Looking for Luxury? Here’s What You Should Know About Million-Dollar Homes in Central Virginia

1. The Million-Dollar Home Market Is Booming

You’re not imagining it: Central Virginia and Richmond are experiencing an absolute surge in luxury home sales. In 2019, just 114 homes sold for more than $1 million. By 2024, that number skyrocketed to 496. This isn’t just a blip: it’s a bona fide luxury renaissance, fueled by high-net-worth buyers and fierce demand. If you’re entering the market now, expect excitement and strong competition.

2. Bidding Wars Are the New Normal

Think a $950,000 list price means a home will sell for less than a million? Think again! In Richmond, intense bidding wars regularly push homes past the seven-figure mark. For example, several homes listed under $1 million in 2025 ended up closing for $1.1M or even $2.3M thanks to multiple offers. If you fall in love with a home near this threshold, be ready to act quickly and decisively.

3. Historic Charm and Modern Luxury Go Hand in Hand

Many of Richmond’s most desirable million-dollar homes blend timeless Southern architecture with top-of-the-line modern amenities. Think grand entryways, intricate millwork, and original fireplaces: lined with mantels from a century ago: seamlessly paired with chef-worthy kitchens, smart-home tech, and spa-inspired bathrooms. A standout example is the 1910 estate on Franklin Street, designed by the legendary Marcellus Wright.

4. Size Counts: and So Do the Details

Richmond’s luxury homes offer abundant square footage: often ranging from 4,300 square feet to nearly 10,000. Most include four to seven bedrooms, three to six (or more) baths, and plenty of space for grand entertaining. But what really shines? The details: Brazilian walnut floors, lavish foyers, four-story elevators, floor-to-ceiling windows, and other custom finishes that elevate every daily experience.

5. Premier Neighborhoods Offer Real Prestige

Location is everything. Neighborhoods like Windsor Farms, Founders Bridge, and Salisbury consistently top luxury buyers’ lists. Windsor Farms, notably, is considered the crown jewel of Richmond living: home to tree-lined streets, sprawling estates, and a historic vibe that’s unmatched in the city. Many of these enclaves boast private streets, clubhouses, tennis courts, and access to golf or river views.

6. Expect Wow-Worthy Amenities

It’s not just about granite countertops anymore. The extras truly set these homes apart. Think saltwater pools, outdoor kitchens, river-view decks with gas grills, climate-controlled wine rooms, and even carriage houses for guests or in-laws. Inside, you’ll find incredible spaces like music rooms, artist studios, and fitness suites. Some homes add gourmet pantries or butler’s quarters: reminding you luxury has no limits here.

7. Modern New-Builds Compete with Classic Estates

You’ll spot both restored century-old mansions and sparkling new builds in this market. Newer construction tends to feature wide-open layouts, sustainability features, LED lighting, and dramatic window walls. Older homes often blend their historic soul with contemporary updates, thanks to full-scale renovations. The variety here is immense: there’s truly no “one size fits all” in Richmond’s luxury bracket.

8. The Investment Value Remains Rock Solid

With rising demand and limited supply, luxury real estate in Central Virginia and Richmond continues to be a smart investment. Even in the face of fluctuating interest rates, these homes typically hold: if not grow: their value. Competitive offers and homes closing well above asking price underscore why so many savvy buyers see this area as a platform for long-term appreciation and legacy wealth.

9. Working with Local Luxury Experts Makes All the Difference

Navigating this high-stakes market requires expertise and strategy. That’s where a relationship with a local luxury advisor: like our team at CSG Real Estate Advisors: becomes invaluable. From private showings to customized marketing, expert negotiation, and insider insights into pocket listings, professional support gives you an unbeatable edge. Discover more about what it’s like to buy or sell at this level by visiting our insights page.

If you have questions about buying or selling a million-dollar home in Central Virginia or Richmond, don’t hesitate to connect with us. We know the nuances of this exciting market.