In February 2024, the average price of townhomes in the Greater Richmond Area was $410,000; within a year, it had skyrocketed to $597,000.
Townhomes, condominiums, and row houses are a form of attached housing – units that share one or more walls, floors, or ceilings, typically in a property with smaller breadths.
The influx of townhomes is attributed to the growing population in Henrico County. Western Henrico has begun to populate the oasis of consumerism, Short Pump.
The population in Short Pump has led to various issues, including traffic congestion and increased costs. The rise of inhabitants is reflected in the real estate development of attached housing, which prioritizes mass volume in development.
Mary Beth Coya, former lobbyist of 25 years for the Northern Virginia Association of Realtors, shares her stance on the posing issue: “The reality is Short Pump is changing from a suburban to an urban area.” The Short Pump amenities of commercial spaces, top-ranked school systems, and expansive career opportunities attract a variety of groups from single, young workers to large-scale families.
Coya analyzes the development and legal aspects of the real estate crisis that play into the rising costs seen by Henrico inhabitants.
One construction process in housing can be done through development by right – legal frameworks that automatically approve a building project if it follows inclusionary zoning. “To create more units per acre, developers will make settlements to sell a set percentage under the area’s median income,” Coya explains. In doing so, this expands the affordability to a variety of people without disrupting the flow of construction.
She also notes, beyond the population, other variables that could be affecting the rising prices, such as recent tariffs on aluminum and lumber, major trade and building resources. On June 3, 2025, President Trump increased the Section 232 tariffs on aluminum and steel from 25% to 50%.
Attached real estate properties and affordability ordinances can only do so much to counteract the looming problems of overpopulation. Large concentrations of people remain in western Henrico, as areas east of the combat development. The Arcadia Project within Varina aims to transform 262 acres of farmland into 1,000 homes in suburban neighborhoods. Rural inhabitants of Varina are wary of the threat to farmland that the construction poses to their communities.
“‘N.I.M.B.Y’ or ‘Not In My Back Yard’ is the mentality these rural communities hold. No one wants construction near them once they are settled at a place,” she remarks. Coya also mentions another clever acronym to describe this phenomenon: “B.A.N.A.N.A” – Build Absolutely Nothing Anywhere Near Anything.
“I think what really has to happen is cooperation with the areas around Short Pump,” Coya concludes. “It takes deliberation between citizens to make change.”
While more and more people begin to flood into Henrico, real estate market prices will continue to rise in the western areas. In January of 2025, a PIT count study identified 660 adults in Greater Richmond experiencing homelessness – a 28% increase from 516 adults in July 2024.
How long can real estate development sustain the rising populations of Western Henrico inhabitants? Above all, what does this mean to the future of remaining rural communities in Henrico?
