Richmond USDA Loan Rates, Closing Costs & Stats
RICHMOND, VA
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Richmond's 58 lenders originated 200 USDA loans during 2022. The total origination value was $53,480,000, with an average USDA loan value of $267,400.
Richmond USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Richmond
averaged
-0.42%
for the week of 2023-06-02, compared to the national average (all USDA variants) of
0% for the same period.
Richmond's average USDA mortgage closing costs are $5,855.
The average rate for the prior week (2023-05-26) was
6.02% and
one month ago for the week of 2023-04-28, the
average rate was 6.1%.
The average rate one year ago was 4.96%.
For refis of the same type during the week of 2023-06-02, the average rate
was -1.27%.
Richmond USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Richmond level.
The top Richmond USDA lender as defined by loan originations is George Mason Mortgage, LLC, with
23 USDA loans originated. Their average total fees are
$8,433, which is $4,123
higher than the next largest lender,
Alcova Mortgage LLC.
The lowest fee Richmond USDA lenders (with over 10 loans originated) are
Alcova Mortgage LLC ($4,311), CALIBER HOME LOANS, INC. ($7,786), Presidential Bank, FSB ($8,132), George Mason Mortgage, LLC ($8,433) and MOVEMENT MORTGAGE, LLC ($8,920).
The lowest rate Richmond USDA lenders (with over 10 loans originated) are
CALIBER HOME LOANS, INC. (4.19%), George Mason Mortgage, LLC (4.31%), MOVEMENT MORTGAGE, LLC (4.62%), Presidential Bank, FSB (4.70%) and Alcova Mortgage LLC (5.22%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Richmond (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
Richmond's median listing price comes in at 100% of the national average.
Richmond's average listing price for 2023-05-01 was $517,478, a difference of $57,029 (12.4%) versus the prior year and $15,698 versus the prior month.
For the 2023-05-01 period, Richmond had 1,498 MLS listings, a difference of 12 listings (1%) versus the prior month and 242 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. LouisDate | 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 |
Richmond's median square footage for active listings during the 2023-05-01 period was 2,097 sqft. One year prior, the average listing was 1,984 sqft.