Richmond, VA 23221 Real Estate Market Report

ZIP Code: 23221
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.

---

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

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.

---

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

---

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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Richmond, VA are averaging 6.4%, reflecting a stable market environment for property owners in this area compared to earlier in 2026.

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

---

Key Findings

1. The primary market value indicator is the median sold price $650,000, which should be used as the representative recent sale benchmark when pricing or underwriting opportunities; note that sellers' current expectations (median listing price $685,000) appear above recent transaction levels, which may indicate pricing friction between ask and realized value.

2. The market shows slow sales velocity as indicated by the median days on market 340, which suggests longer marketing periods and that sellers may need to adjust pricing or concessions to accelerate transactions; this longer DOM pattern signals softer liquidity relative to fast-turn markets.

3. Pricing per area remains elevated with a median price per square foot $383, and combined with a median market rent of $1,695 and rent year-over-year trend up, this supports continued investor and landlord interest for stabilized cash-flow strategies in well-located SFR and condo assets.

4. Market balance appears neutral: the market temperature is reported as neutral and interest rate pressure is moderate, while current mortgage conditions (Current 30-year fixed mortgage rates in Richmond, VA are averaging 6.4%) suggest financing costs remain meaningful for buyers—price progress should be approached cautiously with targeted comps and sensitivity to financing availability.

---

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 23221 Real Estate Market Report

ZIP Code: 23221
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.

---

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

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.

---

Rental Market

---

Property Taxes

---

Liquidity & Velocity

---

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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Richmond, VA are averaging 6.4%, reflecting a stable market environment for property owners in this area compared to earlier in 2026.

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

---

Key Findings

1. The neighborhood's median sold price is 272,500, and the price year-over-year trend is up, indicating moderate price appreciation reflected in recent transactions.

2. The median days on market is 404, which suggests slower sales velocity and that some listings may require longer marketing to reach contract, consistent with moderate transaction volume.

3. The median price per square foot is 338, and the market temperature is neutral, while elevated inventory relative to sales activity may create localized pricing friction outside the most desirable pockets.

4. The median market rent is 1,495, rent year-over-year trend is up, supporting steady landlord demand; interest rate pressure is moderate, and current 30-year fixed mortgage rates in Richmond are averaging 6.4%, a stable financing context for owners.

---

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.