Richmond, VA 23234 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

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.

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

Key Findings

1. The neighborhood's primary market indicator, median sold price, is 301,500, which is the most reliable measure of recent transaction value; the gap versus the median listing price of 340,000 suggests seller expectations exceed recent transactions and pricing friction may be present.
2. Recent sales show a long median days on market of 277, which points to slower sales velocity and suggests liquidity is muted even as transactions occur—this may indicate extended negotiation windows rather than immediate bidding wars.
3. Market direction signals are mixed: price year-over-year trend is up while market temperature is neutral, indicating moderate appreciation within a broadly balanced market; at the same time, rental pressure is up with median market rent at 1,495, supporting demand fundamentals for SFR and condo investors.
4. Elevated interest rate pressure (reported as elevated) alongside a median price per square foot of 204 implies financing headwinds could temper buyer enthusiasm and prolong listing periods; sellers should expect cautious buyer behavior and price sensitivity.

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.