Richmond, VA 23231 Real Estate Market Report

ZIP Code: 23231
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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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

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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 average 6.63% as of April 9, 2026, which is 0.64% higher than the average rate of 5.99% seen in early 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. $303,000 median sold price is the most reliable valuation signal and should guide price positioning for near-term offers and appraisals.

2. $349,000 median listing price versus the median sold price suggests sellers may be listing above recent transaction levels; consider staging price reductions or stronger justifications for premium pricing to avoid extended time on market.

3. 213 days median days on market indicates slower sales velocity; sellers should plan for longer carrying timelines and buyers may gain negotiation leverage on conditioned offers.

4. $1,727 median market rent and $209.3389296956978 median price per square foot provide context for hold vs. sell decisions—rental demand is supportive but evaluate cash flow against financing costs.

5. 1.2% property tax rate and reported moderate interest rate pressure (30-year average 6.63% as of April 9, 2026) mean carrying costs are material; factor financing sensitivity into underwriting and pricing discussions.

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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.