Richmond, VA 23230 Real Estate Market Report

ZIP Code: 23230
Report Date: May 2026
Market Temperature: NEUTRAL
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.

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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 Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the 23230 area of Richmond, VA, average 6.3% as of May 2026, reflecting the broader market trend for loans originated this year.

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. $399,000 is the primary indicator of current market value — the neighborhood’s recent transactions center around this median sold price and the price YoY trend is up, suggesting modest appreciation in realized sale values.

2. 296 median days on market points to slower sales velocity and extended time-to-close for transactions, which may indicate pricing friction or a careful buyer decision window rather than rapid turnover; interpret liquidity as relatively constrained active supply rather than elevated inventory.

3. $275 median price per square foot together with a $1,695 median market rent signals continued rent strength (rent YoY trend is up) and supports value for well-located SFR and condo assets, though pricing should be validated against comparable solds.

4. Current mortgage conditions show moderate interest rate pressure; Current 30-year fixed mortgage rates in the 23230 area of Richmond, VA, average 6.3% as of May 2026, which may temper buyer affordability and extend negotiation windows for sellers.

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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.

Richmond, VA 23230 Real Estate Market Report

ZIP Code: 23230
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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 Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the 23230 area of Richmond, VA, average 6.3% as of May 2026, reflecting the broader market trend for loans originated this year.

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. median sold price 399,950 remains the primary indicator of market value in ZIP 23230 and, combined with the sample's transaction activity, suggests pricing stability with moderate appreciation as reflected by the up price year-over-year trend.

2. median days on market 376 indicates slower sales velocity and longer listing lifecycles, which may create pricing friction between seller expectations and final sale outcomes rather than immediate liquidity.

3. median price per square foot 235 and median market rent 1,695 together point to a market where price levels and rental demand are both meaningful considerations for buy-to-rent analysis, while the rent year-over-year trend being up supports continued landlord interest.

4. median sold price 399,950 should be considered alongside a neutral market temperature and moderate interest rate pressure; current 30-year fixed mortgage rates average 6.3% locally, which may temper purchase activity even as rents rise.

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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.