Richmond, VA 23227 Real Estate Market Report
ZIP Code: 23227
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
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
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.
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
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
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.
Key Findings
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median sold price $372,000 is the clearest indicator of realized market value in 23227 and suggests recent transactions are anchoring market expectations; hot market conditions support continued upward pricing pressure.
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There is a notable gap between median listing price $419,950 and the median sold price, which may indicate pricing friction where seller expectations outpace recent transaction levels and could prolong negotiations for properties not priced to market.
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The market shows slower sales velocity as reflected by median days on market 324, which, combined with a relatively constrained active supply in the analyzed sample, suggests liquidity may be mixed—well-priced homes still move quickly while others experience extended time to contract.
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Macro and demand signals are supportive: market temperature hot and price year-over-year trend up alongside rent year-over-year trend up indicate continued demand for SFR and condo product, while interest rate pressure elevated is a cautionary factor that may limit buyer purchasing power despite strong market fundamentals.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold below market average
Sold below market average
Richmond, VA 23227 Real Estate Market Report
ZIP Code: 23227
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.
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
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.
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
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
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.
Key Findings
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The primary market-value signal is the median sold price 455,000, which represents the most reliable indicator of recent transaction levels and should be used to set competitive offers and comps.
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Despite a hot market temperature, the median days on market 374 suggests slower sales velocity for some listings and may indicate pricing friction or atypical time-to-close for certain property condition or price bands.
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Price momentum is positive: the broader index shows price year-over-year trend up, and this aligns with a median price per square foot 227 — favoring sellers of well-priced, move-in-ready SFR and condo inventory; underperforming or over-priced listings may still experience extended market time.
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Rising rental fundamentals and financing context create mixed signals: median market rent 1,095 is trending up while interest rate pressure elevated (elevated) may constrain some buyer affordability; investors should underwrite with conservative financing assumptions and expect selective buyer pools.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Sold at market average
Sold below market average
Sold below market average
Sold below market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.5% rate, 0.8% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
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