23231 — Richmond city, Virginia Market Snapshot
Housing market data for zip code 23231 in Richmond city, Virginia. Updated monthly with median prices, days on market, and more.
Market Sales Data
10 sales in 2026 (year to date)
Median Sale Price
$415,000
Days to Sell
85
Homes Sold
10
Inventory
12
Sale-to-List
98.7%
New Listings
14
Price/SqFt
$302
Pending Sales
8
Conforming Loan Available
Most homebuyers in 23231 can comfortably use conventional financing. The median home price of $415,000 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
With homes sitting for 85 days on average, 23231 favors buyers. There may be opportunities to negotiate below asking price or request seller concessions for closing costs or rate buydowns.
Sale-to-List Ratio
Homes are selling very close to asking price in 23231 (98.7% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 23231 can comfortably use conventional financing. The median home price of $415,000 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 23231 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 23231
To purchase the median home at $415,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $3,330.
Monthly Payment
$3,330
Income Required
$142,697
Principal & Interest
$2,557/mo
Down Payment (5%)
$20,750
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 23231.
Estimated Monthly Payment
$2,718
Connect with a LoanGraphs Loan Officer
Get expert guidance for zip code 23231. Tell us what you're looking for.