Richmond, VA 23224 Real Estate Market Report

ZIP Code: 23224
Report Date: March 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of March 2026, the real estate market in Richmond, VA (ZIP: 23224) reflects a median sold price of $240,000, indicating a stable market environment. The neighborhood has increased up since 2023, suggesting a positive trend in property values. However, the market is experiencing a slower sales velocity, with homes taking a median of 225 days on market. This extended timeframe may indicate a shift towards more cautious buyer sentiment, despite the overall price appreciation being above the national average.

The current market conditions reveal elevated inventory levels, with an excess supply relative to sales activity. This scenario suggests that while demand remains strong, the pace of transactions has moderated, leading to a potential cooling in the market. Additionally, the median listing price stands at $279,975, which highlights a notable gap between asking prices and sold prices, contributing to pricing friction as sellers adjust expectations to align with buyer sentiment.

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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 Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Richmond VA average 6.38% as of March 26, 2026, which is 0.29% lower than the 6.67% average from one year ago.

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 median sold price of $240,000 reflects stable market conditions, with prices up since 2023.

2. Homes are taking a median of 225 days on market, indicating a slower sales velocity and potential buyer caution.

3. The median listing price of $279,975 shows a significant gap from the sold price, suggesting pricing friction in the market.

4. With elevated inventory levels, there is an excess supply relative to sales activity, indicating a shift in market dynamics.

5. The median market rent is $1,727, reflecting strong rental demand amidst the changing sales landscape.

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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.