$4,274 Closing Credit*
$359,900
1,579 SqFt
3 Beds
•1 Full Bath, 1 Partial
Sam Miliotis, Listing Office: The SSAM Agency
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
$359,917
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$29,852(+9.0%)
Key Takeaway
Homes in Richmond have sold for 9% more than they did a year ago.
Summary: The median home sold price in Richmond was $359,917 in November 2024, up 9% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $213.5K | $239.5K | +12.2% |
| 2 Bedrooms | $250K | $265.1K | +6.0% |
| 3 Bedrooms | $314.8K | $347K | +10.2% |
| 4 Bedrooms | $385K | $416.5K | +8.2% |
| 5+ Bedrooms | $512.1K | $560K | +9.3% |
Summary: Richmond housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 10.2%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 9.3%.
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% |
| Clover Hill | $350.1K | $375K | +7.1% |
| Midlothian | $413K | $436.9K | +5.8% |
Housing Supply in Richmond, VA
How many homes are available in Richmond, VA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 1,413 | 1,309 | -7.4% |
Summary: The Richmond real estate market had 1,309 homes for sale in November 2024, a 7.4% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 24 | 17 | -29.2% |
| 2 Bedrooms | 193 | 160 | -17.1% |
| 3 Bedrooms | 767 | 738 | -3.8% |
| 4 Bedrooms | 352 | 320 | -9.1% |
| 5+ Bedrooms | 77 | 74 | -3.9% |
Summary: The Richmond housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 29.2%, 2 bedroom homes decreased by 17.1%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes decreased by 3.9%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 414 | 318 | -23.2% |
Asking Price vs. Sold Price
112 Homes Were Sold
Under Asking
80 Homes Were Sold
At Asking
124 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 318 homes were sold or pending in Richmond in November 2024, down by 23.2% month-over-month. Of the 316 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 |
|---|---|---|
| 17 Days | 27 Days | +59.5% |
Summary: Homes in Richmond had an average of 27 days on market in Nov 2024, up by 59.5% compared to last year.
Breakdown of Home Sale Times
236 Homes Were Sold
Under 30 Days
61 Homes Were Sold
In 30 - 90 Days
19 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, 318 homes were sold in Richmond; 74% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
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