Richmond, VA 23234 Real Estate Market Report
ZIP Code: 23234
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.
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
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.
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 6.37%, 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.
Key Findings
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The primary market signal is the median sold price of 278,000, which indicates recent transaction-level value and suggests pricing is tracking realized demand rather than asking expectations; given the median listing price of 309,999, there appears to be a pricing gap that may indicate seller optimism above recent sale levels.
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Liquidity appears muted based on a long median days on market of 285, which signals slower sales velocity even as the sample shows relatively constrained active supply; this combination suggests pricing friction rather than rapid turnover.
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Price direction is positive: the price year-over-year trend is up, supported by rent pressures where the rent year-over-year trend is also up, indicating continued underlying demand for occupancy-driven housing in the area up.
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Market context is broadly balanced: the market temperature is neutral while interest rate pressure is elevated (current 30-year fixed mortgage rates averaging 6.37%), so expect buyer affordability headwinds to temper transaction volume even as pricing shows modest appreciation and median market rent of 1,500 supports rental demand elevated interest rate pressure.
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 above market average
Sold above market average
Sold above market average
Sold at market average
Sold below market average
Sold below market average
Sold below market average
Richmond, VA 23234 Real Estate Market Report
ZIP Code: 23234
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.
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
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.
Rental Market
Property Taxes
Liquidity & Velocity
Liquidity metrics unavailable due to insufficient data quality.
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 6.37%, 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.
Key Findings
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median sold price: unavailable — The median sold price for ZIP 23234 is not provided in the available metrics; this absence limits precise valuation guidance and suggests relying on representative recent sale review and the provided sample of transactions for pricing decisions, rather than a single central tendency metric. data gap
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price year-over-year trend: up — Recent transaction-level data indicate prices are trending upward year-over-year, which suggests sellers can expect modest appreciation and buyers should account for upward pressure when making offers. up
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median market rent: 1,195 and rent year-over-year trend: up — Rents are reported at $1,195 with year-over-year growth, signaling strengthening rental demand that may support investor interest in SFR and condo units; prioritize properties where rental pricing covers financing under current rate conditions. up
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interest rate pressure: elevated and local mortgage environment: Current 30-year fixed mortgage rates in Richmond, VA, average 6.37%, reflecting the prevailing market environment for property owners in this area as of May 2026.** — Elevated interest rate pressure at current average rates may compress buyer purchasing power and suggests pricing strategies should consider rate-sensitive buyer pools and longer listing windows. elevated
Notable Properties
The following 3 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.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.3% rate, 1.0% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
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