Richmond, VA 23224 Real Estate Market Report

ZIP Code: 23224
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

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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Richmond, VA, average 6.35%, reflecting the prevailing market environment for property owners in this area as of May 2026.

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 most reliable indicator of current market value is the recent median sold price of 230,000, which suggests that transaction-level pricing is materially below asking expectations in parts of the market; treat recent sales as the primary pricing signal when setting offer or list strategies.

2. There is a notable spread between the median listing price of 284,950 and the median sold price of 230,000, which may indicate pricing friction and seller optimism; expect negotiated deals or price adjustments where listing expectations outpace realized sale values.

3. Liquidity appears slower based on the median days on market of 221, which points to reduced sales velocity and longer listing lifecycles; plan for extended marketing windows and contingency timing when managing transaction schedules or financing deadlines.

4. Rental fundamentals are strengthening: the median market rent is 1,399 and the rent year-over-year trend is up, supporting buy-and-hold strategies in submarkets with stable demand; however, moderate interest rate pressure (current average 30-year rate ~6.35%) advises careful cash-flow stress testing before acquisition.

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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 23224 Real Estate Market Report

ZIP Code: 23224
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

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.

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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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Richmond, VA, average 6.35%, reflecting the prevailing market environment for property owners in this area as of May 2026.

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. median sold price: $234,900 is the primary indicator of current market value and recent transaction activity; this level, combined with a neutral market temperature, suggests pricing is steady with selective seller advantages in desirable locations.

2. The market shows a year-over-year price trend that is up; paired with rents also up, this indicates ongoing price support from both owner-occupier and rental demand, though the market remains balanced rather than frothy.

3. Liquidity appears muted: the median days on market: 264 signals slower sales velocity and likely pricing friction for properties that are not competitively positioned; sellers should expect longer marketing periods unless pricing and presentation align with buyer expectations.

4. Supply in the analyzed sample is described as relatively constrained active supply, which, together with moderate interest rate pressure and a median price per square foot: $318, suggests buyers will face selective competition on well-priced, updated listings while financing costs remain a cautious factor.

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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.