Richmond, VA 23221 Real Estate Market Report

ZIP Code: 23221
Report Date: March 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Richmond, VA (ZIP: 23221) currently stands at $715,000, reflecting a robust market with a strong upward trajectory. This price point indicates a competitive environment, as the neighborhood has increased 15% since 2023. Despite elevated interest rates exerting some pressure, the demand for homes remains resilient, contributing to a hot market temperature characterized by ongoing bidding wars and sustained buyer interest.

Inventory conditions reveal elevated inventory levels relative to sales activity, with a notable median days on market of 307 days. This extended timeframe suggests a slower sales velocity, which may indicate a slight cooling in buyer urgency. Nevertheless, the overall market dynamics remain favorable for sellers, as evidenced by the median listing price of $690,000, which is closely aligned with the sold price, reinforcing strong seller expectations in this competitive landscape.

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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 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 Richmond VA 23221 average around 6.38% to 6.52%, which is slightly higher than typical 2026 origination rates around 6.25% to 6.45%, suggesting property owners locked in a favorable rate.

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 $715,000 indicates a strong market with significant appreciation, having increased 15% since 2023.

2. With a median days on market of 307, the market is experiencing slower sales velocity, suggesting potential pricing friction.

3. The median listing price of $690,000 is closely aligned with sold prices, reflecting strong seller expectations and a competitive market environment.

4. Elevated inventory levels are present, indicating excess supply relative to sales activity, which may lead to longer selling times.

5. The median market rent of $2,000 is rising, indicating sustained demand for rental properties in the area.

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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.