Richmond, VA 23221 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. The neighborhood's primary indicator, median sold price, is $537,500, which reflects realized transaction values and suggests recent buyer willingness to transact below prevailing asking levels; pricing friction between list and sale may be present given the gap with the median listing price.
2. The median days on market is 332, indicating notably slower sales velocity that may reflect extended negotiation timelines or conditional demand rather than rapid turnover; this level of market duration suggests cautious listing-to-contract dynamics rather than immediate liquidity.
3. The median price per square foot is $400, supporting a high-dollar-per-area market tier that appears consistent with the elevated median listing price; coupled with a neutral market temperature, this suggests stable pricing at the upper end of the local SFR/condo spectrum.
4. Median market rent is $1,650, and with rent year-over-year trend listed as up while interest rate pressure is labeled elevated, investors and owner-occupiers should anticipate financing headwinds even as rental income shows upward movement; consider underwriting conservatively and prioritizing listings with clear rent-supporting fundamentals.

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.