Richmond, VA 23226 Real Estate Market Report

ZIP Code: 23226
Report Date: March 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The real estate market in Richmond, VA (ZIP: 23226) is currently characterized by a median sold price of $549,000, reflecting a solid appreciation in property values. This market has shown resilience, with prices increasing year-over-year, indicating a healthy demand despite the elevated interest rate pressure affecting buyer leverage. The median listing price stands at $504,950, suggesting a notable gap between asking prices and actual sold prices, which may indicate some pricing friction as sellers adjust expectations to align with market realities.

Transaction activity appears to be moderated, with 286 median days on market, suggesting a slower sales velocity. Elevated inventory levels relative to sales activity indicate a market that is experiencing excess supply, which could further influence pricing dynamics. Overall, while the market remains hot, the combination of elevated interest rates and prolonged days on market may suggest a cautious approach for both buyers and sellers moving forward.

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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 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 the Richmond, VA market average around 6.375% to 6.52%, which is higher than the typical 2026 origination rates that ranged from 5.75% to 6.00%.

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 $549,000 indicates strong market performance despite elevated interest rate pressure.

2. With a median listing price of $504,950, there is a notable gap that may suggest pricing friction as sellers adjust expectations.

3. The median days on market of 286 reflects a slower sales velocity, indicating that properties are taking longer to sell.

4. Elevated inventory levels suggest excess supply relative to sales activity, which may impact future pricing trends.

5. The median market rent of $2,220 continues to rise, indicating strong rental demand in the area.

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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.