Richmond, VA 23220 Real Estate Market Report

ZIP Code: 23220
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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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

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

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Key Findings

1. The neighborhood's primary market indicator is the median sold price of $476,000, which suggests realized value near current asking levels (median listing price $475,000) and signals limited pricing gap between offers and seller expectations; up price momentum at the broader level supports retention of value in well-presented SFR and condo listings.

2. The median days on market is 323, indicating notably slower sales velocity that may reflect buyer selectivity or transaction friction; sellers should expect longer listing periods and consider targeted pricing or presentation improvements to accelerate closings; slower sales velocity.

3. The median price per square foot of $281 combined with a median market rent of $1,750 suggests pricing that may remain attractive to investors where rental demand is strong; however, assess property-level cash flow and financing costs carefully given moderate interest rate pressure.

4. Market balance appears neutral overall (market temperature: neutral), with relatively constrained active supply in the analyzed sample and moderate transaction volume—this suggests a balanced negotiation environment where marketing, condition, and pricing quality will drive outcomes; neutral market temperature.

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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.

Richmond, VA 23220 Real Estate Market Report

ZIP Code: 23220
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

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Key Findings

1. The primary indicator, median sold price, is 318,450, which should be treated as the most reliable snapshot of recent transaction-level value in ZIP 23220 and suggests realized prices are slightly below asking in the current market.

2. Listing behavior shows a gap between the median listing price of 325,000 and the median sold price of 318,450, which may indicate pricing friction where seller expectations are modestly higher than recent transaction outcomes.

3. The market exhibits slower sales velocity as evidenced by the median days on market of 378, which appears to reflect extended time-to-contract and may indicate that sellers need stronger presentation or price alignment to achieve timely closings; this should be factored into marketing windows and contingency planning.

4. Rental fundamentals are supportive with a median market rent of 1,695 and a rent year-over-year trend: up, while broader signals show a neutral market temperature and moderate interest rate pressure—together these factors suggest balanced sales conditions with durable rent demand that can underwrite investment cases, though financing costs remain a caution.

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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.