Richmond, VA 23230 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

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

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

Key Findings

1. The primary market indicator, $324,500 median sold price, suggests modest appreciation with recent transactions clustering around this value; given the market context and representative recent sale prices, sellers can expect pricing that generally supports a rising price trend.
2. The 311 days median days on market points to slower sales velocity and increased holding time for sellers; combined with a neutral market temperature, this appears to reflect balanced negotiation dynamics rather than rapid turnover.
3. The $286 per square foot median price per square foot and $1,696 median market rent together indicate persistent rental demand while sales pricing remains competitive; this supports buyer and investor strategies that consider rent-growth fundamentals as rents are increasing.
4. Price signals are operating under elevated financing pressure: the market shows elevated interest rate pressure and current 30-year fixed mortgage rates are 6.4% versus 5.6% for earlier 2026 originations, which may constrain affordability and cause some buyers to delay or adjust offers—manage expectations for pace of offers and consider rate-sensitive concessions in negotiations.

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.