Is Richmond, VA 23223 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 23223 sold above their list price, the typical home went under contract in 18 days and there were 1.6 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 200 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 34%, homes sold faster (20 days then) and the median sale price rose 10% to $364,842. Overall, Richmond is less competitive than a year ago, which gives buyers more room.

Within Henrico County, homes here sell more slowly than in 82% of the county’s ZIP codes, and sell less often over asking than in 91%. On our competition score, Richmond ranks #108 of 358 VA ZIP codes with enough sales (score 71 out of 100).

Nearby, buyers who want less competition could look at Henrico 23075 (24% sold over asking), while Henrico 23229 (54% sold over asking) and Richmond 23222 (47% sold over asking) are even more competitive.