Is Richmond, VA 23220 a buyer’s or seller’s market?

The Richmond housing market right now

In the three months ending August 31, 2026, 29% of homes in Richmond, VA 23220 sold above their list price, the typical home went under contract in 17 days and there were 1.8 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 122 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 41%, homes sold more slowly (14 days then) and the median sale price rose 21% to $584,747. Overall, Richmond is less competitive than a year ago, which gives buyers more room.

Within Richmond city, homes here sell more slowly than in 60% of the county’s ZIP codes, and sell less often over asking than in 80%. On our competition score, Richmond ranks #88 of 358 VA ZIP codes with enough sales (score 73 out of 100).

Nearby, buyers who want less competition could look at Richmond 23219 (0% sold over asking), while Richmond 23221 (60% sold over asking) and Richmond 23226 (56% sold over asking) are even more competitive.