Is Richmond County, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richmond County is a buyer's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Richmond County was a Neutral Market.

Key Takeaway

Richmond County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Richmond County, VA

How much do homes in Richmond County, VA cost?

Median Sold Price

$260,000

$180/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$5,000(-1.9%)

Key Takeaway

Homes in Richmond County have sold for 1.9% less than they did a year ago.

Summary: The median home sold price in Richmond County was $260,000 in May 2024, down 1.9% from last year, and the median price per square foot was $180.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $30K$354.4K
+1081.3%
2 $125K$234K
+87.2%
3 $210K$262.4K
+25.0%
4 $359.5K$292.5K
-18.6%
5+ $790K$177.2K
-77.6%

Summary: Richmond County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1081.3%, 2 bedroom homes increased by 87.2%, 3 bedroom homes increased by 25%, 4 bedroom homes decreased by 18.6%, and 5+ bedroom homes decreased by 77.6%.

Median Sold Price Compared To Nearby Counties

Essex County
+13.3%
Lancaster County
+10.7%
Westmoreland County
+7.6%
Northumberland County
+3.0%
Richmond County
-1.9%

Housing Supply in Richmond County, VA

How many homes are available in Richmond County, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5659+5.4%

Summary: The Richmond County real estate market had 59 homes for sale in May 2024, a 5.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 65
-16.7%
3 3435
+2.9%
4 912
+33.3%
5+ 77
0.0%

Summary: The Richmond County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.7%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
86-25.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richmond County, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in Richmond County in May 2024, down by 25.0% month-over-month. Of the 6 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.

Days on Market for Richmond County, VA

How long does it take to sell a home in Richmond County, VA?

Average Sale Time

May 2023May 2024CHANGE
8 Days35 Days+337.5%

Summary: Homes in Richmond County had an average of 35 days on market in May 2024, up by 337.5% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Richmond County are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 6 homes were sold in Richmond County; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Richmond County, VA

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