Richmond VA Loans
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 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
5.55%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.68% and
one month ago for the week of 2022-04-08, the
average rate was 5.01%.
The average rate one year ago was 3.12%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.06%.
Richmond VA Loan Lenders by Rates & Fees
The below table looks at the average fees 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 & INVESTMENT LLC (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 | $290,000 (9.4%) | $349,031 (8.4%) | 1.07 | 3,377 |
| 2018-02-01 | $299,700 (8.9%) | $356,823 (7.0%) | 1.08 | 3,338 |
| 2018-03-01 | $310,000 (7.3%) | $371,320 (7.9%) | 1.07 | 3,433 |
| 2018-04-01 | $319,950 (8.9%) | $381,058 (9.6%) | 1.07 | 3,579 |
| 2018-05-01 | $321,375 (7.2%) | $385,580 (8.8%) | 1.07 | 3,885 |
| 2018-06-01 | $319,370 (6.7%) | $384,189 (9.1%) | 1.06 | 4,181 |
| 2018-07-01 | $319,995 (8.5%) | $383,484 (8.9%) | 1.07 | 4,274 |
| 2018-08-01 | $314,175 (8.3%) | $374,311 (7.9%) | 1.05 | 4,453 |
| 2018-09-01 | $307,610 (4.3%) | $370,331 (5.8%) | 1.03 | 4,513 |
| 2018-10-01 | $300,000 (2.6%) | $365,473 (4.0%) | 1.00 | 4,579 |
| 2018-11-01 | $308,000 (4.6%) | $369,801 (5.2%) | 1.03 | 4,493 |
| 2018-12-01 | $309,500 (6.8%) | $364,652 (4.2%) | 1.06 | 4,086 |
| 2019-01-01 | $309,450 (6.7%) | $361,663 (3.6%) | 1.07 | 3,674 |
| 2019-02-01 | $316,725 (5.7%) | $369,848 (3.7%) | 1.06 | 3,605 |
| 2019-03-01 | $324,066 (4.5%) | $376,673 (1.4%) | 1.06 | 3,705 |
| 2019-04-01 | $332,725 (4.0%) | $383,734 (0.7%) | 1.05 | 3,838 |
| 2019-05-01 | $333,900 (3.9%) | $390,394 (1.3%) | 1.03 | 4,026 |
| 2019-06-01 | $333,990 (4.6%) | $389,336 (1.3%) | 1.03 | 4,119 |
| 2019-07-01 | $332,450 (3.9%) | $386,128 (0.7%) | 1.03 | 4,241 |
| 2019-08-01 | $324,885 (3.4%) | $377,754 (0.9%) | 1.02 | 4,252 |
| 2019-09-01 | $319,900 (4.0%) | $374,186 (1.0%) | 1.02 | 4,244 |
| 2019-10-01 | $319,475 (6.5%) | $374,590 (2.5%) | 1.02 | 4,484 |
| 2019-11-01 | $315,000 (2.3%) | $370,721 (0.3%) | 1.02 | 4,229 |
| 2019-12-01 | $319,950 (3.4%) | $373,658 (2.5%) | 1.07 | 3,682 |
| 2020-01-01 | $321,975 (4.1%) | $373,619 (3.3%) | 1.07 | 3,273 |
| 2020-02-01 | $329,000 (3.9%) | $384,041 (3.8%) | 1.06 | 3,113 |
| 2020-03-01 | $341,404 (5.4%) | $402,024 (6.7%) | 1.07 | 3,215 |
| 2020-04-01 | $345,000 (3.7%) | $401,865 (4.7%) | 1.07 | 3,439 |
| 2020-05-01 | $350,000 (4.8%) | $412,255 (5.6%) | 1.06 | 3,317 |
| 2020-06-01 | $358,975 (7.5%) | $421,266 (8.2%) | 1.05 | 2,939 |
| 2020-07-01 | $360,425 (8.4%) | $423,177 (9.6%) | 1.03 | 2,670 |
| 2020-08-01 | $367,780 (13.2%) | $437,131 (15.7%) | 1.05 | 2,427 |
| 2020-09-01 | $367,475 (14.9%) | $436,376 (16.6%) | 1.05 | 2,385 |
| 2020-10-01 | $375,000 (17.4%) | $443,281 (18.3%) | 1.07 | 2,325 |
| 2020-11-01 | $377,000 (19.7%) | $445,850 (20.3%) | 1.08 | 2,208 |
| 2020-12-01 | $364,150 (13.8%) | $430,313 (15.2%) | 1.07 | 1,991 |
| 2021-01-01 | $365,000 (13.4%) | $431,514 (15.5%) | 1.07 | 1,699 |
| 2021-02-01 | $368,945 (12.1%) | $437,943 (14.0%) | 1.06 | 1,525 |
| 2021-03-01 | $372,531 (9.1%) | $450,898 (12.2%) | 1.04 | 1,505 |
| 2021-04-01 | $364,000 (5.5%) | $438,988 (9.2%) | 0.98 | 1,529 |
| 2021-05-01 | $350,000 (0.0%) | $432,793 (5.0%) | 0.92 | 1,603 |
| 2021-06-01 | $350,000 (-2.5%) | $434,802 (3.2%) | 0.91 | 1,749 |
| 2021-07-01 | $348,570 (-3.3%) | $427,607 (1.1%) | 0.91 | 1,859 |
| 2021-08-01 | $349,950 (-4.9%) | $429,739 (-1.7%) | 0.92 | 1,946 |
| 2021-09-01 | $349,950 (-4.8%) | $428,722 (-1.8%) | 0.92 | 1,932 |
| 2021-10-01 | $350,000 (-6.7%) | $423,946 (-4.4%) | 0.92 | 1,816 |
| 2021-11-01 | $352,500 (-6.5%) | $427,922 (-4.0%) | 0.93 | 1,679 |
| 2021-12-01 | $357,950 (-1.7%) | $432,089 (0.4%) | 0.95 | 1,356 |
| 2022-01-01 | $374,715 (2.7%) | $447,321 (3.7%) | 1.00 | 1,086 |
| 2022-02-01 | $372,450 (1.0%) | $451,161 (3.0%) | 0.95 | 1,017 |
| 2022-03-01 | $359,900 (-3.4%) | $444,228 (-1.5%) | 0.89 | 1,037 |
| 2022-04-01 | $375,000 (3.0%) | $459,959 (4.8%) | 0.88 | 1,156 |
Richmond's median listing price comes in at 88% of the national average.
Richmond's average listing price for 2022-04-01 was $459,959, a difference of $20,971 (4.8%) versus the prior year and $15,731 versus the prior month.
For the 2022-04-01 period, Richmond had 1,156 MLS listings, a difference of 119 listings (11%) versus the prior month and -373 listings (-24%) 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 | 72 days | 2,171 sqft |
| 2018-02-01 | 60 days | 2,206 sqft |
| 2018-03-01 | 48 days | 2,254 sqft |
| 2018-04-01 | 49 days | 2,292 sqft |
| 2018-05-01 | 46 days | 2,330 sqft |
| 2018-06-01 | 48 days | 2,306 sqft |
| 2018-07-01 | 51 days | 2,310 sqft |
| 2018-08-01 | 52 days | 2,254 sqft |
| 2018-09-01 | 56 days | 2,228 sqft |
| 2018-10-01 | 58 days | 2,198 sqft |
| 2018-11-01 | 57 days | 2,212 sqft |
| 2018-12-01 | 65 days | 2,201 sqft |
| 2019-01-01 | 71 days | 2,194 sqft |
| 2019-02-01 | 64 days | 2,206 sqft |
| 2019-03-01 | 49 days | 2,235 sqft |
| 2019-04-01 | 44 days | 2,269 sqft |
| 2019-05-01 | 46 days | 2,289 sqft |
| 2019-06-01 | 49 days | 2,286 sqft |
| 2019-07-01 | 51 days | 2,280 sqft |
| 2019-08-01 | 51 days | 2,239 sqft |
| 2019-09-01 | 56 days | 2,210 sqft |
| 2019-10-01 | 53 days | 2,198 sqft |
| 2019-11-01 | 56 days | 2,179 sqft |
| 2019-12-01 | 67 days | 2,177 sqft |
| 2020-01-01 | 71 days | 2,182 sqft |
| 2020-02-01 | 59 days | 2,192 sqft |
| 2020-03-01 | 44 days | 2,247 sqft |
| 2020-04-01 | 44 days | 2,254 sqft |
| 2020-05-01 | 53 days | 2,274 sqft |
| 2020-06-01 | 56 days | 2,291 sqft |
| 2020-07-01 | 51 days | 2,250 sqft |
| 2020-08-01 | 49 days | 2,267 sqft |
| 2020-09-01 | 44 days | 2,216 sqft |
| 2020-10-01 | 42 days | 2,230 sqft |
| 2020-11-01 | 48 days | 2,216 sqft |
| 2020-12-01 | 55 days | 2,130 sqft |
| 2021-01-01 | 55 days | 2,100 sqft |
| 2021-02-01 | 49 days | 2,078 sqft |
| 2021-03-01 | 45 days | 2,076 sqft |
| 2021-04-01 | 39 days | 2,074 sqft |
| 2021-05-01 | 38 days | 2,031 sqft |
| 2021-06-01 | 37 days | 2,024 sqft |
| 2021-07-01 | 38 days | 1,985 sqft |
| 2021-08-01 | 38 days | 1,998 sqft |
| 2021-09-01 | 42 days | 1,947 sqft |
| 2021-10-01 | 43 days | 1,965 sqft |
| 2021-11-01 | 45 days | 1,957 sqft |
| 2021-12-01 | 50 days | 1,963 sqft |
| 2022-01-01 | 56 days | 2,004 sqft |
| 2022-02-01 | 42 days | 1,977 sqft |
| 2022-03-01 | 34 days | 1,905 sqft |
| 2022-04-01 | 35 days | 1,946 sqft |
Richmond's median square footage for active listings during the 2022-04-01 period was 1,946 sqft. One year prior, the average listing was 2,074 sqft.
