Richmond, VA 23222 Real Estate Market Report

ZIP Code: 23222
Report Date: March 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of March 2026, the real estate market in Richmond, VA (ZIP: 23222) is characterized by a median sold price of $299,950, reflecting a robust market despite a slight cooling trend. The neighborhood has increased 15% since 2023, indicating a strong appreciation in property values. While homes are still selling relatively quickly, the median days on market has risen to 208 days, suggesting a shift towards a more balanced market environment with moderate sales activity. This increase in days on market may indicate a growing inventory relative to the pace of sales, contributing to a more stable pricing landscape.

The current median listing price stands at $270,000, which introduces a notable gap between asking and sold prices, potentially reflecting seller expectations that may not align with current market realities. The market remains under pressure from elevated interest rates, with current 30-year fixed mortgage rates averaging between 6.375% and 6.52%. This condition may further influence buyer behavior and transaction velocity, contributing to the observed changes in market dynamics.

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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

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Property Taxes

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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.

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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 the Richmond VA 23222 area average around 6.375% to 6.52%, which is slightly higher than recent 2026 lows seen near 6.25% or 5.75% for some loan types, indicating a minor rate increase for new commitments.

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 is $299,950, indicating a strong appreciation in property values.

2. With a median days on market of 208, the market is experiencing slower sales velocity, suggesting a shift towards a more balanced environment.

3. The median listing price of $270,000 shows a significant gap compared to sold prices, which may indicate pricing friction in the market.

4. Current mortgage rates are between 6.375% and 6.52%, contributing to elevated interest rate pressure on buyers.

5. The median market rent is $1,727, reflecting strong rental demand 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.