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

Market Trends & Context

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 indicator is the median sold price—$747,000—which reflects recent transaction values in ZIP 23221 and, together with a price year-over-year trend up, suggests realized sales are tracking an upward price direction even as the broader local market moves toward balance.
2. The gap between the median listing price—$680,000—and the median sold price—$747,000—may indicate that recent closed transactions captured higher-priced segments or that sellers achieving sale prices above typical asking levels; sellers should continue to set list strategies with realistic expectations and buyers should expect some negotiated upward pressure.
3. Liquidity appears slow based on a median days on market of 514 days, which represents extended time-to-close and suggests slower sales velocity; combined with the snapshot indication of relatively constrained active supply, this may create pricing friction that weakens quick-turn strategies and favors careful staging and pricing tactics to shorten marketing time.
4. Rental fundamentals show a median market rent of $1,600 and a rent year-over-year trend up, while interest rate pressure is characterized as moderate with 30-year fixed rates around local averages; investors should weigh improving rental income against moderate financing headwinds and prioritize properties that can convert to strong rent passages quickly.

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.