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 April 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

$355,249

$234/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$25,368(+7.7%)

Key Takeaway

Homes in Richmond have sold for 7.7% more than they did a year ago.

Summary: The median home sold price in Richmond was $355,249 in April 2024, up 7.7% from last year, and the median price per square foot was $234.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $199.9K$236.5K
+18.3%
2 $241.4K$260K
+7.7%
3 $324.8K$350K
+7.7%
4 $432.1K$440.5K
+1.9%
5+ $648.6K$626.5K
-3.4%

Summary: Richmond housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.3%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes decreased by 3.4%.

Median Sold Price Compared To Nearby Cities

Fairfield
+10.0%
Henrico
+8.4%
Richmond
+8.3%
Richmond
+7.7%
Midlothian
+6.4%

Housing Supply in Richmond, VA

How many homes are available in Richmond, VA?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
9781,089+11.3%

Summary: The Richmond real estate market had 1,089 homes for sale in April 2024, a 11.3% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 1919
0.0%
2 166186
+12.0%
3 524563
+7.4%
4 224271
+21.0%
5+ 4550
+11.1%

Summary: The Richmond housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 21%, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
256302+18.0%

Asking Price vs. Sold Price

66 Homes Were Sold
Under Asking

65 Homes Were Sold
At Asking

170 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 302 homes were sold or pending in Richmond in April 2024, up by 18.0% month-over-month. Of the 301 sold homes, 22% were sold under asking, 22% were sold at asking, and 56% 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

Apr 2023Apr 2024CHANGE
21 Days17 Days-18.9%

Summary: Homes in Richmond had an average of 17 days on market in Apr 2024, down by 18.9% compared to last year.

Breakdown of Home Sale Times

261 Homes Were Sold
Under 30 Days

29 Homes Were Sold
In 30 - 90 Days

11 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 April 2024, 302 homes were sold in Richmond; 86% of homes were sold within 30 days, 10% 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 2 Days Ago

Newest Listings in Richmond, VA

Nearby Markets to Richmond, VA

What housing markets are near Richmond, VA?