Richmond, VA 23231 Real Estate Market Report

ZIP Code: 23231
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 Richmond, VA, are averaging 6.3%, reflecting the prevailing market environment for property owners in this area as of May 2026.

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 primary market indicator is the median sold price — $299,950 — which, combined with a year-over-year price trend of up, points to moderate price appreciation and a generally stable market value signal.

2. The median days on market is 223, signaling slower sales velocity and suggesting pricing friction; the market temperature remains neutral, so transactions may take longer without a clear shift toward buyers or sellers.

3. The median listing price is $347,500, creating a noticeable gap between seller expectations and recent transaction prices that may reflect seller optimism or a need for price adjustments; the analyzed sample indicates relatively constrained active supply that could partially support pricing.

4. The median market rent is $1,495, with rent year-over-year trending up, supporting rental demand; however, interest rate pressure is moderate and current 30-year fixed rates are ~6.3%, which may temper buyer affordability and investment activity.

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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 23231 Real Estate Market Report

ZIP Code: 23231
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 Richmond, VA, are averaging 6.3%, reflecting the prevailing market environment for property owners in this area as of May 2026.

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: $412,500 — Recent transaction values center around this level, which establishes current market value; given the up price year-over-year trend, sellers in desirable pockets may sustain pricing, while buyers should expect limited room for aggressive negotiation.

2. median listing price: $417,475 — The small gap between median listing price and the median sold price suggests limited listing-to-sale premium, which may indicate realistic seller expectations but also pricing friction for marginally overpriced homes.

3. median days on market: 414 — Extended time on market points to slower sales velocity and suggests that liquidity is muted; investors and sellers should plan for longer marketing periods and staged pricing adjustments rather than expecting quick transactions.

4. Inventory appears as a relatively constrained active supply in the analyzed sample, supporting a generally balanced market temperature; combine this with median market rent: $1,095 and an up rent year-over-year trend to consider hold strategies for owners, while buyers weigh moderate interest rate pressure at current 30-year fixed mortgage rates (~6.3%) when modeling carrying costs.

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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.