Richmond FHA Loan Rates, Closing Costs & Stats

RICHMOND, VA

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Richmond's 187 lenders originated 4,012 FHA loans during 2023. The total origination value was $1,142,940,000, with an average FHA loan value of $284,880.

    Richmond FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Richmond averaged 5.98% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Richmond's average FHA mortgage closing costs are $8,341.

    The average rate for the prior week (2024-12-06) was 6.35% and one month ago for the week of 2024-11-08, the average rate was 6.41%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.29%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Richmond FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Richmond level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 358 6.10% $11,969
    UNITED WHOLESALE MORTGAGE, LLC 259 6.22% $13,166
    MOVEMENT MORTGAGE, LLC 207 6.59% $12,251
    NVR Mortgage Finance, Inc. 153 5.82% $13,883
    C & F Mortgage Corporation 143 6.75% $11,983
    NFM, INC. 135 6.84% $13,070
    Alcova Mortgage LLC 132 6.87% $9,074
    SOUTHERN TRUST MORTGAGE, LLC 121 6.46% $13,292
    Virginia Credit Union, Inc. 121 6.42% $8,400
    George Mason Mortgage, LLC 104 6.29% $11,749
    LOANDEPOT.COM, LLC 83 6.35% $11,785
    AMERICAN FINANCIAL NETWORK, INC. 77 7.05% $12,402
    FREEDOM MORTGAGE CORPORATION 68 6.85% $14,026
    Prosperity Home Mortgage, LLC 67 6.50% $10,615
    CAPITAL CENTER, L.L.C. 65 6.50% $7,872
    TIDEWATER MORTGAGE SERVICES, INC. 64 6.61% $12,187
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 62 6.66% $12,516
    First Heritage Mortgage, LLC 62 6.53% $13,389
    PENNYMAC LOAN SERVICES, LLC 61 6.00% $14,507
    Presidential Bank, FSB 57 6.71% $10,981
    NEWREZ LLC 50 6.37% $12,558
    VILLAGE BANK MORTGAGE CORPORATION 48 6.77% $7,793
    BROKER SOLUTIONS, INC. 40 6.88% $12,228
    Truist 38 6.15% $11,991
    DHI MORTGAGE COMPANY, LTD. 38 5.36% $15,682
    Nations Lending Corporation 34 6.65% $10,583
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 6.70% $10,694
    Mr. Cooper ( Nationstar Mortgage ) 32 6.04% $16,074
    Plains Commerce Bank 31 6.35% $15,440
    Atlantic Coast Mortgage, LLC 31 6.31% $12,526
    Carrington Mortgage Services, LLC 31 6.17% $14,625
    Towne First Mortgage, LLC 26 6.70% $11,763
    AMERISAVE MORTGAGE CORPORATION 26 6.18% $14,428
    CALIBER HOME LOANS, INC. 25 5.84% $12,806
    SWBC MORTGAGE CORPORATION 25 6.68% $8,882
    CROSSCOUNTRY MORTGAGE, LLC 24 6.59% $13,264
    C&F Select LLC 23 6.82% $10,377
    CARDINAL FINANCIAL 22 6.19% $12,827
    Integrity Home Mortgage Corp 22 6.80% $11,732
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 21 6.81% $11,468
    MILEND, INC. 21 6.30% $15,011
    GUILD MORTGAGE COMPANY 21 6.43% $12,250
    MUTUAL OF OMAHA MORTGAGE, INC. 19 6.66% $15,228
    GENEVA FINANCIAL, LLC 19 6.76% $17,219
    CMG MORTGAGE, INC. 19 6.80% $11,772
    LAKEVIEW LOAN SERVICING, LLC 18 5.87% $12,912
    Towne Bank 17 6.68% $12,664
    PRIMELENDING, A PLAINSCAPITAL COMPANY 17 6.69% $12,551
    Tidewater Home Funding, LLC 16 6.01% $11,621
    Ameris Bank 16 6.16% $11,138
    Wells Fargo Bank 15 6.68% $8,032
    HOMESIDE FINANCIAL, LLC 15 6.76% $11,830
    SUN WEST MORTGAGE COMPANY, INC. 14 6.55% $14,176
    PLANET HOME LENDING, LLC 14 5.85% $12,090
    RELIANCE FIRST CAPITAL, LLC 13 6.74% $12,507
    PENTAGON FEDERAL CREDIT UNION 12 5.89% $10,764
    FIDELITY DIRECT MORTGAGE, LLC 12 6.80% $10,484
    LOANPAL, LLC 12 5.96% $12,888
    Paramount Residential Mortgage Group, Inc. 11 6.83% $12,840
    Lakeview Community Capital, LLC 11 6.19% $11,308
    AMERICAN FINANCIAL RESOURCES, INC. 11 5.89% $13,763
    Equity Prime Mortgage LLC 10 6.69% $12,636
    PANORAMA MORTGAGE GROUP, LLC 10 6.65% $17,323
    Flagstar Bank, FSB 9 6.30% $14,645
    UNION HOME MORTGAGE CORP. 9 6.25% $13,530
    OCMBC, INC. 9 7.25% $16,078
    GUARANTEED RATE, INC. 8 5.89% $16,037
    TOWNE MORTGAGE COMPANY 8 6.53% $14,845
    Atlantic Union Bank 8 6.48% $11,211
    LEGEND LENDING CORPORATION 7 6.25% $19,322
    FIRST HOME MORTGAGE CORPORATION 7 6.50% $10,264
    TOP FLITE FINANCIAL, INC. 7 7.05% $15,000
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 6.41% $10,137
    VILLAGE CAPITAL MORTGAGE 7 6.31% $13,764
    Waterstone Mortgage Corporation 7 6.79% $9,128
    Mortgage Research Center, LLC 7 7.11% $6,563
    EMBRACE HOME LOANS, INC. 6 6.94% $9,972
    ROSS MORTGAGE CORPORATION 6 6.73% $15,188
    Loan Simple, Inc. 6 7.10% $11,803
    ALLIED MORTGAGE GROUP, INC. 6 6.06% $14,688
    AMERICAN FINANCING CORPORATION 6 6.02% $13,721
    DRAPER AND KRAMER MORTGAGE CORP. 5 6.43% $12,974
    First Federal Bank 5 6.20% $9,350
    Citizens Bank 5 6.43% $10,428
    AmeriHome Mortgage Company, LLC 5 6.50% $11,559
    INTERCOASTAL MORTGAGE COMPANY 5 6.23% $12,477
    MID AMERICA MORTGAGE, INC. 5 6.83% $9,088
    M&T Bank 5 6.53% $11,774
    MASON MCDUFFIE MORTGAGE CORPORATION 5 6.65% $10,507
    MICHIGAN MUTUAL, INC. 4 5.66% $15,016
    VANDERBILT MORTGAGE AND FINANCE, INC. 4 6.03% $12,902
    PLAZA HOME MORTGAGE, INC. 4 6.59% $15,954
    The Federal Savings Bank 4 6.44% $19,904
    MLD MORTGAGE INC. 4 6.69% $8,857
    NATIONS DIRECT MORTGAGE, LLC 4 6.22% $13,524
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.69% $14,650
    ZILLOW HOME LOANS, LLC 3 6.83% $9,960
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.50% $16,823
    Blue Ridge Bank 3 6.79% $12,166
    Cornerstone First Mortgage, Inc 3 6.54% $15,508
    CORNERSTONE HOME LENDING, INC. 3 5.75% $12,474
    EVERETT FINANCIAL, INC. 3 6.83% $12,222
    FIRST COMMUNITY MORTGAGE, INC. 3 6.75% $10,525
    GSF Mortgage Corporation 3 6.08% $9,886
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.29% $16,190
    HOMESPIRE MORTGAGE CORPORATION 3 6.79% $11,438
    Keystone Funding, Inc. 3 6.63% $13,484
    ROYAL UNITED MORTGAGE LLC 3 7.00% $8,685
    SeaTrust Mortgage Company 3 6.75% $10,795
    Sierra Pacific Mortgage Company, Inc. 3 6.08% $13,105
    Magnolia Bank 2 6.75% $15,398
    First Option Mortgage, LLC 2 6.63% $20,997
    MIDLAND MORTGAGE CORPORATION 2 6.00% $12,743
    TOTAL MORTGAGE SERVICES, LLC 2 7.19% $12,833
    LOANLEADERS OF AMERICA, INC. 2 5.75% $15,273
    CityWorth Mortgage LLC 2 6.88% $16,526
    MID-ISLAND MORTGAGE CORP. 2 6.44% $18,108
    Towne Mortgage, LLC 2 6.63% $14,626
    RUOFF MORTGAGE COMPANY, INC. 2 6.19% $7,624
    Chickasaw Community Bank 2 7.00% $15,257
    Century Mortgage Company DBA Century Lending Company 2 6.50% $13,604
    GEO-CORP, INC. 2 7.38% $11,837
    North American Savings Bank, F.S.B. 2 6.06% $9,472
    US MORTGAGE CORPORATION 2 6.31% $11,542
    ENVOY MORTGAGE, LTD 2 6.06% $12,705
    The Freedom Bank of Virginia 2 5.94% $9,829
    Fulton Bank 2 6.81% $10,442
    BAY EQUITY LLC 2 6.00% $11,460
    MEMBER ADVANTAGE MORTGAGE, LLC 2 7.00% $9,336
    Bank of America 2 6.50% $8,645
    PHH Mortgage Corporation 2 6.81% $11,878
    MYCUMORTGAGE, LLC 2 7.63% $6,824
    FIRST SAVINGS MORTGAGE CORPORATION 2 7.06% $14,531
    Willamette Valley Bank 1 6.63% $13,178
    Shamrock Home Loans, Inc. 1 6.25% $9,185
    ARC HOME LLC 1 7.63% $25,376
    SIRVA MORTGAGE, INC. 1 6.13% $7,992
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $14,693
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.38% $11,997
    SOUTHWEST STAGE FUNDING, LLC 1 6.38% $12,233
    STOCKTON MORTGAGE CORPORATION 1 6.25% $18,121
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $10,060
    SUMMIT FUNDING, INC. 1 5.75% $21,778
    Evolve Bank & Trust 1 7.13% $12,523
    EVANSVILLE TEACHERS 1 6.63% $6,106
    TD Bank 1 6.50% $6,755
    The Huntington National Bank 1 5.75% $12,881
    THE MORTGAGE FIRM, INC. 1 6.25% $11,252
    THRIVE MORTGAGE, LLC 1 6.13% $9,501
    Encompass Lending Group, LP 1 5.75% $22,528
    CRESCENT MORTGAGE COMPANY 1 5.63% $10,398
    TJC Mortgage, Inc. 1 6.00% $12,102
    Credence Funding Corporation 1 6.38% $11,795
    Colonial Savings, F.A. 1 6.88% $25,127
    Citibank 1 6.38% $8,503
    Towne Mortgage of the Carolinas, LLC 1 6.75% $9,152
    United Fidelity Funding Corp. 1 7.75% $16,003
    CBM Mortgage, Inc. 1 5.25% $21,106
    Bethpage Federal Credit Union 1 7.13% $2,331
    Vellum Mortgage, Inc. 1 6.75% $17,726
    BECKAM FUNDING CORP. 1 7.25% $22,160
    Barrington Bank & Trust Company, N.A. 1 6.75% $8,561
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $18,829
    NATION ONE MORTGAGE CORPORATION 1 6.88% $12,513
    MY MORTGAGE, INC. 1 6.25% $12,554
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.00% $13,163
    Neighborhood Loans, Inc. 1 6.99% $11,505
    NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $12,203
    Mid-Continent Funding, Inc. 1 6.63% $12,302
    NexBank 1 6.25% $14,214
    Meridian Bank Corporation 1 6.00% $7,342
    ON Q FINANCIAL, INC. 1 7.38% $14,310
    LEADERONE FINANCIAL CORPORATION 1 5.75% $11,769
    JPMorgan Chase Bank 1 6.99% $6,241
    JAMS-01, INC. 1 6.13% $8,594
    Ixonia Bank 1 6.63% $15,780
    ISERVE RESIDENTIAL LENDING, LLC 1 6.50% $6,934
    GoPrime Mortgage, Inc. 1 7.25% $7,854
    PREMIA MORTGAGE, LLC 1 6.63% $6,764
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.00% $7,486
    Princeton Mortgage Corporation 1 6.00% $15,710
    FREEDOM FIRST 1 6.63% $10,355
    RANLIFE, INC. 1 6.75% $17,726
    RESIDENTIAL BANCORP 1 5.25% $8,474
    First Bank 1 7.13% $11,722
    Assurance Financial Group, L.L.C. 1 5.75% $21,247
    Sandy Spring Bank 1 6.13% $11,252

    The top Richmond FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 358 FHA loans originated. Their average total fees are $11,969, which is $1,196 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Richmond FHA lenders (with over 10 loans originated) are VILLAGE BANK MORTGAGE CORPORATION ($7,793), CAPITAL CENTER, L.L.C. ($7,872), Wells Fargo Bank ($8,032), Virginia Credit Union, Inc. ($8,400) and SWBC MORTGAGE CORPORATION ($8,882).

    The lowest rate Richmond FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.36%), NVR Mortgage Finance, Inc. (5.82%), CALIBER HOME LOANS, INC. (5.84%), PLANET HOME LENDING, LLC (5.85%) and LAKEVIEW LOAN SERVICING, LLC (5.87%).

    Richmond FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    RICHMOND, VA AMELIA 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA CHARLES CITY 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA CHESTERFIELD 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA DINWIDDIE 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA GOOCHLAND 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA HANOVER 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA HENRICO 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA KING AND QUEEN 2020 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA KING WILLIAM 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA NEW KENT 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA POWHATAN 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA PRINCE GEORGE 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA SUSSEX 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA COLONIAL HEIGHT 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA HOPEWELL CITY 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA PETERSBURG CITY 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA RICHMOND CITY 2009 $535,900 $686,050 $829,250 $1,030,600
    RICHMOND, VA AMELIA 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA CHARLES CITY 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA CHESTERFIELD 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA DINWIDDIE 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA GOOCHLAND 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA HANOVER 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA HENRICO 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA KING AND QUEEN 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA KING WILLIAM 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA NEW KENT 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA POWHATAN 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA PRINCE GEORGE 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA SUSSEX 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA COLONIAL HEIGHT 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA HOPEWELL CITY 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA PETERSBURG CITY 2023 $546,250 $699,300 $845,300 $1,050,500
    RICHMOND, VA RICHMOND CITY 2023 $546,250 $699,300 $845,300 $1,050,500

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Richmond (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $289,998 (8.0%) $344,210 (7.0%) 1.08 3,181
    2018-02-01 $299,970 (8.1%) $354,492 (6.0%) 1.09 3,149
    2018-03-01 $314,244 (8.4%) $365,916 (5.6%) 1.10 3,250
    2018-04-01 $321,611 (8.1%) $375,146 (7.6%) 1.09 3,408
    2018-05-01 $324,975 (8.3%) $382,218 (7.3%) 1.09 3,667
    2018-06-01 $319,990 (6.7%) $379,568 (7.1%) 1.07 3,944
    2018-07-01 $324,126 (8.4%) $379,417 (8.3%) 1.08 4,080
    2018-08-01 $314,500 (7.4%) $371,406 (7.6%) 1.05 4,223
    2018-09-01 $309,703 (4.4%) $367,174 (5.0%) 1.04 4,285
    2018-10-01 $304,550 (2.5%) $360,593 (2.7%) 1.03 4,334
    2018-11-01 $307,531 (4.2%) $364,444 (3.8%) 1.04 4,232
    2018-12-01 $309,950 (6.9%) $363,776 (4.7%) 1.07 3,824
    2019-01-01 $309,750 (6.8%) $359,138 (4.3%) 1.07 3,422
    2019-02-01 $319,113 (6.4%) $369,231 (4.2%) 1.08 3,363
    2019-03-01 $327,100 (4.1%) $376,322 (2.8%) 1.07 3,460
    2019-04-01 $334,500 (4.0%) $384,108 (2.4%) 1.06 3,590
    2019-05-01 $337,925 (4.0%) $390,736 (2.2%) 1.06 3,782
    2019-06-01 $335,000 (4.7%) $389,839 (2.7%) 1.05 3,877
    2019-07-01 $332,439 (2.6%) $386,055 (1.8%) 1.04 3,990
    2019-08-01 $325,782 (3.6%) $379,272 (2.1%) 1.03 4,071
    2019-09-01 $322,530 (4.1%) $377,515 (2.8%) 1.03 4,120
    2019-10-01 $319,975 (5.1%) $375,501 (4.1%) 1.03 4,184
    2019-11-01 $316,123 (2.8%) $371,799 (2.0%) 1.04 3,958
    2019-12-01 $322,698 (4.1%) $373,750 (2.7%) 1.08 3,468
    2020-01-01 $324,938 (4.9%) $373,712 (4.1%) 1.09 3,069
    2020-02-01 $331,636 (3.9%) $388,790 (5.3%) 1.09 2,903
    2020-03-01 $346,388 (5.9%) $406,539 (8.0%) 1.09 3,022
    2020-04-01 $349,363 (4.4%) $405,116 (5.5%) 1.09 3,216
    2020-05-01 $356,245 (5.4%) $414,416 (6.1%) 1.08 3,087
    2020-06-01 $359,495 (7.3%) $419,880 (7.7%) 1.06 2,746
    2020-07-01 $358,473 (7.8%) $420,720 (9.0%) 1.04 2,533
    2020-08-01 $359,775 (10.4%) $423,963 (11.8%) 1.03 2,328
    2020-09-01 $356,486 (10.5%) $423,070 (12.1%) 1.02 2,261
    2020-10-01 $360,000 (12.5%) $428,016 (14.0%) 1.03 2,199
    2020-11-01 $362,425 (14.7%) $428,562 (15.3%) 1.06 2,087
    2020-12-01 $364,950 (13.1%) $429,668 (15.0%) 1.09 1,860
    2021-01-01 $368,995 (13.6%) $429,845 (15.0%) 1.10 1,594
    2021-02-01 $370,822 (11.8%) $434,673 (11.8%) 1.08 1,420
    2021-03-01 $369,850 (6.8%) $438,579 (7.9%) 1.05 1,419
    2021-04-01 $366,970 (5.0%) $433,352 (7.0%) 0.99 1,442
    2021-05-01 $357,991 (0.5%) $426,121 (2.8%) 0.95 1,536
    2021-06-01 $350,003 (-2.6%) $425,637 (1.4%) 0.92 1,663
    2021-07-01 $349,000 (-2.6%) $418,850 (-0.4%) 0.92 1,796
    2021-08-01 $349,950 (-2.7%) $420,868 (-0.7%) 0.93 1,837
    2021-09-01 $349,950 (-1.8%) $421,581 (-0.4%) 0.93 1,812
    2021-10-01 $350,000 (-2.8%) $419,898 (-1.9%) 0.93 1,702
    2021-11-01 $350,863 (-3.2%) $422,630 (-1.4%) 0.94 1,572
    2021-12-01 $353,685 (-3.1%) $425,570 (-1.0%) 0.96 1,265
    2022-01-01 $367,252 (-0.5%) $441,161 (2.6%) 0.99 1,035
    2022-02-01 $367,498 (-0.9%) $444,839 (2.3%) 0.96 936
    2022-03-01 $359,838 (-2.7%) $438,509 (0.0%) 0.90 976
    2022-04-01 $373,178 (1.7%) $451,450 (4.2%) 0.89 1,083
    2022-05-01 $382,040 (6.7%) $461,606 (8.3%) 0.87 1,245
    2022-06-01 $394,975 (12.9%) $468,742 (10.1%) 0.88 1,507
    2022-07-01 $393,853 (12.9%) $459,280 (9.7%) 0.89 1,775
    2022-08-01 $388,139 (10.9%) $463,921 (10.2%) 0.90 1,792
    2022-09-01 $382,425 (9.3%) $458,824 (8.8%) 0.89 1,845
    2022-10-01 $379,995 (8.6%) $460,203 (9.6%) 0.89 1,918
    2022-11-01 $379,925 (8.3%) $450,980 (6.7%) 0.91 2,022
    2022-12-01 $378,176 (6.9%) $449,155 (5.5%) 0.93 1,871
    2023-01-01 $381,169 (3.8%) $449,729 (1.9%) 0.94 1,649
    2023-02-01 $392,500 (6.8%) $464,031 (4.3%) 0.95 1,493
    2023-03-01 $402,445 (11.8%) $476,545 (8.7%) 0.95 1,482
    2023-04-01 $424,950 (13.9%) $502,424 (11.3%) 0.99 1,482
    2023-05-01 $441,200 (15.5%) $517,954 (12.2%) 1.00 1,497
    2023-06-01 $442,258 (12.0%) $522,251 (11.4%) 0.99 1,545
    2023-07-01 $439,900 (11.7%) $518,103 (12.8%) 1.00 1,592
    2023-08-01 $438,848 (13.1%) $507,342 (9.4%) 1.01 1,687
    2023-09-01 $439,450 (14.9%) $513,657 (12.0%) 1.02 1,840
    2023-10-01 $435,000 (14.5%) $518,524 (12.7%) 1.02 2,075
    2023-11-01 $442,270 (16.4%) $525,410 (16.5%) 1.05 2,058
    2023-12-01 $429,999 (13.7%) $511,200 (13.8%) 1.05 1,961
    2024-01-01 $442,970 (16.2%) $521,418 (15.9%) 1.08 1,725
    2024-02-01 $448,678 (14.3%) $528,085 (13.8%) 1.08 1,664
    2024-03-01 $450,000 (11.8%) $535,978 (12.5%) 1.06 1,612
    2024-04-01 $458,767 (8.0%) $544,481 (8.4%) 1.07 1,762
    2024-05-01 $472,500 (7.1%) $558,964 (7.9%) 1.07 2,022
    2024-06-01 $474,337 (7.3%) $561,793 (7.6%) 1.07 2,148
    2024-07-01 $457,488 (4.0%) $542,101 (4.6%) 1.05 2,213
    2024-08-01 $449,955 (2.5%) $533,318 (5.1%) 1.05 2,257
    2024-09-01 $442,346 (0.7%) $519,093 (1.1%) 1.04 2,349
    2024-10-01 $443,018 (1.8%) $519,577 (0.2%) 1.04 2,404
    2024-11-01 $429,900 (-2.8%) $506,915 (-3.5%) 1.03 2,447
    Richmond's median listing price for 2024-11-01 was $429,900, a difference of $-12,370 (-2.8%) versus the prior year and $-13,118 versus the prior month.

    Richmond's median listing price comes in at 103% of the national average.

    Richmond's average listing price for 2024-11-01 was $506,915, a difference of $-18,495 (-3.5%) versus the prior year and $-12,662 versus the prior month.

    For the 2024-11-01 period, Richmond had 2,447 MLS listings, a difference of 43 listings (2%) versus the prior month and 389 listings (19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Richmond (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 68 days 2,178 sqft
    2018-02-01 55 days 2,211 sqft
    2018-03-01 46 days 2,254 sqft
    2018-04-01 45 days 2,293 sqft
    2018-05-01 43 days 2,344 sqft
    2018-06-01 45 days 2,324 sqft
    2018-07-01 49 days 2,302 sqft
    2018-08-01 50 days 2,248 sqft
    2018-09-01 52 days 2,225 sqft
    2018-10-01 55 days 2,193 sqft
    2018-11-01 53 days 2,201 sqft
    2018-12-01 63 days 2,200 sqft
    2019-01-01 66 days 2,184 sqft
    2019-02-01 56 days 2,207 sqft
    2019-03-01 46 days 2,241 sqft
    2019-04-01 42 days 2,271 sqft
    2019-05-01 44 days 2,293 sqft
    2019-06-01 46 days 2,286 sqft
    2019-07-01 50 days 2,271 sqft
    2019-08-01 50 days 2,237 sqft
    2019-09-01 50 days 2,219 sqft
    2019-10-01 50 days 2,203 sqft
    2019-11-01 52 days 2,187 sqft
    2019-12-01 64 days 2,191 sqft
    2020-01-01 68 days 2,200 sqft
    2020-02-01 53 days 2,208 sqft
    2020-03-01 40 days 2,268 sqft
    2020-04-01 44 days 2,279 sqft
    2020-05-01 54 days 2,296 sqft
    2020-06-01 59 days 2,290 sqft
    2020-07-01 55 days 2,251 sqft
    2020-08-01 60 days 2,242 sqft
    2020-09-01 53 days 2,206 sqft
    2020-10-01 53 days 2,201 sqft
    2020-11-01 58 days 2,185 sqft
    2020-12-01 57 days 2,178 sqft
    2021-01-01 53 days 2,125 sqft
    2021-02-01 48 days 2,090 sqft
    2021-03-01 43 days 2,075 sqft
    2021-04-01 40 days 2,081 sqft
    2021-05-01 39 days 2,043 sqft
    2021-06-01 41 days 2,030 sqft
    2021-07-01 39 days 1,979 sqft
    2021-08-01 40 days 2,009 sqft
    2021-09-01 45 days 1,959 sqft
    2021-10-01 51 days 1,964 sqft
    2021-11-01 57 days 1,952 sqft
    2021-12-01 51 days 1,960 sqft
    2022-01-01 71 days 1,997 sqft
    2022-02-01 36 days 1,980 sqft
    2022-03-01 31 days 1,907 sqft
    2022-04-01 32 days 1,932 sqft
    2022-05-01 31 days 1,996 sqft
    2022-06-01 31 days 2,019 sqft
    2022-07-01 35 days 2,000 sqft
    2022-08-01 38 days 1,995 sqft
    2022-09-01 43 days 1,968 sqft
    2022-10-01 40 days 1,962 sqft
    2022-11-01 43 days 1,951 sqft
    2022-12-01 53 days 1,925 sqft
    2023-01-01 59 days 1,937 sqft
    2023-02-01 51 days 1,983 sqft
    2023-03-01 41 days 2,029 sqft
    2023-04-01 38 days 2,066 sqft
    2023-05-01 40 days 2,100 sqft
    2023-06-01 41 days 2,097 sqft
    2023-07-01 43 days 2,094 sqft
    2023-08-01 39 days 2,103 sqft
    2023-09-01 42 days 2,096 sqft
    2023-10-01 41 days 2,086 sqft
    2023-11-01 45 days 2,091 sqft
    2023-12-01 54 days 2,039 sqft
    2024-01-01 61 days 2,054 sqft
    2024-02-01 48 days 2,067 sqft
    2024-03-01 44 days 2,073 sqft
    2024-04-01 41 days 2,086 sqft
    2024-05-01 38 days 2,131 sqft
    2024-06-01 40 days 2,139 sqft
    2024-07-01 41 days 2,090 sqft
    2024-08-01 43 days 2,086 sqft
    2024-09-01 43 days 2,037 sqft
    2024-10-01 41 days 2,046 sqft
    2024-11-01 46 days 2,001 sqft
    Richmond's median listing age (time on market) for 2024-11-01 was 46 days. This is 3% longer than the same period one year ago.

    Richmond's median square footage for active listings during the 2024-11-01 period was 2,001 sqft. One year prior, the average listing was 2,091 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).