Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 229,395 people, 101,201 houses or apartments, and a median cost of homes of $410,940, Richmond real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Richmond, accounting for 46.33% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 34.29%), duplexes, homes converted to apartments or other small apartment buildings ( 11.37%), and a few row houses and other attached homes ( 7.28%).
People in Richmond primarily live in small (one, two or no bedroom) single-family detached homes. Richmond has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Richmond's housing was primarily built during this period, from the '40s through the '60s. A full 34.98% of the city's housing hails from this era. Other housing ages represented in Richmond include homes built before 1939 ( 29.03%) and housing constructed between 1970-1999 ( 22.82%). There's also some housing in Richmond built between 2000 and later ( 13.17%).
In the last 10 years, Richmond has experienced some of the highest home appreciation rates of any community in the nation. Richmond real estate appreciated 124.05% over the last ten years, which is an average annual home appreciation rate of 8.40%, putting Richmond in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Richmond definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Richmond's appreciation rate, at 7.22%, has been at or slightly above the national average. In the latest quarter, Richmond's appreciation rate has been 2.48%, which annualizes to a rate of 10.31%.
Relative to Virginia, our data show that Richmond's latest annual appreciation rate is higher than 70% of the other cities and towns in Virginia.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Richmond differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Richmond - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Richmond real estate investment or home purchase decisions.
$410,940
for Virginia
for nation
101,201
$2,231 / per month