Richmond, VA metro: mortgages and home buyers
2025 home-purchase and refinance statistics for the 17-county Richmond, VA area (OMB code 40060), from official HMDA records.
In 2025, lenders reported 14,884 home-purchase mortgages for owner-occupied, single-family homes in the Richmond, VA metro area. The median buyer borrowed $355,000 on a home valued at $415,000 and reported a household income of $118,000.
Buyers financed a median 90% of the home's value (roughly 10% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $5,250.
Lenders denied 7.3% of completed home-purchase applications.
Key facts
- Median conventional loan costs ($5,250) were 6% lower than the U.S. median ($5,570).
- The most common age bracket among borrowers was 25–34 (33.7% of purchase loans).
- 54.5% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (40.5% of denials with a stated reason).
Counties in the metro area
| County | Purchase loans | Median loan | Buyer income | 30-yr rate | Loan costs | Conforming limit | FHA limit |
|---|---|---|---|---|---|---|---|
| Chesterfield County, VA | 4,929 | $375,000 | $125,000 | 6.625% | $5,300 | $832,750 | $707,250 |
| Henrico County, VA | 3,545 | $345,000 | $114,000 | 6.625% | $5,180 | $832,750 | $707,250 |
| Richmond city, VA | 1,910 | $355,000 | $129,000 | 6.625% | $5,180 | $832,750 | $707,250 |
| Hanover County, VA | 1,207 | $395,000 | $138,000 | 6.625% | $5,280 | $832,750 | $707,250 |
| New Kent County, VA | 552 | $385,000 | $125,000 | 6.500% | $4,910 | $832,750 | $707,250 |
| Powhatan County, VA | 351 | $415,000 | $140,000 | 6.625% | $5,330 | $832,750 | $707,250 |
| Goochland County, VA | 392 | $455,000 | $165,000 | 6.625% | $5,510 | $832,750 | $707,250 |
| Prince George County, VA | 307 | $345,000 | $108,000 | 6.750% | $6,110 | $832,750 | $707,250 |
| Petersburg city, VA | 335 | $245,000 | $72,000 | 6.500% | $4,790 | $832,750 | $707,250 |
| Dinwiddie County, VA | 260 | $295,000 | $90,000 | 6.500% | $5,490 | $832,750 | $707,250 |
| King William County, VA | 321 | $335,000 | $103,000 | 6.624% | $5,070 | $832,750 | $707,250 |
| Hopewell city, VA | 266 | $245,000 | $74,000 | 6.625% | $5,330 | $832,750 | $707,250 |
| Colonial Heights city, VA | 195 | $275,000 | $82,000 | 6.625% | $5,100 | $832,750 | $707,250 |
| Amelia County, VA | 134 | $345,000 | $117,000 | 6.625% | $4,830 | $832,750 | $707,250 |
| King and Queen County, VA | 66 | $305,000 | $94,000 | — | $5,330 | $832,750 | $707,250 |
| Sussex County, VA | 58 | $245,000 | $76,000 | — | — | $832,750 | $707,250 |
| Charles City County, VA | 56 | $285,000 | $93,000 | — | — | $832,750 | $707,250 |
Who bought homes in Richmond
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Richmond
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Richmond | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 6.250% | 6.250% |
| 30-year fixed rate · VA | 6.125% | 6.125% |
| 15-year fixed rate · conventional | 5.875% | 5.875% |
| Rate spread vs. APOR · conventional | +0.14 pts | +0.13 pts |
| Total loan costs · conventional | $5,250 | $5,570 |
| Total loan costs · FHA | $12,010 | $11,310 |
| Total loan costs · VA | $7,280 | $6,490 |
| Origination charges (all loan types) | $1,920 | $1,860 |
| Borrowers paying discount points | 52.7% | 51.3% |
| Points paid, when paid (% of loan) | 0.88% | 0.87% |
| Borrowers receiving lender credits | 39.0% | 33.1% |
| Adjustable-rate mortgages | 5.3% | 7.4% |
| Jumbo loans (above conforming limit) | 2.6% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Richmond: 1,192 of 16,368 completed home-purchase applications were denied (7.3%).
Denial rate
| Application | Richmond | U.S. |
|---|---|---|
| Home purchase | 7.3% | 8.5% |
| Conventional | 5.0% | 7.1% |
| FHA | 13.4% | 12.5% |
| VA | 8.9% | 8.0% |
| USDA | 7.3% | 12.5% |
| Refinance | 14.1% | 17.9% |
| Cash-out refinance | 32.0% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Richmond
Source: FFIEC/CFPB HMDA 2025 public LAR (derived MSA/MD); OMB July 2023 delineations via the U.S. Census Bureau. Methodology