Is Richmond, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Richmond has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $200K | $240.7K | +20.4% |
2 Bedrooms | $240.7K | $254K | +5.5% |
3 Bedrooms | $304.6K | $338K | +11.0% |
4 Bedrooms | $378.8K | $400K | +5.6% |
5+ Bedrooms | $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 | $350.7K | $385.1K | +9.8% |
Richmond | $330.1K | $361.2K | +9.4% |
Richmond | $321.4K | $350K | +8.9% |
Clover Hill | $338.3K | $366K | +8.2% |
Midlothian | $400.5K | $430.7K | +7.5% |
Housing Supply in Richmond, VA
How many homes are available in Richmond, VA?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
1,469 | 1,434 | -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
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 29 | 30 | +3.4% |
2 Bedrooms | 189 | 184 | -2.6% |
3 Bedrooms | 790 | 793 | 0.4% |
4 Bedrooms | 389 | 347 | -10.8% |
5+ Bedrooms | 72 | 80 | +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 2024 | Jun 2024 | CHANGE |
---|---|---|
487 | 417 | -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
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 2023 | Jun 2024 | CHANGE |
---|---|---|
12 Days | 20 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
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.