Richmond FHA Loan Rates, Closing Costs & Stats

RICHMOND, VA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 204 lenders originated 4,959 FHA loans during 2022. The total origination value was $1,455,555,000, with an average FHA loan value of $293,518.

    Richmond FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Richmond averaged -0.57% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Richmond's average FHA mortgage closing costs are $7,853.

    The average rate for the prior week (2023-11-17) was 6.63% and one month ago for the week of 2023-10-20, the average rate was 7.13%.

    The average rate one year ago was 5.86%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.21%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 354 4.57% $10,787
    UNITED WHOLESALE MORTGAGE, LLC 264 4.84% $11,013
    MOVEMENT MORTGAGE, LLC 255 4.91% $10,551
    C & F Mortgage Corporation 201 5.16% $10,389
    NFM, INC. 164 5.44% $10,896
    SOUTHERN TRUST MORTGAGE, LLC 162 4.73% $11,170
    NVR Mortgage Finance, Inc. 153 4.41% $14,687
    Virginia Credit Union, Inc. 147 4.65% $7,728
    Alcova Mortgage LLC 145 5.38% $7,691
    George Mason Mortgage, LLC 143 4.82% $11,307
    CAPITAL CENTER, L.L.C. 118 4.32% $6,311
    CALIBER HOME LOANS, INC. 117 4.74% $10,503
    FREEDOM MORTGAGE CORPORATION 113 4.62% $9,874
    LOANDEPOT.COM, LLC 106 4.82% $10,252
    VILLAGE BANK MORTGAGE CORPORATION 101 4.98% $7,922
    PENNYMAC LOAN SERVICES, LLC 93 4.27% $11,719
    Presidential Bank, FSB 76 5.02% $9,082
    Prosperity Home Mortgage, LLC 73 4.91% $9,950
    TIDEWATER MORTGAGE SERVICES, INC. 73 4.93% $10,273
    Mr. Cooper ( Nationstar Mortgage ) 65 4.39% $11,694
    Carrington Mortgage Services, LLC 47 4.82% $11,419
    AMERISAVE MORTGAGE CORPORATION 46 4.50% $12,699
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 46 5.26% $9,992
    BROKER SOLUTIONS, INC. 46 5.15% $10,073
    PRIMELENDING, A PLAINSCAPITAL COMPANY 42 4.95% $10,960
    CROSSCOUNTRY MORTGAGE, LLC 41 5.04% $14,565
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 39 5.09% $10,798
    LAKEVIEW LOAN SERVICING, LLC 39 3.80% $6,607
    Towne First Mortgage, LLC 37 4.89% $10,316
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 36 5.32% $11,383
    Nations Lending Corporation 35 5.18% $11,430
    Towne Bank 35 4.52% $10,740
    OVM FINANCIAL, INC. 33 4.73% $10,181
    MCLEAN MORTGAGE CORPORATION 32 4.74% $9,340
    First Heritage Mortgage, LLC 32 5.41% $12,267
    Plains Commerce Bank 32 5.05% $12,468
    Paramount Residential Mortgage Group, Inc. 30 4.78% $11,823
    SWBC MORTGAGE CORPORATION 30 5.01% $8,579
    GUILD MORTGAGE COMPANY 30 5.09% $10,690
    Christensen Financial, Inc. 28 4.76% $11,672
    DHI MORTGAGE COMPANY, LTD. 28 3.96% $14,379
    HOMESIDE FINANCIAL, LLC 27 4.98% $10,576
    C&F Select LLC 26 5.13% $9,170
    CARDINAL FINANCIAL 26 4.65% $12,405
    Integrity Home Mortgage Corp 25 5.16% $11,828
    Truist 24 4.88% $11,894
    NEWREZ LLC 24 4.94% $8,936
    Flagstar Bank, FSB 24 4.36% $11,109
    RELIANCE FIRST CAPITAL, LLC 21 5.11% $10,993
    Lakeview Community Capital, LLC 21 4.22% $8,249
    GENEVA FINANCIAL, LLC 20 5.20% $13,761
    HOME POINT FINANCIAL CORPORATION 19 4.38% $10,313
    MUTUAL OF OMAHA MORTGAGE, INC. 19 4.72% $12,136
    MILEND, INC. 19 4.86% $13,477
    EMBRACE HOME LOANS, INC. 18 5.38% $9,680
    Atlantic Coast Mortgage, LLC 13 5.21% $13,446
    VANDERBILT MORTGAGE AND FINANCE, INC. 13 4.62% $13,465
    HOMEBRIDGE FINANCIAL SERVICES, INC. 12 4.61% $10,360
    Mortgage Research Center, LLC 11 5.47% $6,154
    First Federal Bank 11 4.44% $12,079
    MID AMERICA MORTGAGE, INC. 11 5.16% $8,610
    PLANET HOME LENDING, LLC 11 4.84% $9,876
    Ameris Bank 10 4.75% $9,102
    Sierra Pacific Mortgage Company, Inc. 10 4.54% $11,779
    Assurance Financial Group, L.L.C. 10 4.86% $11,627
    PLAZA HOME MORTGAGE, INC. 10 4.84% $17,901
    Atlantic Union Bank 10 4.60% $10,870
    Equity Prime Mortgage LLC 9 5.10% $9,810
    Tidewater Home Funding, LLC 9 4.54% $11,733
    HOMESPIRE MORTGAGE CORPORATION 9 5.33% $11,928
    HAMILTON HOME LOANS, INC. 9 4.68% $9,878
    CityWorth Mortgage LLC 9 4.61% $11,958
    Wells Fargo Bank 9 4.76% $8,257
    FIRST HOME MORTGAGE CORPORATION 9 5.31% $10,168
    LOANPAL, LLC 9 4.18% $12,541
    DRAPER AND KRAMER MORTGAGE CORP. 8 4.58% $12,134
    Loan Simple, Inc. 7 6.00% $11,626
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.34% $11,672
    AMERICAN FINANCING CORPORATION 7 4.52% $11,608
    AMERICAN FINANCIAL RESOURCES, INC. 7 4.21% $9,579
    M&T Bank 7 4.36% $9,098
    ALLIED MORTGAGE GROUP, INC. 7 4.50% $13,483
    INTERLINC MORTGAGE SERVICES, LLC 7 4.73% $11,442
    Fulton Bank 7 4.61% $9,024
    MASON MCDUFFIE MORTGAGE CORPORATION 7 4.23% $9,569
    Blue Ridge Bank 6 4.35% $8,348
    ABSOLUTE HOME MORTGAGE CORPORATION 6 4.89% $11,355
    Bank of America 6 3.92% $7,575
    CBM Mortgage, Inc. 6 5.06% $9,279
    Citizens Bank 6 3.81% $10,030
    JPMorgan Chase Bank 6 4.04% $7,242
    ZILLOW HOME LOANS, LLC 6 5.33% $10,436
    NETWORK CAPITAL FUNDING CORPORATION 5 4.95% $11,644
    First Guaranty Mortgage Corporation 5 3.85% $11,163
    The Freedom Bank of Virginia 5 5.43% $7,806
    Hometown Lenders, Inc. 5 4.68% $10,968
    MEMBER ADVANTAGE MORTGAGE, LLC 5 5.65% $6,144
    EVERETT FINANCIAL, INC. 5 5.40% $7,614
    SUN WEST MORTGAGE COMPANY, INC. 5 5.07% $11,865
    FINANCE OF AMERICA MORTGAGE LLC 5 4.72% $11,911
    The Federal Savings Bank 5 4.78% $15,297
    RESIDENTIAL BANCORP 5 3.60% $9,241
    Century Mortgage Company DBA Century Lending Company 4 4.34% $15,885
    CERTAINTY HOME LOANS, LLC 4 5.59% $14,510
    RANLIFE, INC. 4 4.72% $11,990
    EMM LOANS LLC 4 4.97% $16,092
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 4 4.63% $11,810
    Hometown Equity Mortgage, LLC 4 4.25% $14,769
    AmeriHome Mortgage Company, LLC 4 5.44% $11,011
    Waterstone Mortgage Corporation 4 5.50% $11,447
    Wyndham Capital Mortgage, Inc. 4 5.22% $10,054
    Towne Mortgage, LLC 4 4.78% $11,313
    VILLAGE CAPITAL MORTGAGE 4 5.09% $11,313
    NATIONS DIRECT MORTGAGE, LLC 4 4.22% $9,416
    SUCCESS MORTGAGE PARTNERS, INC. 4 4.31% $10,446
    CORNERSTONE HOME LENDING, INC. 3 5.00% $8,789
    TOWNE MORTGAGE COMPANY 3 5.46% $15,314
    Bank of England 3 5.54% $13,736
    GUARANTEED RATE, INC. 3 4.16% $8,894
    Vellum Mortgage, Inc. 3 5.58% $11,373
    PENTAGON FEDERAL CREDIT UNION 3 5.79% $8,988
    MYCUMORTGAGE, LLC 3 5.96% $8,684
    MY MORTGAGE, INC. 3 5.54% $13,024
    GSF Mortgage Corporation 3 5.96% $9,880
    CMG MORTGAGE, INC. 3 4.96% $9,228
    Willamette Valley Bank 3 5.33% $11,182
    FIDELITY DIRECT MORTGAGE, LLC 3 5.33% $9,209
    UNION HOME MORTGAGE CORP. 3 5.04% $9,962
    MLD MORTGAGE INC. 3 4.50% $9,680
    OCMBC, INC. 3 6.08% $14,376
    INTERCOASTAL MORTGAGE COMPANY 2 6.25% $9,074
    Ixonia Bank 2 5.94% $18,626
    HOMESTAR FINANCIAL CORPORATION 2 5.19% $9,745
    LIBERTY HOME MORTGAGE CORPORATION 2 6.06% $16,725
    Magnolia Bank 2 4.31% $13,819
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.37% $10,705
    GEO-CORP, INC. 2 5.50% $13,578
    MID-ISLAND MORTGAGE CORP. 2 4.88% $9,406
    MORIA DEVELOPMENT, INC. 2 4.56% $15,914
    NATION ONE MORTGAGE CORPORATION 2 5.31% $11,405
    Peoples Bank 2 4.81% $15,599
    PREMIA MORTGAGE, LLC 2 5.69% $2,948
    CONTOUR MORTGAGE CORPORATION 2 5.81% $9,910
    Chickasaw Community Bank 2 4.94% $9,717
    Renasant Bank 2 4.88% $8,539
    RUOFF MORTGAGE COMPANY, INC. 2 3.88% $7,169
    SOUTHWEST STAGE FUNDING, LLC 2 5.00% $8,905
    Summit Mortgage Corporation 2 4.56% $13,966
    The Central Trust Bank 2 2.88% $10,255
    BAYSHORE MORTGAGE FUNDING, LLC 2 6.00% $12,219
    INTELLILOAN, INC. 2 5.31% $9,700
    Meridian Bank Corporation 1 5.99% $13,759
    GUARANTY HOME MORTGAGE CORPORATION 1 2.88% $7,445
    Commerce Home Mortgage, Inc. 1 4.13% $6,214
    Princeton Mortgage Corporation 1 4.75% $13,099
    NP, Inc. 1 3.50% $9,058
    Citibank 1 4.75% $9,933
    Northpointe Bank 1 5.63% $13,842
    LOANLEADERS OF AMERICA, INC. 1 5.63% $15,785
    Homesale Mortgage, LLC 1 6.25% $12,794
    North American Savings Bank, F.S.B. 1 4.75% $9,268
    RESIDENTIAL HOME FUNDING CORP. 1 5.25% $14,076
    ROSS MORTGAGE CORPORATION 1 7.00% $14,139
    ROYAL UNITED MORTGAGE LLC 1 7.13% $11,964
    Advance Financial Group, LLC 1 3.88% $8,051
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.25% $13,156
    Shamrock Home Loans, Inc. 1 6.75% $8,739
    FAY SERVICING, LLC 1 5.75% $7,681
    NewTowne Mortgage, LLC 1 7.00% $7,163
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.75% $15,665
    LEGEND LENDING CORPORATION 1 6.75% $22,343
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.75% $10,458
    Strong Home Mortgage, LLC 1 5.12% $7,791
    NEW DAY FINANCIAL, LLC 1 3.88% $13,201
    Acre Mortgage and Financial Inc 1 2.25% $10,510
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $13,604
    1ST FINANCIAL, INC. 1 5.25% $13,685
    T2 FINANCIAL LLC 1 5.75% $16,745
    Texana Bank 1 4.88% $7,721
    KeyBank 1 5.88% $9,541
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.63% $13,179
    First Home Bank 1 5.63% $8,054
    BETTER MORTGAGE CORPORATION 1 4.50% $13,082
    HOMEXPRESS MORTGAGE CORP. 1 5.63% $10,942
    TJC Mortgage, Inc. 1 4.25% $9,844
    Barrington Bank & Trust Company, N.A. 1 6.25% $10,803
    First Internet Bank of Indiana 1 6.00% $11,237
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $21,676
    First Mortgage Solutions, LLC 1 3.00% $12,752
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.00% $25,248
    FIRST SAVINGS MORTGAGE CORPORATION 1 6.63% $7,746
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 7.13% $10,003
    ARC HOME LLC 1 2.75% $8,727
    PANORAMA MORTGAGE GROUP, LLC 1 7.13% $14,914
    Paramount Bank 1 4.25% $6,104
    Encompass Lending Group, LP 1 6.13% $12,511
    DAS Acquisition Company, LLC 1 3.63% $10,636
    ONY GLO, INC. 1 5.25% $11,894
    US MORTGAGE CORPORATION 1 5.50% $14,347
    PHH Mortgage Corporation 1 4.63% $14,691
    CRESCENT MORTGAGE COMPANY 1 2.88% $10,180
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 3.75% $10,235
    OCEANSIDE MORTGAGE COMPANY 1 4.99% $5,419
    PNC Bank 1 5.63% $6,723

    The top Richmond FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 354 FHA loans originated. Their average total fees are $10,787, which is $226 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Richmond FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,154), CAPITAL CENTER, L.L.C. ($6,311), LAKEVIEW LOAN SERVICING, LLC ($6,607), Alcova Mortgage LLC ($7,691) and Virginia Credit Union, Inc. ($7,728).

    The lowest rate Richmond FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.80%), DHI MORTGAGE COMPANY, LTD. (3.96%), Lakeview Community Capital, LLC (4.22%), PENNYMAC LOAN SERVICES, LLC (4.27%) and CAPITAL CENTER, L.L.C. (4.32%).

    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 $289,975 (8.2%) $344,001 (7.1%) 1.08 3,185
    2018-02-01 $299,948 (8.2%) $354,282 (6.1%) 1.09 3,156
    2018-03-01 $314,078 (8.3%) $365,619 (5.6%) 1.10 3,257
    2018-04-01 $321,413 (8.2%) $374,795 (7.6%) 1.09 3,414
    2018-05-01 $324,975 (8.3%) $381,940 (7.3%) 1.09 3,670
    2018-06-01 $319,970 (6.7%) $379,288 (7.2%) 1.07 3,948
    2018-07-01 $323,215 (8.1%) $379,150 (8.3%) 1.08 4,083
    2018-08-01 $314,285 (7.5%) $371,157 (7.6%) 1.05 4,226
    2018-09-01 $309,000 (4.5%) $367,049 (5.0%) 1.04 4,286
    2018-10-01 $303,983 (2.7%) $360,416 (2.7%) 1.03 4,337
    2018-11-01 $307,475 (4.2%) $364,209 (3.8%) 1.04 4,236
    2018-12-01 $309,950 (6.9%) $363,549 (4.7%) 1.07 3,828
    2019-01-01 $309,625 (6.8%) $358,981 (4.4%) 1.07 3,425
    2019-02-01 $319,000 (6.4%) $369,110 (4.2%) 1.08 3,365
    2019-03-01 $327,114 (4.2%) $376,204 (2.9%) 1.07 3,463
    2019-04-01 $334,500 (4.1%) $383,923 (2.4%) 1.06 3,593
    2019-05-01 $337,848 (4.0%) $390,585 (2.3%) 1.06 3,785
    2019-06-01 $335,000 (4.7%) $389,719 (2.8%) 1.05 3,880
    2019-07-01 $332,136 (2.8%) $385,859 (1.8%) 1.04 3,993
    2019-08-01 $325,615 (3.6%) $379,095 (2.1%) 1.03 4,076
    2019-09-01 $322,451 (4.4%) $377,504 (2.9%) 1.03 4,126
    2019-10-01 $319,970 (5.3%) $375,387 (4.2%) 1.03 4,189
    2019-11-01 $315,300 (2.5%) $371,507 (2.0%) 1.03 3,963
    2019-12-01 $322,411 (4.0%) $373,558 (2.8%) 1.08 3,471
    2020-01-01 $324,925 (4.9%) $373,450 (4.0%) 1.09 3,072
    2020-02-01 $331,162 (3.8%) $388,400 (5.2%) 1.09 2,907
    2020-03-01 $345,950 (5.8%) $406,063 (7.9%) 1.08 3,026
    2020-04-01 $349,250 (4.4%) $404,730 (5.4%) 1.09 3,222
    2020-05-01 $355,398 (5.2%) $413,877 (6.0%) 1.08 3,094
    2020-06-01 $359,472 (7.3%) $419,488 (7.6%) 1.06 2,751
    2020-07-01 $358,450 (7.9%) $420,515 (9.0%) 1.04 2,536
    2020-08-01 $359,605 (10.4%) $423,796 (11.8%) 1.03 2,331
    2020-09-01 $356,349 (10.5%) $422,997 (12.1%) 1.02 2,263
    2020-10-01 $360,000 (12.5%) $428,065 (14.0%) 1.03 2,202
    2020-11-01 $361,945 (14.8%) $428,482 (15.3%) 1.06 2,092
    2020-12-01 $364,623 (13.1%) $429,511 (15.0%) 1.09 1,866
    2021-01-01 $368,250 (13.3%) $429,239 (14.9%) 1.10 1,597
    2021-02-01 $369,641 (11.6%) $434,176 (11.8%) 1.08 1,423
    2021-03-01 $369,735 (6.9%) $438,468 (8.0%) 1.05 1,422
    2021-04-01 $366,450 (4.9%) $432,715 (6.9%) 0.99 1,444
    2021-05-01 $357,991 (0.7%) $425,960 (2.9%) 0.95 1,536
    2021-06-01 $350,001 (-2.6%) $425,637 (1.5%) 0.92 1,663
    2021-07-01 $349,000 (-2.6%) $418,867 (-0.4%) 0.92 1,797
    2021-08-01 $349,938 (-2.7%) $420,705 (-0.7%) 0.93 1,840
    2021-09-01 $349,950 (-1.8%) $421,277 (-0.4%) 0.93 1,814
    2021-10-01 $350,000 (-2.8%) $419,492 (-2.0%) 0.93 1,705
    2021-11-01 $350,353 (-3.2%) $422,064 (-1.5%) 0.94 1,576
    2021-12-01 $353,399 (-3.1%) $424,812 (-1.1%) 0.96 1,270
    2022-01-01 $366,021 (-0.6%) $440,368 (2.6%) 0.99 1,042
    2022-02-01 $367,495 (-0.6%) $444,015 (2.3%) 0.96 943
    2022-03-01 $359,763 (-2.7%) $437,413 (-0.2%) 0.90 981
    2022-04-01 $372,980 (1.8%) $449,941 (4.0%) 0.89 1,092
    2022-05-01 $381,438 (6.6%) $460,449 (8.1%) 0.87 1,256
    2022-06-01 $393,253 (12.4%) $467,467 (9.8%) 0.88 1,520
    2022-07-01 $389,950 (11.7%) $458,390 (9.4%) 0.88 1,787
    2022-08-01 $385,788 (10.2%) $463,080 (10.1%) 0.89 1,800
    2022-09-01 $381,796 (9.1%) $458,170 (8.8%) 0.89 1,852
    2022-10-01 $379,950 (8.6%) $459,608 (9.6%) 0.89 1,924
    2022-11-01 $379,213 (8.2%) $450,126 (6.7%) 0.91 2,033
    2022-12-01 $376,975 (6.7%) $448,431 (5.6%) 0.93 1,878
    2023-01-01 $380,970 (4.1%) $449,052 (2.0%) 0.94 1,656
    2023-02-01 $392,495 (6.8%) $463,291 (4.3%) 0.95 1,499
    2023-03-01 $402,400 (11.9%) $476,101 (8.8%) 0.95 1,485
    2023-04-01 $422,010 (13.2%) $501,780 (11.5%) 0.98 1,486
    2023-05-01 $441,049 (15.6%) $517,478 (12.4%) 1.00 1,498
    2023-06-01 $441,849 (12.4%) $521,527 (11.6%) 0.99 1,549
    2023-07-01 $439,000 (12.6%) $516,875 (12.8%) 1.00 1,597
    2023-08-01 $437,725 (13.5%) $506,358 (9.4%) 1.01 1,694
    2023-09-01 $439,000 (15.0%) $513,115 (12.0%) 1.02 1,843
    2023-10-01 $435,000 (14.5%) $518,008 (12.7%) 1.02 2,080
    Richmond's median listing price for 2023-10-01 was $435,000, a difference of $55,050 (14.5%) versus the prior year and $-4,000 versus the prior month.

    Richmond's median listing price comes in at 102% of the national average.

    Richmond's average listing price for 2023-10-01 was $518,008, a difference of $58,400 (12.7%) versus the prior year and $4,893 versus the prior month.

    For the 2023-10-01 period, Richmond had 2,080 MLS listings, a difference of 237 listings (13%) versus the prior month and 156 listings (8%) 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 2,210 sqft
    2018-03-01 46 days 2,254 sqft
    2018-04-01 45 days 2,291 sqft
    2018-05-01 43 days 2,342 sqft
    2018-06-01 45 days 2,320 sqft
    2018-07-01 49 days 2,301 sqft
    2018-08-01 50 days 2,246 sqft
    2018-09-01 52 days 2,224 sqft
    2018-10-01 55 days 2,192 sqft
    2018-11-01 53 days 2,200 sqft
    2018-12-01 63 days 2,200 sqft
    2019-01-01 66 days 2,181 sqft
    2019-02-01 56 days 2,207 sqft
    2019-03-01 46 days 2,241 sqft
    2019-04-01 42 days 2,269 sqft
    2019-05-01 44 days 2,292 sqft
    2019-06-01 46 days 2,286 sqft
    2019-07-01 50 days 2,270 sqft
    2019-08-01 50 days 2,235 sqft
    2019-09-01 50 days 2,217 sqft
    2019-10-01 50 days 2,202 sqft
    2019-11-01 52 days 2,186 sqft
    2019-12-01 64 days 2,191 sqft
    2020-01-01 68 days 2,198 sqft
    2020-02-01 53 days 2,208 sqft
    2020-03-01 40 days 2,265 sqft
    2020-04-01 44 days 2,277 sqft
    2020-05-01 54 days 2,294 sqft
    2020-06-01 59 days 2,289 sqft
    2020-07-01 55 days 2,251 sqft
    2020-08-01 60 days 2,242 sqft
    2020-09-01 53 days 2,205 sqft
    2020-10-01 53 days 2,200 sqft
    2020-11-01 58 days 2,184 sqft
    2020-12-01 57 days 2,173 sqft
    2021-01-01 53 days 2,123 sqft
    2021-02-01 49 days 2,086 sqft
    2021-03-01 43 days 2,074 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 1,962 sqft
    2021-11-01 57 days 1,947 sqft
    2021-12-01 51 days 1,959 sqft
    2022-01-01 71 days 1,993 sqft
    2022-02-01 36 days 1,972 sqft
    2022-03-01 32 days 1,903 sqft
    2022-04-01 32 days 1,924 sqft
    2022-05-01 31 days 1,984 sqft
    2022-06-01 31 days 2,010 sqft
    2022-07-01 36 days 1,995 sqft
    2022-08-01 38 days 1,990 sqft
    2022-09-01 43 days 1,966 sqft
    2022-10-01 40 days 1,960 sqft
    2022-11-01 43 days 1,949 sqft
    2022-12-01 53 days 1,923 sqft
    2023-01-01 59 days 1,933 sqft
    2023-02-01 51 days 1,982 sqft
    2023-03-01 41 days 2,028 sqft
    2023-04-01 39 days 2,065 sqft
    2023-05-01 40 days 2,097 sqft
    2023-06-01 40 days 2,095 sqft
    2023-07-01 43 days 2,091 sqft
    2023-08-01 39 days 2,100 sqft
    2023-09-01 42 days 2,094 sqft
    2023-10-01 41 days 2,083 sqft
    Richmond's median listing age (time on market) for 2023-10-01 was 41 days. This is 1% longer than the same period one year ago.

    Richmond's median square footage for active listings during the 2023-10-01 period was 2,083 sqft. One year prior, the average listing was 1,960 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).