Market Snapshot
- Median listing price
- $275K
- Median rent
- $1,585/mo
- Days on market
- 192 days
- Gross rental yield
- 6.92%
- STR vs LTR
- $2,777/mo STR · $1,585/mo LTR
The median listing price in Richmond, VA ZIP 23223 is $275,000 as of June 2026.
The median market rent in Richmond, VA ZIP 23223 is $1,585/month as of June 2026.
The median days on market in Richmond, VA ZIP 23223 is 192 days as of June 2026. The market is currently neutral.
At a median list price of $275,000 and a median rent of $1,585/month, the gross rental yield in Richmond, VA ZIP 23223 is 6.92% as of June 2026.
In Richmond, VA ZIP 23223, median Airbnb revenue is $2,777/month compared to median long-term rent of $1,585/month as of June 2026.
Richmond, VA 23223 Real Estate Market Report
ZIP Code: 23223
Report Date: June 2026
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
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.
Key Findings
- $288,000 median sold price is the best indicator of realized market value in 23223 and should be used as the primary reference for valuations; note there is a visible listing/sale spread versus the $275,000 median listing price, which may indicate pricing friction between seller expectations and recent transactions. pricing gap
- 192 median days on market signals slower sales velocity and suggests transactions are taking longer to close in the current cycle, which may require sellers to be more patient or flexible on terms. slower liquidity
- Market temperature: neutral paired with a price year-over-year trend of up indicates a balanced market that is leaning only modestly toward sellers—buyers still have negotiating room while sellers benefit from modest appreciation. balanced conditions
- $1,585 median market rent together with a rent year-over-year trend of up points to robust rental demand supporting investment interest in SFR and condo stock, while interest rate pressure at moderate suggests financing remains a meaningful but not prohibitive factor for buyers. rental strength
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold below market average
Sold below market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.50% rate, 0.8% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 6/1/2026
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