Is Richmond, VA 23221 a buyer’s or seller’s market?
Richmond is a seller’s market. With about 0.5 months of supply and 60% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 99% of U.S. ZIP codes, and #1 of 358 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Richmond housing market right now
In the three months ending August 31, 2026, 60% of homes in Richmond, VA 23221 sold above their list price, the typical home went under contract in 9 days and there were 0.5 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 67 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 37%, homes sold faster (16 days then) and the median sale price fell 7% to $688,702. Overall, Richmond is more competitive than a year ago, so tougher for buyers.
Within Richmond city, homes here sell faster, and more often over asking, than in any other ZIP code in the county. On our competition score, Richmond ranks #1 of 358 VA ZIP codes with enough sales (score 96 out of 100).
Nearby, buyers who want less competition could look at Richmond 23219 (0% sold over asking) or Richmond 23220 (29% sold over asking).
Run the numbers for 23221
Nearby markets
Richmond 23219Seller’s market $361 /sq ftRichmond 23220Seller’s market $318 /sq ftRichmond 23224Seller’s market $217 /sq ftRichmond 23225Seller’s market $265 /sq ft Browse all markets →Towns like Richmond nearby
Find towns like Richmond in other states →Where Richmond is
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Questions about Richmond real estate
Is Richmond a buyer’s or seller’s market?
A seller’s market: there were 0.5 months of supply in Richmond, VA 23221 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Richmond?
The typical home went under contract in 9 days in the latest three months.
Do homes in Richmond sell over asking?
60% of homes sold above their original list price, and the typical sale closed at 103.8% of the list price.
What are property taxes in Richmond?
About 0.89% of a home’s value a year in Richmond city, or roughly $3,560 on a $400,000 home.
What is the median home price in Richmond?
The median sale price was $688,702 in the three months ending August 31, 2026, about $405 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology