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.
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
$346,381
$218/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Richmond have sold for 8.3% more than they did a year ago.
Summary: The median home sold price in Richmond was $346,381 in April 2024, up 8.3% from last year, and the median price per square foot was $218.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $198.9K | $234.9K | +18.1% |
| 2 Bedrooms | $239.9K | $255K | +6.3% |
| 3 Bedrooms | $303.4K | $329.8K | +8.7% |
| 4 Bedrooms | $377.2K | $396.5K | +5.1% |
| 5+ Bedrooms | $467K | $536.1K | +14.8% |
Summary: Richmond housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.1%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 14.8%.
Median Sold Price Compared To Nearby Cities
| Henrico | $349.9K | $379.5K | +8.4% |
| Richmond | $319.9K | $346.3K | +8.3% |
| Clover Hill | $334.8K | $361.2K | +7.9% |
| 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 |
|---|---|---|
| 1,232 | 1,355 | +10.0% |
Summary: The Richmond real estate market had 1,355 homes for sale in April 2024, a 10.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 22 | 21 | -4.5% |
| 2 Bedrooms | 173 | 197 | +13.9% |
| 3 Bedrooms | 661 | 712 | +7.7% |
| 4 Bedrooms | 316 | 364 | +15.2% |
| 5+ Bedrooms | 60 | 61 | +1.7% |
Summary: The Richmond housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.5%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes increased by 1.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 342 | 376 | +9.9% |
Asking Price vs. Sold Price
85 Homes Were Sold
Under Asking
89 Homes Were Sold
At Asking
201 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you could pay more than the asking price. 53.6% of homes here sold above asking price last month.
Summary: A total of 376 homes were sold or pending in Richmond in April 2024, up by 9.9% month-over-month. Of the 375 sold homes, 23% were sold under asking, 24% were sold at asking, and 54% 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 |
|---|---|---|
| 19 Days | 18 Days | -8.8% |
Summary: Homes in Richmond had an average of 18 days on market in Apr 2024, down by 8.8% compared to last year.
Breakdown of Home Sale Times
327 Homes Were Sold
Under 30 Days
31 Homes Were Sold
In 30 - 90 Days
17 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richmond are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 376 homes were sold in Richmond; 87% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement. 
Copyright © 2024 REIN, Inc - All Rights Reserved. Information Deemed Reliable But Not Guaranteed.