Richmond city, Virginia Housing Market
In Richmond city, Virginia, the median home value is $353,000, with a median monthly rent of $1,372. This places Richmond city at #402 nationally out of 3134 counties by median home value, and #37 within Virginia.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,682
- Establishments: 8,918
- BLS QCEW, 2025
Housing Supply
- Single-family: 368
- Multi-family: 2,313
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 91,288 (avg $106,306)
- Outflow: 86,795 (avg $108,951)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 2 active ZIP codes in Richmond city · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 23221 | 364.8 | +0.36% | 2025 |
| 2 | 23220 | 374.7 | +1.66% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Richmond city Compares
| Metric | Richmond city | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $353,000 | $295,807 | $227,706 |
| Median Gross Rent | $1,372 | $1,169 | $968 |
| Owner Occupancy Rate | 43.5% | 70.8% | 73.3% |
| Price/Rent Ratio | 21.4 | 20.3 | 18.7 |
Market Analysis
The median home value in Richmond city is 19.3% above the Virginia state average and 55.0% above the U.S. national average. The median rent of $1,372/month is 17.4% above the state average.
With a price-to-rent ratio of 21.4, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Richmond city has an owner-occupancy rate of 43.5%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| South Central Connecticut Planning Region | Connecticut | $353,100 | $1,525 |
| Osceola County | Florida | $353,300 | $1,746 |
| Granite County | Montana | $352,700 | $675 |
| Ulster County | New York | $352,500 | $1,425 |
| Glenn County | California | $352,400 | $1,120 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Middlesex County | $352,200 | $1,059 | 87.4% |
| Isle of Wight County | $356,500 | $1,359 | 80.1% |
| Warren County | $348,400 | $1,199 | 75.9% |
| Suffolk city | $347,400 | $1,563 | 70.7% |
| Henrico County | $359,200 | $1,541 | 64.5% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).