Richmond housing market
Typical home value
$392K
▲ 2.6% 1 yr
Typical rent
$1,706/mo
▲ 2.5% 1 yr
12-month forecast
+2.4%
#209 of 546 metros
Gross rent yield
5.2%
#385 of 546 · U.S. 6.3%
Days to pending
30 days
▲ +1 day 1 yr
Listings with a price cut
30%
▲ +1.0 pts 1 yr
Key takeaways
- 1The typical home is worth $392,106, up 2.6% in a year and up 27% over five years.
- 2Zillow forecasts home values rising 2.4% over the next 12 months (U.S.: +1.1%).
- 3Typical rent is $1,706/mo (+2.5% YoY), a 5.2% gross yield, below the U.S. 6.3%.
- 4At 7.32% with 20% down, the typical home costs $2,155/mo in principal and interest, $449 more than renting.
- 5Homes go under contract in 30 days (+1 day vs last year); 30% of listings have had a price cut.
Market temperature
Neutral market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 44/100, #215 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
How fast homes are selling
For saleNew listings
Affordability
To buy (20% down)To rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Richmond compares
| Measure | Richmond | United States | Rank of 546 |
|---|---|---|---|
| Home value, 1-yr change | +2.6% | +1.2% | #243 |
| Home value, 5-yr change | +27.1% | +19.7% | |
| 12-month forecast | +2.4% | +1.1% | #209 |
| Rent, 1-yr change | +2.5% | +2.7% | #361 |
| Gross rent yield | 5.2% | 6.3% | #385 |
| Price-to-rent ratio | 19.2 | 15.8 | |
| Mortgage P&I on typical home | $2,155 | $2,012 | |
| Income needed to buy | $105,237 | $100,902 | |
| Days to pending | 30 | 56 |
Cities in the Richmond metro
9 cities with home value and rent data.
| Richmond | $362K | ▲ 2.8% | $1,628 | ▲ 2.6% | 5.4% |
| Henrico | $405K | ▲ 1.9% | $1,722 | ▲ 1.5% | 5.1% |
| Midlothian | $469K | ▲ 2.5% | $2,028 | ▲ 3.6% | 5.2% |
| Chesterfield | $413K | ▲ 2.5% | $2,178 | ▲ 5.3% | 6.3% |
| Glen Allen | $513K | ▲ 1.4% | $2,022 | ▲ 1.8% | 4.7% |
| Petersburg | $249K | ▲ 2.9% | $1,373 | ▲ 3.7% | 6.6% |
| Chester | $391K | ▲ 2.2% | $1,829 | ▲ 1.9% | 5.6% |
| Hopewell | $232K | ▲ 2.3% | $1,322 | ▼ 1.2% | 6.8% |
| Colonial Heights | $296K | ▲ 1.2% | $1,665 | ▲ 0.8% | 6.8% |
Run the numbers
Rental property calculator
Cash flow on a typical Richmond rental ($392K, $1,706/mo), pre-filled.
Mortgage calculator
Monthly payment on a typical Richmond home.
Rent vs buy
Is it cheaper to rent or buy in Richmond?
Other Virginia metros
Washington, DC
$570K home$2,407 rent5.1% yield
▲ 0.2% 1 yr
Virginia Beach, VA
$371K home$1,886 rent6.1% yield
▲ 2.9% 1 yr
Roanoke, VA
$298K home$1,400 rent5.6% yield
▲ 3.2% 1 yr
Lynchburg, VA
$288K home$1,288 rent5.4% yield
▲ 2.9% 1 yr
Charlottesville, VA
$464K home$2,040 rent5.3% yield
▲ 1.3% 1 yr
Blacksburg, VA
$287K home$1,659 rent6.9% yield
▲ 3.3% 1 yr
Winchester, VA
$385K home$1,825 rent5.7% yield
▲ 1.4% 1 yr
Harrisonburg, VA
$350K home$1,691 rent5.8% yield
▲ 2.6% 1 yr
Gross yield = 12 × typical rent ÷ typical home value, before expenses. Mortgage estimate: 20% down, 30-year fixed at the current Freddie Mac average, principal and interest only. Forecast: Zillow Home Value Forecast. Data refreshed Oct 26, 2026.