$3,563 Closing Credit*
$300,000
1,296 SqFt
3 Beds
•1 Full Bath, 1 Partial
Meg Clark, Listing Office: Liz Moore & Associates
Is Richmond, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$373,927
$244/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$34,800(+10.3%)
Key Takeaway
Homes in Richmond have sold for 10.3% more than they did a year ago.
Summary: The median home sold price in Richmond was $373,927 in November 2024, up 10.3% from last year, and the median price per square foot was $244.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $220K | $250K | +13.6% |
| 2 Bedrooms | $251.4K | $275K | +9.4% |
| 3 Bedrooms | $328.6K | $370K | +12.6% |
| 4 Bedrooms | $435.2K | $467.4K | +7.4% |
| 5+ Bedrooms | $630K | $743.5K | +18.0% |
Summary: Richmond housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 18%.
Median Sold Price Compared To Nearby Cities
| Henrico | $360K | $399.9K | +11.1% |
| Richmond | $339.1K | $373.9K | +10.3% |
| Richmond | $330K | $359.9K | +9.0% |
| Midlothian | $413K | $436.9K | +5.8% |
| Fairfield | $330K | $342.8K | +3.9% |
Housing Supply in Richmond, VA
How many homes are available in Richmond, VA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 1,103 | 1,047 | -5.1% |
Summary: The Richmond real estate market had 1,047 homes for sale in November 2024, a 5.1% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 22 | 16 | -27.3% |
| 2 Bedrooms | 178 | 152 | -14.6% |
| 3 Bedrooms | 599 | 584 | -2.5% |
| 4 Bedrooms | 251 | 239 | -4.8% |
| 5+ Bedrooms | 53 | 56 | +5.7% |
Summary: The Richmond housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 27.3%, 2 bedroom homes decreased by 14.6%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes increased by 5.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 303 | 233 | -23.1% |
Asking Price vs. Sold Price
82 Homes Were Sold
Under Asking
59 Homes Were Sold
At Asking
91 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you could pay more than the asking price. 39.2% of homes here sold above asking price last month.
Summary: A total of 233 homes were sold or pending in Richmond in November 2024, down by 23.1% month-over-month. Of the 232 sold homes, 35% were sold under asking, 25% were sold at asking, and 39% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 18 Days | 24 Days | +28.8% |
Summary: Homes in Richmond had an average of 24 days on market in Nov 2024, up by 28.8% compared to last year.
Breakdown of Home Sale Times
172 Homes Were Sold
Under 30 Days
47 Homes Were Sold
In 30 - 90 Days
13 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 November 2024, 233 homes were sold in Richmond; 74% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
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