Richmond, VA 23227 Real Estate Market Report

ZIP Code: 23227
Report Date: March 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Richmond, VA (ZIP: 23227) stands at $380,000, reflecting a competitive market where home values are appreciating. The neighborhood has increased 15% since 2023, indicating strong demand despite some fluctuations in market conditions. The current market temperature is classified as hot, suggesting that buyers are actively seeking properties, although there are emerging signs of balance as buyers gain slight leverage against sellers.

Market velocity appears to be slower, with a median days on market of 276. This extended timeframe may indicate a degree of pricing friction, as elevated inventory levels are present relative to sales activity. The median listing price is $454,950, which is significantly higher than the median sold price, highlighting potential gaps in seller expectations versus actual market transactions. Overall, the market remains competitive, but the dynamics are shifting slightly as buyers navigate their options.

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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

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 around 6.51% are 0.76% higher than the recent market low of 5.75% seen for VA loans in this area.

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. $380,000 is the median sold price, reflecting a competitive market with strong demand.

2. The neighborhood has increased 15% since 2023, indicating a positive trend in home values.

3. Median days on market is 276, suggesting slower sales velocity and potential pricing friction.

4. The median listing price of $454,950 shows a significant gap compared to the sold price, indicating seller expectations may be misaligned with market realities.

5. Rental demand remains robust, with a median market rent of $1,727, contributing to overall market stability.

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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.