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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richmond is a seller's market

Buyer's
Market

Difference Since June 2023

Since last year, Richmond has remained a Seller's Market.

Key Takeaway

Richmond is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Richmond, VA

How much do homes in Richmond, VA cost?

Median Sold Price

$350,001

$221/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$28,516(+8.9%)

Key Takeaway

Homes in Richmond have sold for 8.9% more than they did a year ago.

Summary: The median home sold price in Richmond was $350,001 in June 2024, up 8.9% from last year, and the median price per square foot was $221.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $200K$240.7K
+20.4%
2 $240.7K$254K
+5.5%
3 $304.6K$338K
+11.0%
4 $378.8K$400K
+5.6%
5+ $490.2K$560K
+14.2%

Summary: Richmond housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.4%, 2 bedroom homes increased by 5.5%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 14.2%.

Median Sold Price Compared To Nearby Cities

Henrico
+9.8%
Richmond
+9.4%
Richmond
+8.9%
Clover Hill
+8.2%
Midlothian
+7.5%

Housing Supply in Richmond, VA

How many homes are available in Richmond, VA?

Number of Homes For Sale

May 2024Jun 2024CHANGE
1,4691,434-2.4%

Summary: The Richmond real estate market had 1,434 homes for sale in June 2024, a 2.4% decrease compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 2930
+3.4%
2 189184
-2.6%
3 790793
0.4%
4 389347
-10.8%
5+ 7280
+11.1%

Summary: The Richmond housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3.4%, 2 bedroom homes decreased by 2.6%, 3 bedroom homes increased by 0.4%, 4 bedroom homes decreased by 10.8%, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

May 2024Jun 2024CHANGE
487417-14.4%

Asking Price vs. Sold Price

104 Homes Were Sold
Under Asking

89 Homes Were Sold
At Asking

217 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richmond, you could pay more than the asking price. 52.9% of homes here sold above asking price last month.

Summary: A total of 417 homes were sold or pending in Richmond in June 2024, down by 14.4% month-over-month. Of the 410 sold homes, 25% were sold under asking, 22% were sold at asking, and 53% were sold over asking.

Days on Market for Richmond, VA

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

Average Sale Time

Jun 2023Jun 2024CHANGE
12 Days20 Days+56.5%

Summary: Homes in Richmond had an average of 20 days on market in Jun 2024, up by 56.5% compared to last year.

Breakdown of Home Sale Times

351 Homes Were Sold
Under 30 Days

45 Homes Were Sold
In 30 - 90 Days

18 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During June 2024, 417 homes were sold in Richmond; 84% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 4% 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 26 Days Ago

Newest Listings in Richmond, VA

Nearby Markets to Richmond, VA

What housing markets are near Richmond, VA?