Foreclosures in Richmond, VA

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Home Value Estimator For Richmond, VA

There are currently 133,662 real estate properties in Richmond, VA, with a median automated valuation model (AVM) price of $330,800.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Richmond, VA, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Richmond, VA, is $412,758.00, with the most expensive house in Richmond, VA, topping out at $10,040,500.00 and the cheapest home in Richmond, VA, clocking in at $18,496.00. In other words, there’s something for every potential homebuyer or savvy investor in Richmond, VA!

Rent Prices In Richmond, VA

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Richmond, VA, is on a rollercoaster ride. The average rent price in Richmond, VA, is $1,528.00. Indeed, when looking to rent in Richmond, VA, you can expect to pay as little as $570.00 or as much as $4,720.00, with the average rent median estimated to be $1,390.00. The good news is that finding an affordable and desirable property to rent in Richmond, VA -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Top Reasons To Live In Richmond, VA In 2024

Richmond is located in Richmond, Virginia, with an estimated municipal population of 230,436 residents. All of the best foreclosed homes for sale in Richmond are located in the following zip code areas on 23222 23223 23220 23221 23226 23227 23224 23225 23230 23235 23234 23219 23173 23218 23232 23249 23260 23261 23269 23274 23276 23278 23282 23284 23285 23286 23289 23290 23291 23292 23295 23298. The estimated population per square kilometer (.62 miles) in Richmond is 1,484.

Cost Of Living In Richmond, VA

So, about how much do homes cost in Richmond? The most recent median value of resident-owned homes in Richmond is 229,934. An estimated 42.6 percent of households in Richmond own their homes, with an average family size of 3.35. The median household income in Richmond is 47,250, with21.5 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Richmond, the median commute time of resident workers (in minutes) is 21.8. And last, but certainly not least, are you looking for homes to rent in Richmond? If so, the average rent price paid by renters in Richmond is 1,025, according to recent statistics.

Diversity And Demographics In Richmond, Virginia

Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Richmond, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.

The median age of residents in Richmond is 34, split between 47.4 percent male versus 52.6 female. The percentage of residents who report being married in Richmond is 27.3, with an average family size of 3.35.

The percentage of residents who report their race in Richmond is as follows:

White 45.5%
Black / African American 46.9%
Asian 2.1%
American Indian / Alaskan Native 0.4%
Native Hawaiian / Other Pacifc Islander 0%
Multi-racial 3.4%
Other 1.7%

Looking for family-friendly neighborhoods in and/or near Richmond? Or maybe you are searching for 55+ active adult communities in and/or near Richmond?

The percentage of residents who report their age in Richmond is as follows:

Under 10 10.8%
Aged 10-19 10.7%
20s 20.7%
30s 16.2%
40s 10.6%
50s 12.1%
60s 10.6%
70s 5.2%
80+ 3.1%

Best Schools In Richmond, Virginia

It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Richmond with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Richmond.

Pros And Cons Of Living In Richmond, Virginia

How do you know that living in -- or moving to -- Richmond is right where you need to be? Perhaps you grew up in Richmond or already live nearby; therefore, the decision to buy a home in Richmond is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Richmond for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.

Here are some questions to ask yourself when shopping for foreclosed homes for sale in Richmond:

  • What type of neighborhood environment (suburban, urban, rural, etc.) do you prefer?
  • What types of shopping (mom and pop, mall, big box), restaurants (fast food, chain, local) and businesses (small, big, mixed) would you like nearby?
  • What leisure-time activities (golf, biking, hiking, etc.) do you enjoy?
  • What type of commute (car, plane, home office) do you seek?

In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Richmond.

Reasons To Move To Richmond, Virginia, In 2024

Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Richmond can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Richmond, meanwhile, can field multiple offers from more qualified buyers.

Richmond, VA Foreclosures


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