Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$365,737+2.2% YoY · prices are rising
Market right nowBalanced, leaning sellersMore homes for sale than last year, 19% have cut their price
Income needed to buy, per year$79,284About 1.2× the local median income ($63,865): a stretch for a typical household
Days on market43 daysAbout the same pace as a year ago
Next 12 months+2.4%Zillow expects prices to rise slightly
The typical home in Richmond City, VA is worth $365,737, up 2.2% from a year ago. That is well above what local incomes have historically supported: fair value is about $323,887, so the area is 12.9% overvalued. It is a balanced market, leaning toward sellers: homes take about 43 days to sell, listings are up 7% from a year ago, 19% of listings have had a price cut. Zillow expects prices to rise about 2.4% over the next year. A household needs about $79,284 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $63,865. Typical rent is $1,604 a month, or $2,107 for a house. In the latest IRS figures, 737 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$365,737
Change in 1 year
+2.2%
Overvalued %
+12.9%
Show 7 more
Fair home value
$323,887
Change in 5 years
+24.1%
Zillow forecast, next 12 months
+2.4%
Home value to income
5.7×
Monthly mortgage payment (20% down)
$1,982
Income needed to afford it
$79,284
Property tax rate
0.89%
Rent and investing
Typical rent
$1,604
Typical rent for houses
$2,107
Price-to-rent ratio
19.0×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,651
Gross rental yield
5.26%
Cap rate (estimate)
3.42%
Market activity
Listings vs a year ago
+6.6%
Days on market
43
Listings with a price cut
19.3%
Show 3 more
Homes for sale
421
Pending sales per 100 listings
54
Asking price per sq ft
$252
People and jobs
Median household income
$63,865
Population change (1 year)
+1.0%
Unemployment rate
5.7%
Show 4 more
Population
237,257
Income adjusted for cost of living
$65,235
Net moves in (IRS)
−737
Cost of living (US = 100)
97.9
Schools, risk and environment
School rating (1 to 10)
1.9
FEMA hazard risk score (0 to 100)
78.4
Unhealthy air days a year
0
Show 4 more
Flood risk score
82.6
Wildfire risk score
18.0
Walkability (1 to 20)
13.6
Road, rail and air noise
52 dB
Questions people ask
Is Richmond City, VA overvalued?
Home prices in Richmond City, VA are well above what local incomes have historically supported: fair value is about $323,887, so the area is 12.9% overvalued.
Is Richmond City, VA a buyer's or seller's market?
Richmond City, VA is a balanced market, leaning toward sellers: homes take about 43 days to sell, listings are up 7% from a year ago, 19% of listings have had a price cut.
Are home prices going down in Richmond City, VA?
Home values in Richmond City, VA are up 2.2% over the last year. Zillow's forecast for the next 12 months is +2.4%.
How much do you need to earn to buy a home in Richmond City, VA?
A household needs about $79,284 a year to afford the typical home in Richmond City, VA at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $63,865.