Market Intelligence · VA / Richmond

Richmond, VA 23220 Housing Market

Typical homes in Richmond's 23220 ZIP are valued at $446,587, up 1.5% over the past year. The median list price is $471,950, with homes spending a median of 38 days on market as of September 2026.

Updated September 2026Median value$447K

The median home value in Richmond, VA 23220 is $447K as of September 2026, up 1.5% year over year, according to Zillow ZHVI. For a read on your own home, start with a free consultation: a licensed local pro will walk you through your numbers and your options, with no obligation.

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Typical 23220 range

$411K to $482K

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

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12-month value trend

+1.5% over 12 months

Sep 2025$440K

Low $440KHigh $447K

Sep 2026$447K

The numbers

What is the 23220 housing market like?

As of September 2026

Typical home value

$447K

1.5%YoY

Median list price

$472K

1.7%MoM

Days on market

24.0%MoM

Homes for sale

16.7%MoM

Price cuts

30.0%

66.3%MoM

New listings

33.3%MoM

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

23220 housing market forecast 2027

+1.9%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 23220 to rise 1.9% by September 2027.

Over the 12 months through September 2026, typical home values in 23220 rose 1.5%, per the Zillow Home Value Index.

Will home prices drop in 23220?

Zillow's forecast does not call for a drop: it expects typical home values in 23220 to rise 1.9% by September 2027, after a 1.5% rise over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

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The comparison

How do 23220 home prices compare?

23220$446,587
Richmond$379,332
Virginia$328,255
United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Richmond: 14 ZIPs; Virginia: 757 ZIPs; United States: 26,262 ZIPs).

Context

The area has 77 homes for sale and 32 new listings as of September 2026. About 30.0% of active listings carry a price cut, suggesting sellers are adjusting to market conditions. The one-year gain of 1.5% shows modest appreciation, but the presence of price reductions indicates competition for buyers. For sellers, this is a market where pricing strategy and home condition matter considerably.

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Down payment20% · $89,317

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Common questions

What people ask us.

What is the typical home value in 23220?

The typical home value in Richmond's 23220 ZIP is $446,587, up 1.5% over the past year as of September 2026.

How long do homes stay on the market here?

The median days on market is 38 as of September 2026.

Are prices being cut in this area?

Yes, 30.0% of listings carry a price cut as of September 2026, reflecting competitive market conditions.

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