Condos and townhomes
Market Overview
Richmond’s condos and townhomes market has been experiencing significant growth in 2025, emerging as a particularly strong sector within the region’s broader real estate landscape. While single-family homes continue to dominate the Richmond housing market, condos and townhouses are seeing impressive gains in both sales volume and pricing, making them an increasingly popular option for buyers at various price points and life stages.
Recent data from the Central Virginia Regional MLS shows that condo and townhouse sales have substantially outpaced single-family homes in terms of year-over-year growth. In late 2024, condo and townhouse closed sales jumped 21.8% compared to the previous year, while single-family homes saw only a 5.1% increase. This trend has continued into 2025, with year-to-date condo/townhouse sales increasing by 3.5% compared to just 1.2% for single-family homes.
Price appreciation for these properties has been equally impressive, with the average sale price for condos and townhouses reaching $402,587 by late 2024 – an 8.6% increase from the previous year. This upward trajectory has persisted in 2025, confirming the strong demand for these types of properties.
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Market Outlook
For investors and homebuyers alike, Richmond’s condo and townhome market represents an opportunity to participate in the city’s urban renaissance while potentially realizing solid appreciation as these neighborhoods continue to mature and evolve.
As Richmond continues to evolve as a destination for both residents and businesses, its condo and townhome market stands to benefit from broader economic and demographic trends favoring urban living in mid-sized cities with strong quality-of-life metrics.
