Richmond City, Virginia home prices
Typical home $365,737 · +2.2% in a year · property tax 0.89%
The typical home in Richmond City is worth $365,737, 11% less than the Virginia typical home ($412,252). Values changed +2.2% in the past year and +24.1% over five years. Homeowners here pay a median 0.89% of their home's value in property tax each year ($3,264 on the typical home), versus 0.71% statewide.
Mortgage on the typical Richmond City home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $73,147 | $292,590 | $1,968 | $0 | $455 | $2,423 | $103,800 |
| 10% down | $36,574 | $329,163 | $2,214 | $137 | $455 | $2,806 | $120,300 |
| 5% down | $18,287 | $347,450 | $2,337 | $145 | $455 | $2,937 | $125,900 |
| 3.5% down (FHA) | $12,801 | $359,112 | $2,416 | $162 | $455 | $3,032 | $130,000 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.89% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
What it takes: see what you can afford by salary in Virginia · part of the Richmond metro area.
Virginia counties with similar prices
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Northumberland County | $366,411 | +2.5% | 0.47% |
| Franklin County | $363,796 | +3.9% | 0.5% |
| Nelson County | $362,239 | +3.0% | 0.5% |
| Augusta County | $369,272 | +5.6% | 0.47% |
| Rockingham County | $361,245 | +2.1% | 0.53% |
| Caroline County | $359,075 | +3.6% | 0.52% |
| Fluvanna County | $372,612 | +1.1% | 0.63% |
| Gloucester County | $375,131 | +4.0% | 0.57% |
| Prince George County | $356,119 | +3.8% | 0.74% |
| Lexington City | $354,128 | +2.4% | 0.81% |
Frequently asked questions
What is the average home price in Richmond City, VA?
The typical home value in Richmond City is $365,737 (Zillow Home Value Index, September 2026).
How much do you need to earn to buy a house in Richmond City?
About $103,800 a year for the typical home with 20% down at a 7.11% 30-year rate.
What is the property tax rate in Richmond City?
The median effective rate is 0.89% of home value a year (Census ACS 2024 5-year estimates).