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Richmond real estate market overview

  • Average Monthly Rent: $1,440
  • Home Price/Value Percentage Change: 7.50%
  • Median Home Value: $324,748
  • Best Time To Sell a Home: June
  • Affordability Index: Moderate
  • Days To Sell a House: 44
  • Job Market: Fair
  • Public School Ranking: 4

Location and weather

With a rich history in the American Revolution and Civil War as the capitol of the Confederacy, Richmond has undergone a lot of transformation to become the vibrant city it is today. Richmond is in the east-central part of Virginia at the head of the James River. The Richmond Memorial Battlefield Park and the Virginia Museum of Fine Arts are must visits for residents and Civil War Enthusiasts.

Richmond has cold, snowy winters from December to March with an average high temperature below 55 degrees. The summers are from late May to mid-September with high temperatures in the high 80's and lows in the 70's.

Sell my house fast in Richmond, Virginia

Population, job market and cost of living

Richmond's population in 2023 is 233,330 with a growth rate of 0.97%.

The job market has decreased -5.61% over last year. The 10-year projected job growth is 37.14%. Tobacco has historically been and continues to remain important economically. Other industries include printing and publishing and the manufacture of textiles, pharmaceuticals, metals, chemicals, wood and paper products. Major companies include Brink's, CarMax Inc, CarMax, Precision Power LLC and Performance Food Group.

The cost of living is moderate due to the Richmond real estate market and availability of affordable homes.

Richmond real estate market details

  • Huguenot
  • Westover
  • The Fan
  • Cedarhurst
  • Stratford Hills

The average monthly rent in Richmond is $1,440 for an average apartment size of 861 sq. feet.

There has been a 7.5% increase in median home value over the last year. As of 2023, the median home value is $324,748.

On average, homes in Richmond sell after 44 days on the market.

The best time to sell a home for the highest valued sale is during June. For the quickest sale, homeowners should sell in October.

The affordability index in Richmond is 96. This number indicates moderate affordability in this city.

The top ranked public schools are Richmond Community High School, Open High School, Henry Marsh lii Elementary School, Richmond Alternative and Albert Hill Middle School. This information is based on data measuring academic performance and equity.

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