More Richmond home sales top $1 million

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.