up about 5.7% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Richmond city, Virginia?
39.7% of households in Richmond city, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Richmond city, Virginia?
The housing vacancy rate in Richmond city, Virginia is 8.7%, higher than the Virginia average of 8.7%.
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