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VA Avg Real Estate Commission Rate in Richmond, Virginia

Richmond is the capital of the Commonwealth of Virginia in the United States. It is the center of the Richmond Metropolitan Statistical Area (MSA) and the Greater Richmond Region. It was incorporated in 1742, and has been an independent city since 1871.

As of the 2010 census, the population was 204,214; in 2016, the population was estimated to be 223,170, the fourth-most populous city in Virginia. The Richmond Metropolitan Area has a population of 1,260,029, the third-most populous metro in the state.

Richmond is located at the fall line of the James River, 44 miles (71 km) west of Williamsburg, 66 miles (106 km) east of Charlottesville, and 98 miles (158 km) south of Washington, D.C. Surrounded by Henrico and Chesterfield counties, the city is located at the intersections of Interstate 95 and Interstate 64, and encircled by Interstate 295 and Virginia State Route 288. Major suburbs include Midlothian to the southwest, Chesterfield to the south, Varina to the southeast, Sandston to the east, Glen Allen to the north and west, Short Pump to the west and Mechanicsville to the northeast.

The site of Richmond had been an important village of the Powhatan Confederacy, and was briefly settled by English colonists from Jamestown in 1609, and in 1610–1611. The present city of Richmond was founded in 1737. It became the capital of the Colony and Dominion of Virginia in 1780, replacing Williamsburg. During the Revolutionary War period, several notable events occurred in the city, including Patrick Henry's "Give me liberty or give me death" speech in 1775 at St. John's Church, and the passage of the Virginia Statute for Religious Freedom written by Thomas Jefferson. During the American Civil War, Richmond served as the second and permanent capital of the Confederate States of America. The city entered the 20th century with one of the world's first successful electric streetcar systems. The Jackson Ward neighborhood is a national hub of African-American commerce and culture.

Richmond's economy is primarily driven by law, finance, and government, with federal, state, and local governmental agencies, as well as notable legal and banking firms, located in the downtown area. The city is home to both the United States Court of Appeals for the Fourth Circuit, one of 13 United States courts of appeals, and the Federal Reserve Bank of Richmond, one of 12 Federal Reserve Banks. Dominion Resources and WestRock, Fortune 500 companies, are headquartered in the city, with others in the metropolitan area.

 

Richmond, Virginia Average Real Estate Agent Commission Rate Fees:

A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Richmond, Virginia. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!

The national average total real estate commission in 2015 was 5.26% *

In Richmond, Virginia, you will find the following real estate commissions charged*:

Typical Asking Commission: 6.0%

Competitive Commission: 5.0%-5.5%%

Very Competitive Commission: 4.5%-4.99%

The median existing single-family home price in the South rose 6.7%, to $229,400, in the second quarter of 2017 compared to the the second quarter of 2016.  Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:

In the State of Virginia, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Richmond $254,000 5.7%
Virginia Beach-Norfolk-Newport News $239,900 7.6%
Washington-Arlington-Alexandria, DC-VA-MD-WV $428,700 5.4%
 
IMPORTANT

Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home.  In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).

In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent.  Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”.  This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client.  This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).

When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.

 

AGENTS ARE READY TO BID THEIR COMMISSION RATE TO GET YOUR LISTING

At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business.  These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm.  This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Virginia.

 

ARE YOU BUYING IN THE SAME AREA, TOO?

Sellers who are also buying a home in the same local market have a volume discount advantage.  ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home.  Be sure to check the box that you are also buying a home locally to receive these better rates.

 

ARE YOU READY TO RECEIVE COMPETITIVE COMMISSION RATE BIDS?

Click here to see your savings in just 24 hours…

 

DEMOGRAPHICS:

As of the 2010 United States Census, there were 204,214 people residing in the city. 50.6% were Black or African American, 40.8% White, 5.0% Asian, 0.3% Native American, 0.1% Pacific Islander, 3.6% of some other race and 2.3% of two or more races. 6.3% were Hispanic or Latino (of any race).

As of the census of 2000, there were 197,790 people, 84,549 households, and 43,627 families residing in the city. The population density was 3,292.6 people per square mile (1,271.3/km²). There were 92,282 housing units at an average density of 1,536.2 per square mile (593.1/km²). The racial makeup of the city was 57.2% African American, 38.3% White, 0.2% Native American, 1.3% Asian, 0.1% Pacific Islander, 1.5% from other races, and 1.5% from two or more races. Hispanic or Latino of any race were 2.6% of the population.

There were 84,549 households out of which 23.1% had children under the age of 18 living with them, 27.1% were married couples living together, 20.4% had a female householder with no husband present, and 48.4% were non-families. 37.6% of all households were made up of individuals and 10.9% had someone living alone who was 65 years of age or older. The average household size was 2.21 and the average family size was 2.95.

In the city, the age distribution of the population shows 21.8% under the age of 18, 13.1% from 18 to 24, 31.7% from 25 to 44, 20.1% from 45 to 64, and 13.2% who were 65 years of age or older. The median age was 34 years. For every 100 females there were 87.1 males. For every 100 females age 18 and over, there were 83.5 males.

The median income for a household in the city was $31,121, and the median income for a family was $38,348. Males had a median income of $30,874 versus $25,880 for females. The per capita income for the city was $20,337. About 17.1% of families and 21.4% of the population were below the poverty line, including 32.9% of those under age 18 and 15.8% of those age 65 or over.

 

ECONOMY:

Richmond's strategic location on the James River, built on undulating hills at the rocky fall line separating the Piedmont and Tidewater regions of Virginia, provided a natural nexus for the development of commerce. Throughout these three centuries and three modes of transportation, the downtown has always been a hub, with the Great Turning Basin for boats, the world's only triple crossing of rail lines, and the intersection of two major interstates.

Law and finance have long been driving forces in the economy. The city is home to both the United States Court of Appeals for the Fourth Circuit, one of 13 United States courts of appeals, and the Federal Reserve Bank of Richmond, one of 12 Federal Reserve Banks, as well as offices for international companies such as Genworth Financial, CapitalOne, Philip Morris USA, and numerous other banks and brokerages. Richmond is also home to four of the largest law firms in the United States: Hunton & Williams, McGuireWoods, Williams Mullen, and LeClairRyan. Another law firm with a major Richmond presence is Troutman Sanders, which merged with Richmond-based Mays & Valentine LLP in 2001.

Since the 1960s Richmond has been a prominent hub for advertising agencies and advertising related businesses. One of the most notable Richmond-based agencies is The Martin Agency, founded in 1965 and currently employing 500 people. As a result of local advertising agency support, VCU's graduate advertising school (VCU Brandcenter) is consistently ranked the No. 1 advertising graduate program in the country.

Richmond is home to the rapidly developing Virginia BioTechnology Research Park, which opened in 1995 as an incubator facility for biotechnology and pharmaceutical companies. Located adjacent to the Medical College of Virginia (MCV) Campus of Virginia Commonwealth University, the park currently has more than 575,000 square feet (53,400 m2) of research, laboratory and office space for a diverse tenant mix of companies, research institutes, government laboratories and non-profit organizations. The United Network for Organ Sharing, which maintains the nation's organ transplant waiting list, occupies one building in the park. Philip Morris USA opened a $350 million research and development facility in the park in 2007. Once fully developed, park officials expect the site to employ roughly 3,000 scientists, technicians and engineers.

Richmond's revitalized downtown includes the Canal Walk, a new Greater Richmond Convention Center, and expansion on both VCU campuses. A new performing arts center, Richmond CenterStage, opened on September 12, 2009. The complex included a renovation of the Carpenter Center and construction of a new multipurpose hall, community playhouse, and arts education center in parts of the old Thalhimers department store.

Richmond is also fast-becoming known for its food scene, with several restaurants in the Fan, Church Hill, Jackson Ward and elsewhere around the city generating regional and national attention for their fare. Departures magazine named Richmond "The Next Great American Food City" in August 2014. while Metzger Bar & Butchery made its "Best New Restaurants: 12 To Watch" list. Craft beer and liquor production is also growing in the River City, with twelve micro-breweries in city proper; the oldest is Legend Brewery, founded in 1994. Three distilleries, Reservoir Distillery, Belle Isle Craft Spirits and James River Distillery, were established in 2010, 2013 and 2014, respectively.

Additionally, Richmond is gaining attention from the film and television industry, with several high-profile films shot in the metro region in the past few years, including the major motion picture Lincoln which led to Daniel Day-Lewis's third Oscar, Killing Kennedy with Rob Lowe, airing on the National Geographic Channel and Turn, starring Jamie Bell and airing on AMC. Richmond was the main filming location for the PBS drama series Mercy Street, which premiered in Winter 2016. Several organizations, including the Virginia Film Office and the Virginia Production Alliance, along with events like the Richmond International Film Festival and French Film Festival, continue to put draw supporters of film and media to the region.

 

*Data provided by Bankrate.com - Real Estate and Wikipedia - Richmond - Virginia