Richmond, VA 23230 Real Estate Market Report

ZIP Code: 23230
Report Date: March 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The Richmond, VA market is currently characterized by a median sold price of $410,000, reflecting strong transaction activity despite a slight moderation in price appreciation. The neighborhood has increased up since 2023, indicating a resilient market. However, the median days on market have extended to 284 days, suggesting a slower sales velocity and potential pricing friction as buyers adjust to the current economic landscape.

Inventory levels appear elevated relative to sales activity, with a notable median listing price of $362,475. This gap between listing and sold prices may indicate seller expectations that are not fully aligned with current buyer sentiment. Despite the elevated interest rate pressure, the market remains classified as hot, supported by strong local economic fundamentals and ongoing population inflow, which continues to bolster housing demand.

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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 the Richmond VA market average around 6.4% to 6.5%, which is slightly higher than the 6.375% seen in late March 2026, suggesting a minor rate increase risk for new financing.

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 $410,000 indicates strong market performance despite a slower sales velocity.

2. With 284 days on market, properties are experiencing longer selling times, suggesting moderate buyer activity.

3. The median listing price of $362,475 reflects seller expectations that may not align with current buyer sentiment.

4. The market temperature remains hot, driven by strong local economic fundamentals and population growth.

5. $1,760 is the median market rent, indicating continued demand for rental properties 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.