Is Richmond, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$355,249
$234/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
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
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $199.9K | $236.5K | +18.3% |
2 Bedrooms | $241.4K | $260K | +7.7% |
3 Bedrooms | $324.8K | $350K | +7.7% |
4 Bedrooms | $432.1K | $440.5K | +1.9% |
5+ Bedrooms | $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 | $300K | $330K | +10.0% |
Henrico | $349.9K | $379.5K | +8.4% |
Richmond | $319.9K | $346.3K | +8.3% |
Richmond | $329.8K | $355.2K | +7.7% |
Midlothian | $400K | $425.6K | +6.4% |
Housing Supply in Richmond, VA
How many homes are available in Richmond, VA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
978 | 1,089 | +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
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 19 | 19 | 0.0% |
2 Bedrooms | 166 | 186 | +12.0% |
3 Bedrooms | 524 | 563 | +7.4% |
4 Bedrooms | 224 | 271 | +21.0% |
5+ Bedrooms | 45 | 50 | +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 2024 | Apr 2024 | CHANGE |
---|---|---|
256 | 302 | +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
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 2023 | Apr 2024 | CHANGE |
---|---|---|
21 Days | 17 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
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.