Richmond, VA 23224 Real Estate Market Report

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

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.

Market Trends & Context

Key Findings

1. The primary market indicator, the median sold price of 208,000, indicates the most representative recent transaction value for the neighborhood and, coupled with a median listing price of 298,800, suggests pricing friction where seller expectations may exceed realized sale values; balanced-to-cautious pricing appears to be present.
2. The median days on market at 244 signals notably slower sales velocity compared with typical market turnover, which may indicate that properties are taking longer to find buyers and that liquidity is subdued; slower transaction pace may increase negotiation leverage for buyers.
3. With the median price per square foot at 199 and a median market rent of 1,495, rental fundamentals are strengthening (rent year-over-year trend is up) which may support investor interest even as transaction velocity is slower; rising rents point to durable rental demand.
4. Market context shows the price year-over-year trend is up while market temperature is neutral and interest rate pressure is elevated, so expect continued moderate appreciation but with affordability headwinds that may keep the market leaning toward a balanced state rather than a clear seller advantage; neutral market temperature with elevated interest rate pressure suggests caution on rapid price escalation.

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.