Jun 15, 2022 - Real Estate

More Richmond home sales top $1 million

Illustration of a door knocker in the shape of a dollar sign
Illustration: Sarah Grillo/Axios

The number of Richmond homes that sold for $1 million — or more — more than doubled in the past year.

State of play: A total of 136 homes sold for $1 million or more between Jan. 1 and June 13, 2022 in Richmond, Chesterfield and Henrico, Adam McEwen, Central Virginia MLS software manager, told Axios.

  • That number was 64 for the same period last year.

Context: That jump mirrors a nationwide trend in an increase in homes valued at $1 million or more.

  • Last year, 0.7% of all Richmond homes were worth $1 million or more. In February 2022, it was 1.3%, according to an annual report from Redfin.
  • Richmond doesn't even crack the top 30 cities nationwide when it comes to million-dollar homes (you can look west to California for the most).

Why it matters: Home values here and everywhere have been soaring faster than incomes. Coupled with years of low inventory and rising interest rates, it means that more and more prospective homebuyers are being priced out of their local market, reports Axios' Jennifer Kingson.

Our thought bubble: With the median home price in Richmond now at $341,000 — in a city where the median household income is $51,421 — every house might as well be listed for a million dollars.

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