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 May 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

$349,407

$220/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$29,323(+9.2%)

Key Takeaway

Homes in Richmond have sold for 9.2% more than they did a year ago.

Summary: The median home sold price in Richmond was $349,407 in May 2024, up 9.2% from last year, and the median price per square foot was $220.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $199.9K$235.7K
+17.9%
2 $240.1K$255.6K
+6.5%
3 $302.9K$330K
+8.9%
4 $376.2K$399.7K
+6.3%
5+ $470.1K$560K
+19.1%

Summary: Richmond housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.9%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 19.1%.

Median Sold Price Compared To Nearby Cities

Richmond
+9.2%
Richmond
+8.9%
Clover Hill
+8.9%
Henrico
+8.7%
Midlothian
+6.4%

Housing Supply in Richmond, VA

How many homes are available in Richmond, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1,3701,453+6.1%

Summary: The Richmond real estate market had 1,453 homes for sale in May 2024, a 6.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 2029
+45.0%
2 197192
-2.5%
3 719773
+7.5%
4 371386
+4.0%
5+ 6373
+15.9%

Summary: The Richmond housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 45%, 2 bedroom homes decreased by 2.5%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 15.9%.

Number of Homes Sold

Apr 2024May 2024CHANGE
395450+13.9%

Asking Price vs. Sold Price

106 Homes Were Sold
Under Asking

88 Homes Were Sold
At Asking

252 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. 56.5% of homes here sold above asking price last month.

Summary: A total of 450 homes were sold or pending in Richmond in May 2024, up by 13.9% month-over-month. Of the 446 sold homes, 24% were sold under asking, 20% were sold at asking, and 57% 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

May 2023May 2024CHANGE
15 Days20 Days+30.2%

Summary: Homes in Richmond had an average of 20 days on market in May 2024, up by 30.2% compared to last year.

Breakdown of Home Sale Times

377 Homes Were Sold
Under 30 Days

53 Homes Were Sold
In 30 - 90 Days

16 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 May 2024, 450 homes were sold in Richmond; 84% of homes were sold within 30 days, 12% 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 12 Days Ago

Newest Listings in Richmond, VA

Nearby Markets to Richmond, VA

What housing markets are near Richmond, VA?