Why are condos and townhomes becoming the “shortcut” for buyers in Richmond, VA?
If you’ve been keeping an eye on Richmond’s housing market, you already know that things are moving fast. Home values are climbing, bidding wars are common, and buyers from bigger cities are adding to the competition.
With the median price of a single-family home now topping $435,000, the question for many is simple:
How do you break into this market without breaking the bank?
For a growing number of buyers, the answer is condos and townhomes.
THE AFFORDABILITY ADVANTAGE
A condo is typically one unit within a larger building or complex, where you own your individual space but share common areas and amenities. A townhome, on the other hand, feels more like a house (often with multiple stories and its own entrance) but is still connected to neighboring units by at least one wall.
One of the biggest reasons attached homes are surging is the cost. In Richmond, the median price for a condo or townhome sits around $373,000, about 14% less than a detached single-family home.
That gap can mean the difference between renting and finally becoming a homeowner. On top of that, Virginia Housing programs are helping buyers stretch their dollars even further with grants for down payments and flexible loan options.
INVENTORY IS GROWING
Condos and townhomes now account for nearly half of all new home sales in the Richmond, VA region, almost double the share they held a decade ago.
Developers are building them in hot spots like Short Pump, Henrico, and Chesterfield, where land for traditional single-family neighborhoods is scarce. Downtown Richmond is also seeing a wave of new condos, many of which were carved out of historic buildings through adaptive reuse projects.
For buyers, that means options
Whether you’re drawn to suburban communities with a family-friendly atmosphere or the energy of city living, attached homes are meeting demand in ways single-family homes can’t.
✴️ Read: An overview of Richmond, VA’s housing market
A LIFESTYLE THAT FITS
More and more, Richmond buyers want a lifestyle that’s easy, flexible, and connected. Townhomes and condos often come with low-maintenance living – no lawn to mow, exterior upkeep handled for you, plus shared amenities like green spaces, gyms, or pools. That’s a huge draw for busy professionals, retirees looking to downsize, or anyone who values convenience over yardwork.
Remote workers and transplants relocating from Washington, D.C. or New York are also discovering Richmond’s mix of culture, outdoor spaces, and affordability. For many of them, an attached home in a walkable neighborhood is exactly the kind of balance they’re seeking.
WHY NOW IS THE TIMEWith mortgage rates holding steady and prices continuing to climb, condos and townhomes give buyers a smart way to jump in now. Waiting for the “perfect” moment often means paying more later. By starting with a condo or townhome today, buyers can start building equity right away and keep the door open to a single-family home down the road. |
MAKE THE MOVE THAT MATTERS
With lower prices, growing inventory, and a lifestyle that fits today’s needs, condos and townhomes in Richmond, VA are giving buyers a faster, smarter way in. If you’ve been waiting for the “right moment,” this may be it.
Take a closer look at Richmond’s condos and townhomes with The Poore Team. Led by Blake Poore, the team has over 40 years of combined experience and a proven track record helping clients navigate the Richmond real estate market with confidence.
Connect with The Poore Team today calling 804.567.9250 or send them a message. You can also visit ThePooreTeam.com to learn more.