Home Values in Richmond, Virginia — 2026 Market Report
Updated March 2026 | Seller's Market | +4.7% YoY
The median home value in Richmond, Virginia is $285,000 as of March 2026, which is below the national median of $400,000. Home values in Richmond have increased by 4.7% over the past year and 25.8% over the last five years. With a population of 226,610 and a median household income of $49,150, the price-to-income ratio stands at 5.8x, making Richmond affordable for the average household.
Richmond Housing Market Conditions
| Metric | Richmond | National Avg |
|---|---|---|
| Median Home Value | $285,000 | $400,000 |
| YoY Appreciation | +4.7% | +3.8% |
| 5-Year Appreciation | +25.8% | +22.4% |
| Price per Sq Ft | $114 | $222 |
| Days on Market | 42 days | 45 days |
| Months of Supply | 2.9 | 3.5 |
| List-to-Sale Ratio | 96.3% | 98.5% |
| Monthly Homes Sold | 93 | — |
| Foreclosure Rate | 0.35% | 0.3% |
Home Value Trends in Richmond
A homeowner who purchased at the median price of $226,550 five years ago in Richmond would have gained approximately $58,450 in equity, representing a 25.8% return on investment. Over the past year alone, the typical homeowner gained $12,794 in home equity.
Affordability in Richmond, VA
With a median household income of $49,150 and a median home price of $285,000, the price-to-income ratio in Richmond is 5.8x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $2,183 compared to estimated monthly ownership costs of $1,544 gives a rent-vs-buy ratio of 0.71. In Richmond, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Richmond
The effective property tax rate in Virginia is 0.8%. On a home valued at $285,000, the estimated annual property tax bill is $2,280, or approximately $190/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Richmond is 95.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Richmond, VA?
The median home value in Richmond, Virginia is $285,000 as of March 2026. Home values have changed +4.7% over the past year, with a 5-year appreciation of 25.8%.
Is Richmond a buyer's or seller's market?
Richmond is currently a seller's market with 2.9 months of housing supply. Homes spend an average of 42 days on market, and the list-to-sale price ratio is 96.3%. Low inventory gives sellers an advantage.
Are home values going up in Richmond?
Yes, home values in Richmond have increased by 4.7% over the past year. The 5-year appreciation rate is 25.8%, meaning a home worth $226,550 five years ago is now worth $285,000.
Is it better to rent or buy in Richmond?
The average monthly rent in Richmond is $2,183, while estimated monthly homeownership costs are approximately $1,544. The price-to-rent ratio is 10.9. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other Virginia Cities
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Disclaimer: Home value data for Richmond, Virginia is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.