$6,413 Closing Credit*
$540,000
3,548 SqFt
5 Beds
•3 Full Baths, 1 Partial
Maria Blanton, Listing Office: NextHome Advantage
Is Richmond, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$369,061
$242/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$29,219(+8.6%)
Key Takeaway
Homes in Richmond have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in Richmond was $369,061 in October 2024, up 8.6% from last year, and the median price per square foot was $242.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $213.5K | $250K | +17.1% |
| 2 Bedrooms | $252.3K | $269.1K | +6.7% |
| 3 Bedrooms | $328.7K | $364.9K | +11.0% |
| 4 Bedrooms | $429.2K | $463K | +7.9% |
| 5+ Bedrooms | $627.2K | $743.5K | +18.5% |
Summary: Richmond housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.1%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 18.5%.
Median Sold Price Compared To Nearby Cities
| Henrico | $360.1K | $398.7K | +10.7% |
| Richmond | $327K | $357.2K | +9.2% |
| Richmond | $339.8K | $369K | +8.6% |
| Midlothian | $410.9K | $435.6K | +6.0% |
| Fairfield | $327.7K | $341.2K | +4.1% |
Housing Supply in Richmond, VA
How many homes are available in Richmond, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,101 | 1,166 | +5.9% |
Summary: The Richmond real estate market had 1,166 homes for sale in October 2024, a 5.9% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 21 | 22 | +4.8% |
| 2 Bedrooms | 174 | 183 | +5.2% |
| 3 Bedrooms | 609 | 637 | +4.6% |
| 4 Bedrooms | 247 | 268 | +8.5% |
| 5+ Bedrooms | 50 | 56 | +12.0% |
Summary: The Richmond housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 4.8%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 12%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 260 | 279 | +7.3% |
Asking Price vs. Sold Price
101 Homes Were Sold
Under Asking
59 Homes Were Sold
At Asking
118 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you could pay more than the asking price. 42.4% of homes here sold above asking price last month.
Summary: A total of 279 homes were sold or pending in Richmond in October 2024, up by 7.3% month-over-month. Of the 278 sold homes, 36% were sold under asking, 21% were sold at asking, and 42% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 21 Days | 22 Days | +5.9% |
Summary: Homes in Richmond had an average of 22 days on market in Oct 2024, up by 5.9% compared to last year.
Breakdown of Home Sale Times
214 Homes Were Sold
Under 30 Days
57 Homes Were Sold
In 30 - 90 Days
7 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 October 2024, 279 homes were sold in Richmond; 77% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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