$2,909 Closing Credit*
$245,000
1,008 SqFt
3 Beds
•1 Full Bath
Derek Greene, Listing Office: The Greene Realty Group
Is Richmond, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 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
$365,228
$240/sqft
Based on all homes sold in the last 12 months.
Difference Since September 2023
+$29,728(+8.9%)
Key Takeaway
Homes in Richmond have sold for 8.9% more than they did a year ago.
Summary: The median home sold price in Richmond was $365,228 in September 2024, up 8.9% from last year, and the median price per square foot was $240.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $220K | $246K | +11.8% |
| 2 Bedrooms | $253.6K | $264.6K | +4.3% |
| 3 Bedrooms | $325.6K | $359.1K | +10.3% |
| 4 Bedrooms | $425.9K | $459.8K | +8.0% |
| 5+ Bedrooms | $648.6K | $695K | +7.1% |
Summary: Richmond housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.8%, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 7.1%.
Median Sold Price Compared To Nearby Cities
| Richmond | $325.6K | $354.9K | +9.0% |
| Richmond | $335.5K | $365.2K | +8.9% |
| Henrico | $359.9K | $390.7K | +8.5% |
| Fairfield | $323.1K | $345K | +6.8% |
| Midlothian | $410.1K | $432.8K | +5.5% |
Housing Supply in Richmond, VA
How many homes are available in Richmond, VA?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 1,059 | 1,127 | +6.4% |
Summary: The Richmond real estate market had 1,127 homes for sale in September 2024, a 6.4% increase compared to August 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 21 | 21 | 0.0% |
| 2 Bedrooms | 184 | 184 | 0.0% |
| 3 Bedrooms | 581 | 622 | +7.1% |
| 4 Bedrooms | 226 | 250 | +10.6% |
| 5+ Bedrooms | 47 | 50 | +6.4% |
Summary: The Richmond housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 10.6%, and 5+ bedroom homes increased by 6.4%.
Number of Homes Sold
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 286 | 242 | -15.4% |
Asking Price vs. Sold Price
84 Homes Were Sold
Under Asking
51 Homes Were Sold
At Asking
106 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you could pay more than the asking price. 44% of homes here sold above asking price last month.
Summary: A total of 242 homes were sold or pending in Richmond in September 2024, down by 15.4% month-over-month. Of the 241 sold homes, 35% were sold under asking, 21% were sold at asking, and 44% 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
| Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|
| 22 Days | 23 Days | +5.2% |
Summary: Homes in Richmond had an average of 23 days on market in Sep 2024, up by 5.2% compared to last year.
Breakdown of Home Sale Times
175 Homes Were Sold
Under 30 Days
56 Homes Were Sold
In 30 - 90 Days
10 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 September 2024, 242 homes were sold in Richmond; 72% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
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