Richmond Real Estate Market: August 2024 Stats and Trends

Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Richmond, VA, is certainly worth considering.

Located along Virginia’s eastern coast and the James river, the city of Richmond is known for its storied past. Founded in 1737, this city is a cornerstone of early American history that you can still feel today, primarily through the city’s architecture, museums, and culture. 

And while Richmond is a historic city, it’s far from stuck in the past. Affectionately known as the ‘River City’, residents of Richmond enjoy ample opportunities for hiking, biking, and river sports for those seeking the great outdoors. There’s also an abundance of breweries and restaurants for anyone looking to dive into foodie culture; and no shortage of museums, libraries, and shops to enjoy.

But what about the Richmond real estate market in August 2024? What do stats and trends look like contemporarily? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.

Here are some of the top trends for the Richmond real estate market (August 2024):

Richmond General Statistics

• Population (city proper): 230,017 (up .4% since 2020)

• Population (metro area): 1,341,227

• Area (city proper): 59.9 sq. mi. 

• Area (metro area): 4,364.4 sq. mi.

• Median Age: 34.8 

• GDP: $93.6 Billion 

• Unemployment rate: 3.1% (up .3% since May 2024)

• Top employers: Brink’s, CarMax, Precision Power LLC, Performance Food Group, James River Group, MeadWestvaco, Dominion Energy, Estes Express Lines, Reynolds Metals Company, Apex Systems.  

• Highest paying jobs: Anesthesiologist, Oncologist, Trauma Surgeon, Oral Surgeon, Oral and Maxillofacial Surgeon, Physician, Transplant Surgeon, Allergist/Pediatric Pulmonologist, Hospitalist Physician, Anesthesiologist/Physician.  

• Median income (per capita): $41,970

• Median income (household): $58,988

Richmond Real Estate Market (August 2024) Statistics

• Neighborhoods: 123

• Homes for sale as of August 2024: 885 

• Median list price: $399K (up 2.4% since March 2024)

• Median sold price: $516K (up 16% since March 2024)

• Sale-to-list price ratio: 100%

• Median price per square foot: $241 

• Median days on market: 28 (down 3% since March 2024)

• Rental vacancy rate: 4.8%

• Homeowner vacancy rate: .9%

• One-year appreciation rate: 5.1%

• Average rent: $1,483 

• Price-to-rent ratio: 22.24

• Most expensive neighborhoods:  

• Least expensive neighborhoods:
  
  

Final Thoughts: Richmond Real Estate Market (August 2024) Trends

The Richmond real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Richmond real estate market could provide ample opportunity to build your portfolio.

Get Started Buying Homes With Evernest

Whether you’re purchasing one Richmond home or one hundred, you don’t have to go it alone. 

If you’re ready to buy your first (or next) investment property, here are three steps to get started today:

• Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more. 

• Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.

• Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.