Richmond FHA Loan Rates, Closing Costs & Stats

RICHMOND, VA

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 6.45% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.49% and one month ago for the week of 2024-04-12, the average rate was 6.45%.

The average rate one year ago was 6.51%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.96%.

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
Richmond's median listing price for 2024-04-01 was $458,767, a difference of $33,817 (8.0%) versus the prior year and $8,767 versus the prior month.

Richmond's median listing price comes in at 107% of the national average.

Richmond's average listing price for 2024-04-01 was $544,481, a difference of $42,057 (8.4%) versus the prior year and $8,503 versus the prior month.

For the 2024-04-01 period, Richmond had 1,762 MLS listings, a difference of 150 listings (9%) versus the prior month and 280 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
Richmond's median listing age (time on market) for 2024-04-01 was 41 days. This is 8% longer than the same period one year ago.

Richmond's median square footage for active listings during the 2024-04-01 period was 2,086 sqft. One year prior, the average listing was 2,066 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).