Richmond, VA 23227 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

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.

Property Taxes

Liquidity & Velocity

Market Trends & Context

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

Key Findings

1. The neighborhood’s primary market signal is the median sold price of 369,500, which indicates recent transaction-level value and suggests a resilient pricing baseline for SFR and condominium properties; given the broader context, this appears consistent with a up price trend.
2. There is a meaningful gap between the median listing price of 399,970 and the median sold price of 369,500, which may indicate seller pricing expectations ahead of realized transaction prices and could create pricing friction during negotiations.
3. Liquidity appears muted by slower turnover: the median days on market of 312 points to prolonged listing periods and suggests slower sales velocity, even though the market is characterized as hot overall; sellers should expect variable time-to-contract across property condition and price bands.
4. Market support metrics show a median price per square foot of 245 and a median market rent of 1,195, while rent and price trends are both reported as up; combine this with moderate interest rate pressure to infer continued buyer interest but with financing sensitivity at current rates (approximately 6.4%–6.9%).

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.