Richmond, VA 23223 Real Estate Market Report

ZIP Code: 23223
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.

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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

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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.

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Key Findings

1. The primary indicator of recent transaction value is the median sold price of $290,000, which represents the most reliable snapshot of realized market value for SFR and condo transactions in ZIP 23223; given the neutral market temperature, this suggests pricing is stable around that representative recent sale.

2. Comparing ask versus realized value shows the median listing price of $297,425 sits modestly above the median sold price, which may indicate some seller pricing optimism and pricing friction between listing expectations and transaction outcomes.

3. Market liquidity appears slow relative to typical market cycles: the median days on market of 203 points to extended marketing times and slower sales velocity, even as the price year-over-year trend is reported as up, implying prices have been resilient despite prolonged time-to-contract.

4. Rents and broader demand signals remain supportive: the median market rent is $1,499 and the rent year-over-year trend is up, while interest rate pressure is noted as elevated; together these factors suggest continued landlord demand but higher financing costs that may temper buyer activity and contribute to the observed pricing friction.

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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.

Richmond, VA 23223 Real Estate Market Report

ZIP Code: 23223
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.

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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 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.

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Key Findings

1. $115,000 is the neighborhood's primary indicator of current market value based on recent transactions; this median sold price points to affordable price tiers relative to larger Richmond submarkets and should be treated as the most reliable pricing signal for underwriting and comps. representative recent sale

2. The market shows slower sales velocity with a median days on market of 770, which may indicate extended negotiation windows and greater time-to-close on listings even as transactions occur; sellers and investors should plan for longer holding periods. slower sales velocity

3. Price and rent trends are both positive—price and rent are up year‑over‑year—and the median price per square foot of 158 alongside a median market rent of 1,395 suggests continued demand for rental-stock and SFR/condo income potential in this submarket.

4. Inventory conditions in the analyzed sample point to a relatively constrained active supply, and with the market temperature described as neutral and interest rate pressure listed as elevated, pricing is likely to remain balanced rather than strongly one‑sided; expect measured seller leverage but higher financing costs. balanced market

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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.