The median home value in Richmond, Virginia, was $237,500 in 2021.1 While this median is far from the highest in the country, it still makes Richmond unaffordable for most first-time homebuyers who don’t yet have equity to put toward a new mortgage. Additionally, the average home price in Virginia jumped by roughly 11% between 2020 and 2021,2 so homes in the state are only becoming more unaffordable.