$6,949 Closing Credit*
$585,196
2,134 SqFt
3 Beds
•2 Full Baths, 1 Partial
Karen Steen, Listing Office: Long & Foster REALTORS
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
$357,226
$225/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$30,146(+9.2%)
Key Takeaway
Homes in Richmond have sold for 9.2% more than they did a year ago.
Summary: The median home sold price in Richmond was $357,226 in October 2024, up 9.2% from last year, and the median price per square foot was $225.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $207K | $235.7K | +13.9% |
| 2 Bedrooms | $248.6K | $260.7K | +4.9% |
| 3 Bedrooms | $310.9K | $344.8K | +10.9% |
| 4 Bedrooms | $383.4K | $415K | +8.2% |
| 5+ Bedrooms | $509.9K | $563.3K | +10.5% |
Summary: Richmond housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.9%, 2 bedroom homes increased by 4.9%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 10.5%.
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% |
| Clover Hill | $350K | $374.6K | +7.0% |
| Midlothian | $410.9K | $435.6K | +6.0% |
Housing Supply in Richmond, VA
How many homes are available in Richmond, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,409 | 1,491 | +5.8% |
Summary: The Richmond real estate market had 1,491 homes for sale in October 2024, a 5.8% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 25 | 25 | 0.0% |
| 2 Bedrooms | 186 | 200 | +7.5% |
| 3 Bedrooms | 775 | 808 | +4.3% |
| 4 Bedrooms | 347 | 376 | +8.4% |
| 5+ Bedrooms | 76 | 82 | +7.9% |
Summary: The Richmond housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 7.5%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 7.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 340 | 387 | +13.8% |
Asking Price vs. Sold Price
137 Homes Were Sold
Under Asking
81 Homes Were Sold
At Asking
165 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you could pay more than the asking price. 43.1% of homes here sold above asking price last month.
Summary: A total of 387 homes were sold or pending in Richmond in October 2024, up by 13.8% month-over-month. Of the 383 sold homes, 36% were sold under asking, 21% were sold at asking, and 43% 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 |
|---|---|---|
| 17 Days | 26 Days | +47.1% |
Summary: Homes in Richmond had an average of 26 days on market in Oct 2024, up by 47.1% compared to last year.
Breakdown of Home Sale Times
296 Homes Were Sold
Under 30 Days
71 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 October 2024, 387 homes were sold in Richmond; 76% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
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