The median home sale price in Richmond rose 2.5% in January compared with the same month last year, reversing the trend of the past two months in which Richmond prices fell on a year-over-year basis.
Richmond home price growth outpaces the U.S.
Richmond’s median home price increased 2.5% year over year in January, outperforming the national gain of 1.3%. This places Richmond 12th among the 40 largest U.S. markets for annual price growth on a percentage basis.
Richmond townhome prices post the sharpest increase among home types
Richmond townhome prices shot up 14.7% in January compared to the same month last year. Prices for other home types in Richmond also rose, but not as steeply. Detached homes in Richmond increased 1.3% year over year, while condos inched up 0.8% compared to January a year ago.
Richmond is less expensive than its regional competitors
Richmond’s median home price of $389,495 remains above the national median of $374,900 but is below the median cost in other markets in the region. Richmond is far more affordable than nearby Washington, DC, which has a median price of $550,000. The median price in Richmond is also below that of the two largest markets in neighboring North Carolina, Charlotte ($400,000) and Raleigh ($420,000).
For questions and commentary about this report:
Nick Leverett, Director of Market Analytics at CoStar and Homes.com, is available for interviews to provide expert insights on this data and the broader residential real estate market.
Nick Leverett
Director of Market Analytics
Homes.com
Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all home sales are accounted for, they provide an early indication of home sale price appreciation in Richmond during January 2026.
Definition of Sale Prices
Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.
About the Homes.com Market Analytics Team
The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.
About Homes.com Analytics Data
The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.
The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.