Your Richmond, VA Real Estate Questions Answered

Richmond, VA, is a historic city with a lot to offer residents. In addition to being Virginia’s capital, Richmond has nationally recognized art museums, galleries, live music venues, and a thriving dining scene. Combined with an affordable cost of living and a strong economy, it’s no wonder this metro often ranks as a top place to live in the nation.

If you’re considering moving to Richmond, you probably have many questions about the city’s real estate market. Here are some answers to the most commonly asked questions about Richmond, VA, real estate.

What is the average price of a home in Richmond, VA?

Richmond has a wide variety in its housing market. Find Victorian-era homes all the way to modernist new construction. Live waterfront on the James River, in a downtown loft, or find a few acres of rolling hills for a more rural setting.

Remember, prices can vary depending on the specific neighborhood and type of home you’re looking for. The median price of a Richmond home was $348,500 in August 2022, with 1,728 listings. Prices ranged from $6,000 for a vacant lot to $3.5 million for a custom-built 10,000 sq ft home on 1.2 acres.

Richmond’s home prices were up 17% year-over-year in July 2022. However, median prices were below the national median of $415,000.

Are there any condos or townhomes available in Richmond, VA?

For those seeking a more maintenance-free lifestyle, Richmond does offer an ample supply of condos and townhomes. The August 2022 market had 406 available properties.

The most affordable was a townhome needing renovation for $55,000 with three bedrooms and one bathroom. The most expensive was $1.5 million for a 4,525 sq ft penthouse condominium with three bedrooms and 3.5-bathrooms.

Some places to look for townhomes or condominiums include, but are not limited to:

• City Center
• Byrd Park
• Monument Square
• Wilton
• Church Hill
• The Fan
• West Creek
• Rocketts Landing

A local real estate agent can help narrow your condo or townhome search based on your budget and lifestyle preferences.

What is the property tax rate for Richmond, VA?

The Virginia Constitution stipulates all homes are taxed at 100% of the fair market value.

The city tax assessor’s office sets the assessed value of Richmond homes, which is then used to calculate your property taxes. The city’s real estate tax rate is $1.20 per $100 assessed value. Taxes are due twice a year, on January 14 and June 14.

Specific individuals are eligible for tax relief, such as disabled veterans and spouses or elderly and disabled persons.

Since Richmond is administratively independent of any county, residents don’t pay property taxes to Henrico or Chesterfield Counties.

What is the cost of living in Richmond, VA?

The cost of living in Richmond, based on 2022 data, was 5% lower than the national average and 8% lower than the state average. The biggest drivers of this difference are housing costs and transportation costs.

Sperling’s Best Places Index places the national average at 100, so any figures above mean an area is more expensive. Any lower figures suggest an area is less expensive. Richmond scored an overall 95.7.

Housing in Richmond scored 92.7, less expensive than the national average, and the Virginia score of 111.8. Healthcare, utilities, and groceries all fall below national and state scores. Only miscellaneous costs came in above the state and national median.

What county is Richmond, VA in?

Richmond is an independent city and not part of any county. It was incorporated as a town in 1742 and became a city in 1842.

The City of Richmond was a part of Henrico County until 1842 when it broke away and became its own independent city and administrative area. However, present-day Henrico County still surrounds Richmond on three sides: west, north, and east.

Henrico is one of the country’s oldest counties, dating back to 1637. It is bordered by the Chickahominy River to the north, while it touches the James River and the City of Richmond to the south.

Chesterfield County is south of Richmond, bordered by the James and Appomattox rivers. The county seat, Chesterfield Court House, resides in the center of the county.

Is Richmond, VA growing?

With about 226,610 residents in the 2020 U.S. Census, Richmond is the fourth-most populous metro in the state. It is the 45th largest metro in the nation. Richmond added about 22,000 residents from 2010 to 2020. The entire MSA grew 10%, with Chesterfield County reporting the most growth.

Richmond projects it will reach over 240,000 residents by 2030 and 250,000 by 2040.

It has a diverse population, with 45% identifying as white alone and 46% identifying as black or African American. The locals were also highly educated, with 41% of residents 25 years and older holding a bachelor’s degree or higher.

What neighborhoods are in Richmond, VA?

Richmond has many distinct and diverse neighborhoods to choose from. With all the options, knowing where to start a home search can be hard. Here are a few areas in Richmond to get you started.

The Fan is a residential and historic neighborhood located near the town center with local merchants and eateries on street corners. The neighborhood derives its name from the streets that form a fan shape as you travel west from east. It’s a Victorian-style area with one-of-a-kind, charming residences to live in. Styles range from Italianate to Bungalow. You’ll find restaurants, bars, shopping opportunities, fitness centers, coffee shops, and more on Main Street.

Carytown is the perfect area for shopaholics or those who simply love convenience. With multiple blocks of fascinating shops and delicious restaurants, it’s easy to find what you’re looking for nearby. Most businesses are located on Cary Street itself, however, there are also single-family homes available on the side streets if that’s more your speed.

While the name Chimborazo is certainly unique, there are other reasons to move here. The neighborhood was established at the beginning of the 20th century and offers a scenic view of the James River. The Oakwood-Chimborazo Historic District encompasses three Richmond East-end neighborhoods with ties to Civil War. Chimborazo has a wide variety of brick homes from the late 19th and early to mid-20th centuries, including Late Victorian, Queen Anne, and Colonial Revival styles.

Church Hill is one of the oldest neighborhoods in Richmond, with a plethora of 18th and 19th-century architecture. The area is constantly being revitalized, with new businesses and residences popping up. If you’re looking for a historic neighborhood with a modern twist, Church Hill is the perfect place for you.

Lakeside is a fantastic location for families looking in the north of the city. The physical body of water is now part of Jefferson Lakeside Country Club and not in the actual neighborhood. Residents are adjacent to Joseph Bryan Park and the Lewis Ginter Botanical Gardens, so it provides plenty of chances to connect with nature. The single-family homes often have big lawns and garages for reasonable prices.

Short Pump is a young and flourishing community. Its unusual name comes from a historic tavern located here during the Revolutionary War. The schools in this area are highly regarded, with seven elementary schools, three middle schools, and two high schools available for families. Grocery stores are accessible within walking distance. This community is home to many new homes, townhomes, and condo options.

Shockoe Bottom is one of the most historic neighborhoods in Richmond, with many markers recognizing its controversial past. The neighborhood primarily comprises cobblestone roads and has many restaurants, shops, and other businesses. Additionally, Shockoe Bottom is convenient for commuters because it has easy access to I-95 and the Downtown Expressway. However, living in Shockoe Bottom also has its drawbacks—the area is low-lying and often prone to flooding from the James River.

Manchester, located south of the James River, is perfect for those who love being outdoors, staying fit and trying new foods. The bike-friendly neighborhood has been revitalized over the last 15 years. It now consists of a mix of single-family homes and apartments.

Are there any waterfront properties found in Richmond, VA?

Thanks to the James River, which runs through downtown, Richmond has waterfront living options. Closer to downtown, much of the riverfront is preserved in parks or a commercial district. However, downtown condos can have water views.

For single-family homes, it’s best to look up or downriver. You also have other rivers and tributaries that form the James River watershed.

August 2022 had 51 homes with some type of waterfront. The most affordable was $225,000 for 1.5 acres on Falling Creek, with three bedrooms and 2.5 bathrooms. The most expensive was $2.5 million for a rare and historic six-acre estate with James River frontage.

How is golf in Richmond, VA?

Golfers will be pleased to know greater Richmond is home to over 20 excellent public and private golf courses, often designed by golf’s top names. The most well-known is probably the Country Club of Virginia, which has three 18-hole courses and ranks in Golf Digest’s top ten in the state. The club was established in 1908 and is home to the Dominion Charity Classic, which brings PGA Tour Champions to play the James River course.

Other notable courses include Belmont Country Club, Independence Golf Club, and Magnolia Green. The Club at Viniterra, designed by world-renowned golf course architect Rees Jones, is one of the newest championship courses.

Are there golf course communities in Richmond, VA?

Providence Golf Club is a public course near Manchester. While not a formal community, there are homes with golf course views.

Meadowbrook Country Club is a member-owned club near Ampthill. The facilities include aquatics, fitness, and championship golf. Surrounding homes are not part of a golf course community, but some have course views. They were primarily developed in the 1960s through the 1980s.

Stonehenge surrounds the Stonehenge Golf Club, an 18-hole championship course and country club with tennis courts, a pro shop, and a pool. The community was developed in the 1960s and featured spacious and wooded lots. The Stonebridge Civic Association is a voluntary association with activities for residents.

Just outside Richmond is Magnolia Green, a master-planned community in Chesterfield surrounding the Magnolia Green Country Club and golf course. The 3,000 homes promise an inviting community full of welcoming neighbors, amenities like tennis and swimming, top-rated schools, and championship golf.

What areas are near Richmond, VA?

Richmond is Virginia’s capital city and is located in the east-central part of the state. The metro area includes suburbs like Mechanicsville, Highland Springs, Montrose, Bon Air, Tuckahoe, and Glen Allen.

The James River runs through the center of Richmond and is a popular spot for fishing, boating, hiking, and picnicking. Several state parks along the river, like the James River National Wildlife Refuge.

Richmond is near other top Virginia cities. About two hours away is Washington, D.C., and Virginia Beach. The latter is directly up I-95 while the Beach is at the end of I-64. Charlottesville and the University of Virginia are 71 miles to the west on I-64.

Popular tourist sites like Jamestown and Colonial Williamsburg are accessible. Jamestown is an easy day trip, at 57 miles away, while Williamsburg is 51 miles.

What to know about living in Richmond, VA

Richmond is known for having a funky vibe. From its Selba Art Project to the nine blocks of quirky shops and restaurants in Carytown, it embraces a free-spirited way of living. Find vintage stores, coffee shops, and craft breweries all around town. The Richmond Mural Project attracted artists from across the nation to paint unique creations.

The James River provides accessible outdoor recreation through the heart of the city. You’ll see college students tubing, people fishing from the parks, and kayakers making their way downstream.

Foodies will love Richmond for its eclectic selection of restaurants. National Geographic even put it on their list of the World’s Top 10 places to travel for food. You’ll find anything from southern comfort food to vegan fare. And don’t forget about the live music scene! Check out The National, an iconic concert venue, or catch a show at one of the smaller clubs.

Richmond is also known for its historical significance. It was the capital of the Confederacy during the Civil War, and many buildings from that period are still standing. There are over 300 historical markers across the city. Take a walking tour and learn about the rich history of Richmond.

If you’re thinking about moving to Richmond, VA, there’s a lot to love about this city in Virginia. Contact a local real estate agent to find the right neighborhood for you.