Richmond, VA 23220 Real Estate Market Report

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.

Market Metrics

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.

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.

Property Taxes

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.

Market Trends & Context

Key Findings

1. median sold price: $466,000 is the primary indicator of recent market value and transaction activity; with a hot market temperature and a price year-over-year trend that is up, recent sales support continued appreciation pressure.
2. The gap between median listing price: $699,000 and the median sold price: $466,000 suggests meaningful seller pricing expectations above recently realized transaction values and may indicate pricing friction that buyers are exploiting during negotiations.
3. The market shows slower liquidity as indicated by median days on market: 284, which should be interpreted as reduced sales velocity rather than absent demand; in a hot market with price momentum, extended market time appears to reflect mismatch between asking prices and transacted values.
4. Rental fundamentals remain supportive: median market rent: $1,695 and a rent year-over-year trend that is up reinforce demand for SFR and condo rentals, while interest rate pressure described as moderate suggests financing costs are a caution but not an immediate deterrent to transaction activity.

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.