Richmond VA Loan Rates, Closing Costs & Stats
Richmond-Berea, KY
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Richmond's 39 lenders originated 153 VA loans during 2023. The total origination value was $43,695,000, with an average VA loan value of $285,588.
Richmond VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Richmond
averaged
5.88%
for the week of 2024-10-11, compared to the national average (all VA variants) of
5.854% for the same period.
Richmond's average VA mortgage closing costs are $5,076.
The average rate for the prior week (2024-10-04) was
5.65% and
one month ago for the week of 2024-09-06, the
average rate was 5.74%.
The average rate one year ago was 7.51%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.18%.
Richmond VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Richmond level.
The top Richmond VA lender as defined by loan originations is Mortgage Research Center, LLC, with
36 VA loans originated. Their average total fees are
$6,864, which is $2,089
higher than the next largest lender,
GENEVA FINANCIAL, LLC.
The lowest fee Richmond VA lenders (with over 10 loans originated) are
GENEVA FINANCIAL, LLC ($4,775), Mortgage Research Center, LLC ($6,864), QUICKEN LOANS, LLC ($12,548), .
The lowest rate Richmond VA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.04%), GENEVA FINANCIAL, LLC (6.44%), Mortgage Research Center, LLC (6.57%), .
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 | $188,450 (6.5%) | $229,599 (9.1%) | 0.00 | 323 |
2018-02-01 | $189,000 (8.7%) | $228,888 (9.4%) | 0.00 | 306 |
2018-03-01 | $194,900 (11.9%) | $236,510 (11.0%) | 0.00 | 279 |
2018-04-01 | $204,450 (16.8%) | $241,850 (11.1%) | 0.00 | 264 |
2018-05-01 | $208,000 (15.6%) | $244,950 (9.1%) | 0.00 | 285 |
2018-06-01 | $195,000 (8.4%) | $235,511 (3.6%) | 0.00 | 322 |
2018-07-01 | $198,500 (10.3%) | $234,474 (4.5%) | 0.00 | 334 |
2018-08-01 | $199,900 (8.4%) | $235,533 (3.1%) | 0.00 | 362 |
2018-09-01 | $217,900 (19.1%) | $241,108 (5.0%) | 0.00 | 366 |
2018-10-01 | $219,700 (20.1%) | $246,239 (9.7%) | 0.00 | 376 |
2018-11-01 | $210,975 (13.7%) | $247,463 (9.6%) | 0.00 | 366 |
2018-12-01 | $209,950 (11.1%) | $245,062 (7.4%) | 0.00 | 347 |
2019-01-01 | $208,950 (10.9%) | $240,202 (4.6%) | 0.00 | 316 |
2019-02-01 | $199,200 (5.4%) | $248,616 (8.6%) | 0.00 | 321 |
2019-03-01 | $203,400 (4.4%) | $252,874 (6.9%) | 0.00 | 319 |
2019-04-01 | $210,500 (3.0%) | $265,724 (9.9%) | 0.00 | 308 |
2019-05-01 | $219,900 (5.7%) | $276,790 (13.0%) | 0.00 | 291 |
2019-06-01 | $226,000 (15.9%) | $278,436 (18.2%) | 0.00 | 302 |
2019-07-01 | $226,450 (14.1%) | $280,812 (19.8%) | 0.00 | 316 |
2019-08-01 | $217,818 (9.0%) | $274,935 (16.7%) | 0.00 | 342 |
2019-09-01 | $214,545 (-1.5%) | $267,368 (10.9%) | 0.00 | 375 |
2019-10-01 | $213,814 (-2.7%) | $263,797 (7.1%) | 0.00 | 397 |
2019-11-01 | $219,900 (4.2%) | $261,759 (5.8%) | 0.00 | 383 |
2019-12-01 | $215,000 (2.4%) | $243,269 (-0.7%) | 0.00 | 348 |
2020-01-01 | $217,350 (4.0%) | $246,776 (2.7%) | 0.00 | 325 |
2020-02-01 | $219,900 (10.4%) | $245,233 (-1.4%) | 0.00 | 303 |
2020-03-01 | $219,900 (8.1%) | $255,449 (1.0%) | 0.00 | 295 |
2020-04-01 | $219,950 (4.5%) | $259,413 (-2.4%) | 0.00 | 288 |
2020-05-01 | $229,000 (4.1%) | $265,851 (-4.0%) | 0.00 | 229 |
2020-06-01 | $238,913 (5.7%) | $270,630 (-2.8%) | 0.00 | 190 |
2020-07-01 | $242,425 (7.1%) | $289,336 (3.0%) | 0.00 | 192 |
2020-08-01 | $235,400 (8.1%) | $325,428 (18.4%) | 0.00 | 164 |
2020-09-01 | $237,025 (10.5%) | $376,082 (40.7%) | 0.00 | 160 |
2020-10-01 | $259,900 (21.6%) | $333,962 (26.6%) | 0.00 | 161 |
2020-11-01 | $249,100 (13.3%) | $330,895 (26.4%) | 0.00 | 169 |
2020-12-01 | $238,400 (10.9%) | $322,673 (32.6%) | 0.00 | 159 |
2021-01-01 | $244,900 (12.7%) | $335,672 (36.0%) | 0.00 | 147 |
2021-02-01 | $254,225 (15.6%) | $341,920 (39.4%) | 0.00 | 134 |
2021-03-01 | $264,000 (20.1%) | $361,134 (41.4%) | 0.00 | 119 |
2021-04-01 | $262,225 (19.2%) | $366,294 (41.2%) | 0.00 | 102 |
2021-05-01 | $279,950 (22.3%) | $386,920 (45.5%) | 0.00 | 102 |
2021-06-01 | $264,900 (10.9%) | $339,619 (25.5%) | 0.00 | 130 |
2021-07-01 | $259,900 (7.2%) | $338,744 (17.1%) | 0.00 | 139 |
2021-08-01 | $254,700 (8.2%) | $287,361 (-11.7%) | 0.00 | 198 |
2021-09-01 | $249,900 (5.4%) | $299,446 (-20.4%) | 0.00 | 195 |
2021-10-01 | $249,900 (-3.9%) | $294,379 (-11.9%) | 0.00 | 192 |
2021-11-01 | $254,500 (2.2%) | $293,964 (-11.2%) | 0.00 | 182 |
2021-12-01 | $255,450 (7.2%) | $309,980 (-3.9%) | 0.00 | 166 |
2022-01-01 | $257,450 (5.1%) | $317,532 (-5.4%) | 0.00 | 134 |
2022-02-01 | $268,450 (5.6%) | $337,826 (-1.2%) | 0.00 | 104 |
2022-03-01 | $268,675 (1.8%) | $345,398 (-4.4%) | 0.00 | 100 |
2022-04-01 | $284,900 (8.7%) | $357,977 (-2.3%) | 0.00 | 103 |
2022-05-01 | $297,175 (6.2%) | $353,181 (-8.7%) | 0.00 | 138 |
2022-06-01 | $292,400 (10.4%) | $347,282 (2.3%) | 0.00 | 185 |
2022-07-01 | $285,000 (9.7%) | $342,617 (1.1%) | 0.00 | 201 |
2022-08-01 | $291,975 (14.6%) | $348,607 (21.3%) | 0.00 | 214 |
2022-09-01 | $299,975 (20.0%) | $357,087 (19.3%) | 0.00 | 236 |
2022-10-01 | $299,950 (20.0%) | $361,516 (22.8%) | 0.00 | 262 |
2022-11-01 | $299,575 (17.7%) | $345,229 (17.4%) | 0.00 | 276 |
2022-12-01 | $298,900 (17.0%) | $340,437 (9.8%) | 0.00 | 263 |
2023-01-01 | $289,900 (12.6%) | $345,575 (8.8%) | 0.00 | 248 |
2023-02-01 | $308,625 (15.0%) | $372,732 (10.3%) | 0.00 | 217 |
2023-03-01 | $324,475 (20.8%) | $385,241 (11.5%) | 0.00 | 202 |
2023-04-01 | $312,900 (9.8%) | $384,931 (7.5%) | 0.00 | 165 |
2023-05-01 | $316,900 (6.6%) | $393,803 (11.5%) | 0.00 | 158 |
2023-06-01 | $319,900 (9.4%) | $380,820 (9.7%) | 0.00 | 171 |
2023-07-01 | $324,232 (13.8%) | $373,352 (9.0%) | 0.00 | 182 |
2023-08-01 | $324,616 (11.2%) | $377,945 (8.4%) | 0.00 | 185 |
2023-09-01 | $315,900 (5.3%) | $360,050 (0.8%) | 0.00 | 199 |
2023-10-01 | $313,450 (4.5%) | $357,039 (-1.2%) | 0.00 | 223 |
2023-11-01 | $322,450 (7.6%) | $370,234 (7.2%) | 0.00 | 250 |
2023-12-01 | $322,576 (7.9%) | $365,498 (7.4%) | 0.00 | 230 |
2024-01-01 | $319,900 (10.4%) | $369,274 (6.9%) | 0.00 | 229 |
2024-02-01 | $322,400 (4.5%) | $368,875 (-1.0%) | 0.00 | 232 |
2024-03-01 | $323,950 (-0.2%) | $375,325 (-2.6%) | 0.00 | 202 |
2024-04-01 | $319,725 (2.2%) | $383,447 (-0.4%) | 0.00 | 188 |
2024-05-01 | $324,900 (2.5%) | $383,742 (-2.6%) | 0.00 | 194 |
2024-06-01 | $315,000 (-1.5%) | $366,790 (-3.7%) | 0.00 | 212 |
2024-07-01 | $309,950 (-4.4%) | $357,045 (-4.4%) | 0.00 | 258 |
2024-08-01 | $303,210 (-6.6%) | $361,276 (-4.4%) | 0.00 | 310 |
2024-09-01 | $303,210 (-4.0%) | $364,275 (1.2%) | 0.00 | 335 |
Richmond's median listing price comes in at 0% of the national average.
Richmond's average listing price for 2024-09-01 was $364,275, a difference of $4,225 (1.2%) versus the prior year and $2,999 versus the prior month.
For the 2024-09-01 period, Richmond had 335 MLS listings, a difference of 25 listings (8%) versus the prior month and 136 listings (68%) 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 | 0 days | 2,025 sqft |
2018-02-01 | 0 days | 2,000 sqft |
2018-03-01 | 0 days | 1,949 sqft |
2018-04-01 | 0 days | 1,996 sqft |
2018-05-01 | 0 days | 2,000 sqft |
2018-06-01 | 0 days | 2,000 sqft |
2018-07-01 | 0 days | 2,007 sqft |
2018-08-01 | 0 days | 2,000 sqft |
2018-09-01 | 0 days | 2,000 sqft |
2018-10-01 | 0 days | 2,000 sqft |
2018-11-01 | 0 days | 2,007 sqft |
2018-12-01 | 0 days | 1,963 sqft |
2019-01-01 | 0 days | 1,946 sqft |
2019-02-01 | 0 days | 1,869 sqft |
2019-03-01 | 0 days | 1,914 sqft |
2019-04-01 | 0 days | 1,969 sqft |
2019-05-01 | 0 days | 2,057 sqft |
2019-06-01 | 0 days | 2,063 sqft |
2019-07-01 | 0 days | 2,056 sqft |
2019-08-01 | 0 days | 2,032 sqft |
2019-09-01 | 0 days | 2,007 sqft |
2019-10-01 | 0 days | 1,991 sqft |
2019-11-01 | 0 days | 1,920 sqft |
2019-12-01 | 0 days | 1,869 sqft |
2020-01-01 | 0 days | 1,861 sqft |
2020-02-01 | 0 days | 1,893 sqft |
2020-03-01 | 0 days | 1,969 sqft |
2020-04-01 | 0 days | 2,010 sqft |
2020-05-01 | 0 days | 1,936 sqft |
2020-06-01 | 0 days | 1,925 sqft |
2020-07-01 | 0 days | 1,885 sqft |
2020-08-01 | 0 days | 2,010 sqft |
2020-09-01 | 0 days | 2,053 sqft |
2020-10-01 | 0 days | 2,114 sqft |
2020-11-01 | 0 days | 1,966 sqft |
2020-12-01 | 0 days | 1,865 sqft |
2021-01-01 | 0 days | 1,942 sqft |
2021-02-01 | 0 days | 1,976 sqft |
2021-03-01 | 0 days | 2,043 sqft |
2021-04-01 | 0 days | 2,027 sqft |
2021-05-01 | 0 days | 2,036 sqft |
2021-06-01 | 0 days | 1,969 sqft |
2021-07-01 | 0 days | 1,901 sqft |
2021-08-01 | 0 days | 1,850 sqft |
2021-09-01 | 0 days | 1,785 sqft |
2021-10-01 | 0 days | 1,795 sqft |
2021-11-01 | 0 days | 1,822 sqft |
2021-12-01 | 0 days | 1,817 sqft |
2022-01-01 | 0 days | 1,745 sqft |
2022-02-01 | 0 days | 1,739 sqft |
2022-03-01 | 0 days | 1,731 sqft |
2022-04-01 | 0 days | 1,815 sqft |
2022-05-01 | 0 days | 1,779 sqft |
2022-06-01 | 0 days | 1,797 sqft |
2022-07-01 | 0 days | 1,787 sqft |
2022-08-01 | 0 days | 1,800 sqft |
2022-09-01 | 0 days | 1,820 sqft |
2022-10-01 | 0 days | 1,824 sqft |
2022-11-01 | 0 days | 1,813 sqft |
2022-12-01 | 0 days | 1,756 sqft |
2023-01-01 | 0 days | 1,747 sqft |
2023-02-01 | 0 days | 1,822 sqft |
2023-03-01 | 0 days | 1,960 sqft |
2023-04-01 | 0 days | 1,903 sqft |
2023-05-01 | 0 days | 1,912 sqft |
2023-06-01 | 0 days | 1,896 sqft |
2023-07-01 | 0 days | 1,898 sqft |
2023-08-01 | 0 days | 1,870 sqft |
2023-09-01 | 0 days | 1,832 sqft |
2023-10-01 | 0 days | 1,825 sqft |
2023-11-01 | 0 days | 1,843 sqft |
2023-12-01 | 0 days | 1,820 sqft |
2024-01-01 | 0 days | 1,808 sqft |
2024-02-01 | 0 days | 1,802 sqft |
2024-03-01 | 0 days | 1,820 sqft |
2024-04-01 | 0 days | 1,790 sqft |
2024-05-01 | 0 days | 1,820 sqft |
2024-06-01 | 0 days | 1,795 sqft |
2024-07-01 | 0 days | 1,807 sqft |
2024-08-01 | 0 days | 1,832 sqft |
2024-09-01 | 0 days | 1,815 sqft |
Richmond's median square footage for active listings during the 2024-09-01 period was 1,815 sqft. One year prior, the average listing was 1,832 sqft.