23227 — Richmond city, Virginia Market Snapshot
Housing market data for zip code 23227 in Richmond city, Virginia. Updated monthly with median prices, days on market, and more.
Market Sales Data
63 sales in 2026 (year to date)
Median Sale Price
$450,000
Days to Sell
10
Homes Sold
63
Inventory
13
Sale-to-List
101.0%
New Listings
62
Price/SqFt
$261
Pending Sales
64
Conforming Loan Available
Most homebuyers in 23227 can comfortably use conventional financing. The median home price of $450,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Market Insights
Market Temperature
23227 is an extremely competitive market with homes selling in just 10 days on average. Buyers need pre-approval letters ready before making offers.
Sale-to-List Ratio
Homes are selling very close to asking price in 23227 (101.0% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 23227 can comfortably use conventional financing. The median home price of $450,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Loan limits in 23227 are set at the county level.
2026 Loan Limits — Richmond city
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $832,750 | $707,250 |
| 2 Units | $1,066,250 | $905,400 |
| 3 Units | $1,288,800 | $1,094,450 |
| 4 Units | $1,601,750 | $1,360,100 |
Affordability Snapshot — Zip 23227
To purchase the median home at $450,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $3,598.
Monthly Payment
$3,598
Income Required
$154,190
Principal & Interest
$2,773/mo
Down Payment (5%)
$22,500
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 23227.
Estimated Monthly Payment
$2,935
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