Richmond VA Loan Rates, Closing Costs & Stats
RICHMOND, VA
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 214 lenders originated 7,619 VA loans during 2021. The total origination value was $2,292,955,000, with an average VA loan value of $300,952.
Richmond VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Richmond
averaged
6.69%
for the week of 2022-12-02, compared to the national average (all VA variants) of
6.292% for the same period.
Richmond's average VA mortgage closing costs are $5,498.
The average rate for the prior week (2022-11-25) was
6.52% and
one month ago for the week of 2022-10-28, the
average rate was 7.11%.
The average rate one year ago was 3.29%.
For refis of the same type during the week of 2022-12-02, the average rate
was 6.29%.
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 FREEDOM MORTGAGE CORPORATION, with
617 VA loans originated. Their average total fees are
$3,266, which is $1,788
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Richmond VA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC ($2,004), LAKEVIEW LOAN SERVICING, LLC ($2,563), CAPITAL CENTER, L.L.C. ($2,867), PENTAGON FEDERAL CREDIT UNION ($3,020) and FREEDOM MORTGAGE CORPORATION ($3,266).
The lowest rate Richmond VA lenders (with over 10 loans originated) are
TJC Mortgage, Inc. (2.22%), NP, Inc. (2.29%), CLEARPATH LENDING (2.33%), PENTAGON FEDERAL CREDIT UNION (2.34%) and VILLAGE CAPITAL MORTGAGE (2.34%).
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%) | $374,815 (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%) | $376,240 (2.9%) | 1.07 | 3,467 |
| 2019-04-01 | $334,500 (4.1%) | $384,025 (2.5%) | 1.06 | 3,605 |
| 2019-05-01 | $337,000 (3.7%) | $390,340 (2.2%) | 1.05 | 3,804 |
| 2019-06-01 | $334,950 (4.7%) | $389,278 (2.6%) | 1.05 | 3,899 |
| 2019-07-01 | $331,425 (2.5%) | $385,392 (1.7%) | 1.04 | 4,012 |
| 2019-08-01 | $325,077 (3.4%) | $378,653 (2.0%) | 1.03 | 4,096 |
| 2019-09-01 | $322,193 (4.3%) | $377,062 (2.7%) | 1.03 | 4,145 |
| 2019-10-01 | $319,938 (5.3%) | $374,952 (4.0%) | 1.03 | 4,208 |
| 2019-11-01 | $315,000 (2.5%) | $371,081 (1.9%) | 1.03 | 3,983 |
| 2019-12-01 | $320,730 (3.5%) | $373,045 (2.6%) | 1.07 | 3,491 |
| 2020-01-01 | $324,515 (4.8%) | $372,854 (3.9%) | 1.08 | 3,092 |
| 2020-02-01 | $330,000 (3.5%) | $387,609 (5.0%) | 1.08 | 2,927 |
| 2020-03-01 | $345,183 (5.5%) | $405,193 (7.7%) | 1.08 | 3,046 |
| 2020-04-01 | $349,108 (4.4%) | $403,929 (5.2%) | 1.09 | 3,241 |
| 2020-05-01 | $354,950 (5.3%) | $413,001 (5.8%) | 1.08 | 3,113 |
| 2020-06-01 | $358,300 (7.0%) | $418,546 (7.5%) | 1.05 | 2,771 |
| 2020-07-01 | $357,610 (7.9%) | $419,530 (8.9%) | 1.04 | 2,556 |
| 2020-08-01 | $358,970 (10.4%) | $422,740 (11.6%) | 1.03 | 2,351 |
| 2020-09-01 | $355,440 (10.3%) | $421,677 (11.8%) | 1.02 | 2,283 |
| 2020-10-01 | $359,950 (12.5%) | $426,546 (13.8%) | 1.03 | 2,221 |
| 2020-11-01 | $360,875 (14.6%) | $426,825 (15.0%) | 1.05 | 2,111 |
| 2020-12-01 | $363,450 (13.3%) | $427,785 (14.7%) | 1.08 | 1,884 |
| 2021-01-01 | $365,245 (12.6%) | $427,724 (14.7%) | 1.09 | 1,616 |
| 2021-02-01 | $368,475 (11.7%) | $432,392 (11.6%) | 1.07 | 1,442 |
| 2021-03-01 | $368,695 (6.8%) | $436,412 (7.7%) | 1.05 | 1,440 |
| 2021-04-01 | $364,750 (4.5%) | $430,945 (6.7%) | 0.99 | 1,462 |
| 2021-05-01 | $351,990 (-0.8%) | $424,372 (2.8%) | 0.93 | 1,553 |
| 2021-06-01 | $350,000 (-2.3%) | $424,144 (1.3%) | 0.92 | 1,680 |
| 2021-07-01 | $348,800 (-2.5%) | $417,641 (-0.5%) | 0.92 | 1,814 |
| 2021-08-01 | $349,925 (-2.5%) | $419,379 (-0.8%) | 0.93 | 1,858 |
| 2021-09-01 | $349,700 (-1.6%) | $419,999 (-0.4%) | 0.93 | 1,832 |
| 2021-10-01 | $349,970 (-2.8%) | $418,010 (-2.0%) | 0.93 | 1,724 |
| 2021-11-01 | $349,950 (-3.0%) | $420,557 (-1.5%) | 0.93 | 1,595 |
| 2021-12-01 | $352,778 (-2.9%) | $423,069 (-1.1%) | 0.96 | 1,289 |
| 2022-01-01 | $365,000 (-0.1%) | $438,614 (2.6%) | 0.99 | 1,062 |
| 2022-02-01 | $365,078 (-0.9%) | $441,496 (2.1%) | 0.95 | 961 |
| 2022-03-01 | $355,210 (-3.7%) | $435,168 (-0.3%) | 0.89 | 1,000 |
| 2022-04-01 | $369,950 (1.4%) | $447,777 (3.9%) | 0.88 | 1,110 |
| 2022-05-01 | $379,450 (7.8%) | $457,972 (7.9%) | 0.87 | 1,271 |
| 2022-06-01 | $389,987 (11.4%) | $465,904 (9.9%) | 0.87 | 1,536 |
| 2022-07-01 | $389,000 (11.5%) | $456,593 (9.3%) | 0.88 | 1,802 |
| 2022-08-01 | $385,000 (10.0%) | $461,559 (10.1%) | 0.89 | 1,815 |
| 2022-09-01 | $379,750 (8.6%) | $456,403 (8.7%) | 0.89 | 1,869 |
| 2022-10-01 | $379,675 (8.5%) | $457,671 (9.5%) | 0.89 | 1,940 |
| 2022-11-01 | $377,683 (7.9%) | $448,574 (6.7%) | 0.91 | 2,048 |
Richmond's median listing price comes in at 91% of the national average.
Richmond's average listing price for 2022-11-01 was $448,574, a difference of $28,017 (6.7%) versus the prior year and $-9,097 versus the prior month.
For the 2022-11-01 period, Richmond had 2,048 MLS listings, a difference of 108 listings (6%) versus the prior month and 453 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. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 71 days | 2,178 sqft |
| 2018-02-01 | 59 days | 2,211 sqft |
| 2018-03-01 | 48 days | 2,254 sqft |
| 2018-04-01 | 47 days | 2,291 sqft |
| 2018-05-01 | 45 days | 2,342 sqft |
| 2018-06-01 | 46 days | 2,320 sqft |
| 2018-07-01 | 51 days | 2,301 sqft |
| 2018-08-01 | 52 days | 2,246 sqft |
| 2018-09-01 | 54 days | 2,224 sqft |
| 2018-10-01 | 58 days | 2,192 sqft |
| 2018-11-01 | 56 days | 2,200 sqft |
| 2018-12-01 | 65 days | 2,200 sqft |
| 2019-01-01 | 69 days | 2,182 sqft |
| 2019-02-01 | 61 days | 2,207 sqft |
| 2019-03-01 | 48 days | 2,242 sqft |
| 2019-04-01 | 44 days | 2,269 sqft |
| 2019-05-01 | 45 days | 2,290 sqft |
| 2019-06-01 | 49 days | 2,283 sqft |
| 2019-07-01 | 51 days | 2,263 sqft |
| 2019-08-01 | 51 days | 2,233 sqft |
| 2019-09-01 | 52 days | 2,216 sqft |
| 2019-10-01 | 51 days | 2,201 sqft |
| 2019-11-01 | 55 days | 2,182 sqft |
| 2019-12-01 | 67 days | 2,187 sqft |
| 2020-01-01 | 71 days | 2,193 sqft |
| 2020-02-01 | 59 days | 2,205 sqft |
| 2020-03-01 | 43 days | 2,258 sqft |
| 2020-04-01 | 47 days | 2,272 sqft |
| 2020-05-01 | 57 days | 2,285 sqft |
| 2020-06-01 | 64 days | 2,285 sqft |
| 2020-07-01 | 59 days | 2,249 sqft |
| 2020-08-01 | 65 days | 2,240 sqft |
| 2020-09-01 | 58 days | 2,204 sqft |
| 2020-10-01 | 58 days | 2,200 sqft |
| 2020-11-01 | 62 days | 2,178 sqft |
| 2020-12-01 | 59 days | 2,168 sqft |
| 2021-01-01 | 57 days | 2,118 sqft |
| 2021-02-01 | 52 days | 2,084 sqft |
| 2021-03-01 | 45 days | 2,072 sqft |
| 2021-04-01 | 45 days | 2,079 sqft |
| 2021-05-01 | 45 days | 2,039 sqft |
| 2021-06-01 | 46 days | 2,026 sqft |
| 2021-07-01 | 43 days | 1,976 sqft |
| 2021-08-01 | 45 days | 2,007 sqft |
| 2021-09-01 | 50 days | 1,950 sqft |
| 2021-10-01 | 57 days | 1,960 sqft |
| 2021-11-01 | 65 days | 1,940 sqft |
| 2021-12-01 | 55 days | 1,948 sqft |
| 2022-01-01 | 83 days | 1,982 sqft |
| 2022-02-01 | 41 days | 1,970 sqft |
| 2022-03-01 | 34 days | 1,893 sqft |
| 2022-04-01 | 35 days | 1,924 sqft |
| 2022-05-01 | 33 days | 1,980 sqft |
| 2022-06-01 | 33 days | 2,010 sqft |
| 2022-07-01 | 37 days | 1,992 sqft |
| 2022-08-01 | 40 days | 1,986 sqft |
| 2022-09-01 | 44 days | 1,957 sqft |
| 2022-10-01 | 43 days | 1,960 sqft |
| 2022-11-01 | 45 days | 1,942 sqft |
Richmond's median square footage for active listings during the 2022-11-01 period was 1,942 sqft. One year prior, the average listing was 1,940 sqft.
