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 30 lenders originated 80 USDA loans during 2023. The total origination value was $20,950,000, with an average USDA loan value of $261,875.
Richmond USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Richmond
averaged
5.77%
for the week of 2024-10-11, compared to the national average (all USDA variants) of
6.08% for the same period.
Richmond's average USDA mortgage closing costs are $5,954.
The average rate for the prior week (2024-10-04) was
5.76% and
one month ago for the week of 2024-09-06, the
average rate was 5.75%.
The average rate one year ago was 7.24%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.38%.
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
12 USDA loans originated. Their average total fees are
$6,998, which is $2,094
lower than the next largest lender,
Presidential Bank, FSB.
The lowest fee Richmond USDA lenders (with over 10 loans originated) are
George Mason Mortgage, LLC ($6,998), .
The lowest rate Richmond USDA lenders (with over 10 loans originated) are
George Mason Mortgage, LLC (6.04%), .
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 | $289,998 (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 |
Richmond's median listing price comes in at 104% of the national average.
Richmond's average listing price for 2024-09-01 was $519,093, a difference of $5,436 (1.1%) versus the prior year and $-14,225 versus the prior month.
For the 2024-09-01 period, Richmond had 2,349 MLS listings, a difference of 92 listings (4%) versus the prior month and 509 listings (28%) 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 | 2,211 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 |
Richmond's median square footage for active listings during the 2024-09-01 period was 2,037 sqft. One year prior, the average listing was 2,096 sqft.