Richmond, VA 23223 Real Estate Market Report

ZIP Code: 23223
Report Date: March 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

---

Executive Overview

The median sold price in Richmond, VA (ZIP: 23223) is $287,900, reflecting a competitive market despite a recent trend of price softening. The neighborhood has decreased 8% since 2022, indicating a shift in market dynamics that may be impacting seller expectations and buyer behavior. The current median listing price stands at $282,000, suggesting a slight gap between asking and selling prices, which may create pricing friction for sellers in this area.

Transaction activity appears moderate, with 186 days as the median days on market, indicating slower sales velocity. This extended time frame may suggest elevated inventory levels relative to sales activity, contributing to a more cautious market environment. However, the overall market remains competitive, buoyed by strong economic fundamentals and easing mortgage rates, which could stimulate renewed buyer interest in the near future.

---

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 the Richmond, VA market average 6.38% as of March 26, 2026, which is 0.29% higher than the 6.09% average seen one year ago.

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

---

Key Findings

1. $287,900 is the median sold price, reflecting a competitive market despite recent price softening.

2. The neighborhood has decreased 8% since 2022, indicating a shift in market dynamics that may impact seller expectations.

3. Median days on market are 186, suggesting slower sales velocity and potential pricing friction for sellers.

4. The median listing price of $282,000 indicates a slight gap between asking and selling prices, which may create challenges for sellers.

5. Market temperature is neutral, suggesting balanced conditions but with caution due to elevated inventory levels.

---

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.