Richmond, VA housing market
The typical Richmond home is worth about $365,000, up 2.6% in a year, 12% below the Virginia typical home. Homes typically sell in 12 days, a little above asking.
Home values, sales, trends and how Richmond compares with the towns next door — updated as new data is published.
Richmond at a glance
A strong seller's market
Homes are selling faster than new ones are listed: less than two months of supply. Well-priced homes can draw several offers.
Typical home value, 2016–2026
Show as a table
| January | Richmond | Virginia |
|---|---|---|
| 2017 | $196,000 | $253,000 |
| 2018 | $212,000 | $263,000 |
| 2019 | $229,000 | $271,000 |
| 2020 | $244,000 | $284,000 |
| 2021 | $270,000 | $311,000 |
| 2022 | $301,000 | $345,000 |
| 2023 | $333,000 | $367,000 |
| 2024 | $344,000 | $386,000 |
| 2025 | $358,000 | $405,000 |
| 2026 | $362,000 | $411,000 |
| August 2026 | $365,000 | $415,000 |
2,681 new homes permitted in 2025
Builders were permitted 2,681 new homes in Richmond in 2025: 368 single-family houses and 2,313 in buildings with two or more homes, worth about $395.1 million to build. That's 12 per 1,000 residents, faster than across Virginia (4). Over the past 10 years, Richmond has permitted 15,873 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Richmond gained 22,396 residents while 7,343 new homes were permitted: about 3 new residents per new home. Building and growth moved roughly in step. Across Virginia: 2.2 new residents per new home.
How Richmond ranks on housing keeping up with growth →
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 2,394 | 483 | 1,911 | $361.9 million |
| 2025 | 2,681 | 368 | 2,313 | $395.1 million |
| 2024 | 2,540 | 380 | 2,160 | $312.4 million |
| 2023 | 2,283 | 387 | 1,896 | $231.5 million |
| 2022 | 2,649 | 457 | 2,192 | $293.5 million |
| 2021 | 1,067 | 502 | 565 | $149.3 million |
| 2020 | 1,023 | 294 | 729 | $108.8 million |
| 2019 | 1,240 | 353 | 887 | $128.7 million |
| 2018 | 563 | 273 | 290 | $80 million |
| 2017 | 1,317 | 326 | 991 | $122.7 million |
| 2016 | 510 | 280 | 230 | $72.3 million |
| 2015 | 523 | 258 | 265 | $52.9 million |
| 2014 | 551 | 182 | 369 | $58.8 million |
| 2013 | 849 | 106 | 743 | $62.8 million |
| 2012 | 840 | 119 | 721 | $65.2 million |
| 2011 | 343 | 92 | 251 | $40.1 million |
| 2010 | 607 | 126 | 481 | $42.6 million |
| 2009 | 361 | 139 | 222 | $30 million |
| 2008 | 358 | 253 | 105 | $45.3 million |
| 2007 | 564 | 356 | 208 | $85.4 million |
| 2006 | 729 | 483 | 246 | $84.1 million |
| 2005 | 754 | 525 | 229 | $100.3 million |
| 2004 | 398 | 319 | 79 | $49.4 million |
| 2003 | 495 | 279 | 216 | $44.7 million |
| 2002 | 516 | 161 | 355 | $38.6 million |
| 2001 | 283 | 179 | 104 | $23.7 million |
| 2000 | 270 | 170 | 100 | $21.2 million |
How Richmond ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Richmond and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Richmond | $365K | +2.6% | $1,700 | 2,681 | $64,587 |
| Tuckahoe | — | +4.7%† | $1,730 | — | $102,264 |
| Meadowbrook | — | −0.8%† | $1,570 | — | $86,054 |
| Montrose | $260K | +2% | $1,540 | — | $49,550 |
| Manchester | — | +2.9%† | $1,820 | — | $80,296 |
| East Highland Park | — | +3%† | $1,550 | — | $64,681 |
| Bensley | $260K | +2.7% | $1,550 | — | $50,547 |
† FHFA price index change, where Zillow has no home value for the town.
5.6 years of income
The typical Richmond home costs about 5.6 years of the town's median household income, more than across Virginia (4.5 years).
How Richmond ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,700
HUD's Fair Market Rent for a two-bedroom in Richmond is $1,700 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Richmond pay a median of $1,372, so moving in tends to cost more than staying put. A two-bedroom takes about 32% of the town's median household income, above the 30% guideline for affordable housing.
Studio $1,480 · 4 bedrooms $2,630
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (23219, 23220, 23221, 23222, 23223, 23224 and 6 more; Richmond, VA HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.