Why Live in Richmond
Richmond's James River Park System provides direct access to hiking, biking, and whitewater rafting within city limits, while Belle Isle features Civil War ruins and scenic river views. The Virginia Museum of Fine Arts showcases world-renowned art collections with free admission, complemented by 100+ parks throughout the city. Food culture thrives through standout restaurants like L'Opossum, known for contemporary American cuisine, and Mama J's authentic soul food in historic Jackson Ward. The Carytown district features independent boutiques, while Scott's Addition has become a destination for craft breweries and entertainment venues.
The Richmond housing market includes diverse options across distinct neighborhoods. The Fan District contains single family homes with a median price of $841,000, while similar properties in Carytown have a median of $541,500. Church Hill single family homes show a median of $581,800, and Windsor Farms reaches a median of $1,807,500. One bedroom condos throughout Richmond have a median price of $256,000, while two bedroom units reflect a median of $337,500.
Richmond's cost of living sits 5.6% below the national average. A family with school-age children requires approximately $100,000 annual income to live comfortably, with monthly expenses averaging $8,000. The property tax rate of 0.86% compares favorably to Petersburg at 0.92%. Top-rated schools include the public Maggie Walker Governor's School and private institutions like St. Catherine's School and Collegiate School. Virginia Commonwealth University and Virginia Union University provide higher education options. The GRTC Transit System serves the area, with the Pulse bus rapid transit line running east to west. Washington D.C. lies 100 miles north, a two-hour drive via I-95.
Home Trends in Richmond, VA
On average, homes in Richmond, VA sell after 28 days on the market compared to the national average of 50 days. The median sale price for homes in Richmond, VA over the last 12 months is $400,000, up 5% from the median home sale price over the previous 12 months.
Median Sale Price
$400,000
Median Single Family Sale Price
$405,896
Median Townhouse Sale Price
$437,500
Median 2 Bedroom Sale Price
$331,750
Median 1 Bedroom Sale Price
$259,000
Average Price Per Sq Ft
$271
Number of Homes for Sale
502
Last 12 months Home Sales
2,754
Median List Price
$409,808
Median Change From 1st List Price
0%
Median Home Sale Price YoY Change
5%