Richmond Real Estate Market: May 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 in the heart of Virginia, the city of Richmond is known for its historic roots as one of the oldest cities in America. The city runs along the James river, providing locals with ample opportunity to explore the outdoors and access an array of gorgeous parks and green spaces.

This historic city is filled to the brim with sightseeing, botanical gardens, restaurants, and pubs. This means it’s not only an ideal tourist destination, but also a popular location for Virginia natives and transplants alike. 

But what about the Richmond real estate market in May 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 (May 2024):

Richmond General Statistics

• Population (city proper): 231,782 (up 6% 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: 2.6% (down .3% since January 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 (May 2024) Statistics

• Neighborhoods: 123

• Homes for sale as of May 2024: 1,062 

• Median list price: $375K (up 1.2% since January 2024)

• Median sold price: $350K (up 1.2% since January 2024)

• Sale-to-list price ratio: 100%

• Median price per square foot: $238 

• Median days on market: 31 (down 20% since December 2023)

• Rental vacancy rate: 5.2%

• Homeowner vacancy rate: .9%

• One-year appreciation rate: 5.2%

• Average rent: $1,483 

• Price-to-rent ratio: 22.24

• Most expensive neighborhoods:  

• Least expensive neighborhoods:
  
  

Final Thoughts: Richmond Real Estate Market (May 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.