Market Snapshot
- Median listing price
- $375K
- Median rent
- $1,495/mo
- Days on market
- 217 days
- Gross rental yield
- 4.78%
- STR vs LTR
- $2,777/mo STR · $1,495/mo LTR
The median listing price in Richmond, VA ZIP 23231 is $375,000 as of June 2026.
The median market rent in Richmond, VA ZIP 23231 is $1,495/month as of June 2026.
The median days on market in Richmond, VA ZIP 23231 is 217 days as of June 2026. The market is currently neutral.
At a median list price of $375,000 and a median rent of $1,495/month, the gross rental yield in Richmond, VA ZIP 23231 is 4.78% as of June 2026.
In Richmond, VA ZIP 23231, median Airbnb revenue is $2,777/month compared to median long-term rent of $1,495/month as of June 2026.
Richmond, VA 23231 Real Estate Market Report
ZIP Code: 23231
Report Date: June 2026
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
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
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 Richmond, VA, average 6.6%, which is 0.6% higher than the 6.0% average seen earlier in 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
- The primary market value signal is the median sold price of $289,000, which represents the most reliable indicator of recent transaction activity and suggests a representative recent sale level for SFR and condo properties in ZIP 23231. representative recent sale
- There is a notable pricing gap between the median listing price of $375,000 and the median sold price of $289,000, which may indicate seller pricing expectations exceed realized sale prices and could create pricing friction during negotiations.
- Market velocity appears slow based on the median days on market of 217, which suggests extended marketing periods and slower transaction volume compared with faster-moving markets; this may require sellers to adjust pricing or terms to improve liquidity.
- Macro factors include a continuing price year-over-year trend of up and a rent year-over-year trend of up, supporting a positive value backdrop, but elevated borrowing costs—Current 30-year fixed mortgage rates in Richmond average 6.6%, 0.6% higher than earlier in 2026—introduce interest rate pressure that may moderate buyer capacity and transaction pace.
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 at market average
Sold above market average
Sold above market average
Sold above 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, 6.53% 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: 6/1/2026
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