Richmond, VA 23220 Real Estate Market Report

ZIP Code: 23220
Report Date: March 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of March 2026, the Richmond, VA market (ZIP 23220) showcases a median sold price of $499,925, reflecting a robust demand that has led to a year-over-year price trend that is up. This increase in sold prices indicates a strong market performance, despite the median listing price of $425,000, which suggests some pricing friction as sellers adjust expectations in response to market dynamics. The median days on market stands at 282, indicating a slower sales velocity, which may suggest a shift towards a more balanced market environment compared to previous periods.

The current market conditions are characterized by elevated inventory levels, with 22 active listings analyzed against 200 sold properties. This indicates a scenario of excess supply relative to sales activity, contributing to a market temperature described as hot. The median market rent is recorded at $2,030, further supporting the overall stability of the market as affordability improves due to moderating interest rates, which currently average between 6.38% and 6.51%.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Richmond, VA market average around 6.38% to 6.51% as of late March 2026, which is lower than the 6.67% average from one year prior.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The median sold price of $499,925 reflects a strong demand in the Richmond, VA market, indicating a healthy appreciation trend.

2. With a median listing price of $425,000, there is notable pricing friction as sellers adjust their expectations in a competitive environment.

3. The median days on market of 282 suggests slower sales velocity, which may indicate a shift towards a more balanced market.

4. Elevated inventory levels suggest excess supply relative to sales activity, which could impact future pricing dynamics.

5. The median market rent of $2,030 indicates stable rental demand, supporting overall market health amidst changing interest rates.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.