23220Richmond, VA Housing Market
$497,500median sale price
The 23220 zip code, located in Richmond, VA, is currently classified as a balanced market. The median sale price stands at $497,500, representing a +8.9% change year over year. Homes in this area spend an average of 28 days on the market before going under contract. There are currently 55 active listings in the area, which influences how much negotiating power buyers and sellers have.
Understanding zip-code-level data is essential for making informed real estate decisions. City-wide averages can mask significant variation between neighborhoods, and the 23220 market may perform differently from surrounding areas depending on local school quality, proximity to employment centers, and housing stock characteristics. The metrics below are sourced from Redfin transaction data, Zillow home value estimates, and U.S. Census Bureau demographic statistics.
Homes sold
76
Last 12 weeks
Days on market
28
Average pace
Active listings
55
Sale-to-list
98.9%
Below asking
Market trends
Market analysis for 23220
The 23220 real estate market is shaped by a combination of local demand, housing supply, and broader economic trends. As a balanced market, homes are selling at approximately 98.9% of their listed price.
Year-over-year price trends are one of the most important indicators for both homebuyers and investors. Prices in 23220 have increased +8.9% compared to last year, suggesting continued demand and potential for further appreciation. For context, it's valuable to compare this trend against neighboring zip codes and the broader metro area to determine whether this performance is localized or part of a regional pattern.
The Zillow Home Value Index (ZHVI) for 23220 stands at $436,756, which represents Zillow's estimate of the typical home value in the area. The Zillow Observed Rent Index (ZORI) indicates typical rents of $1,621 per month. This gives a price-to-rent ratio of approximately 22.5, which indicates that renting may be more cost-effective than buying in the short term, though long-term appreciation could shift that calculus. Use our mortgage calculator to estimate monthly payments based on current home values and interest rates.
Community profile
Population
33,667
Median income
$51,830/yr
Median age
27.9 years
Owner-occupied
33.1%
College grads
60.3%
Avg commute
20.6 min
Living in 23220
Zip code 23220 is home to approximately 33,667 residents. The median household income is $51,830 per year, which shapes the types of homes and amenities available in the area. With a median age of 27.9 years, the community's age profile influences everything from school enrollment to local business types and recreational offerings. Approximately 33.1% of housing units are owner-occupied, indicating a stable, ownership-oriented community where residents have a vested interest in maintaining property values and neighborhood quality.
About 60.3% of residents hold a bachelor's degree or higher, which often correlates with access to knowledge-economy jobs and higher earning potential in the area. The average commute time is 20.6 minutes, which is close to the national average. These demographic factors, combined with the market data above, help paint a complete picture of what it's like to live and own property in 23220.
Frequently asked questions about 23220
What is the median home price in 23220?
The current median sale price in 23220 is $497,500, based on recent Redfin transaction data. Prices have changed +8.9% compared to last year. For the most up-to-date pricing and to see how this compares to nearby areas, use our comparison tool.
Is 23220 a buyer's or seller's market?
The 23220 zip code is currently classified as a balanced market. This assessment is based on key indicators including months of supply, sale-to-list price ratios, and average days on market.
What is the population and demographics of 23220?
Zip code 23220 has a population of approximately 33,667 residents. The median household income is $51,830 per year. About 33.1% of homes are owner-occupied. This data is sourced from the U.S. Census Bureau and is updated annually.
How do I research neighborhoods in 23220?
Properties Incorporated provides comprehensive data for 23220 including median home prices, price history charts, days on market, active inventory, and Census Bureau demographics. To compare this area with other zip codes or cities, use our comparison tool. For mortgage planning, our mortgage calculator estimates monthly payments based on current prices and interest rates.
How often is the data for 23220 updated?
Market data on Properties Incorporated is updated regularly as new information becomes available. Redfin sales data is typically refreshed monthly, Zillow home value and rent estimates update monthly, and Census Bureau demographics are updated annually. Visit our data sources page to learn more about our data methodology and update schedules.
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