ZIP 23116 Housing Market Report
Richmond Metro
Report period: July 2026
23116 Monthly Market Update – July 2026
ZIP 23116 · Last updated Jul 10, 2026 · Data range Feb 2026 – Jul 2026
Executive Snapshot
Median Sale Price
$499,950
−4.2%
Median DOM (Sales)
22
+15.8%
New Listings (Sales)
10
−75.6%
Median Rent
$2,500
−3.8%
Median DOM (Rental)
18
+80.0%
Total Rental Listings
28
−3.4%
Month-over-Month Movement
Median sale prices eased compared to last month. Days on market lengthened. Rents softened. Rental inventory tightened.
What's Moving Fastest
- Fastest selling: Townhouse (21 DOM)
- Fastest renting: Single Family (1 DOM)
- Strongest bedroom: 6 Beds ($679,900 median)
Sales Market Overview
Median Price
$499,950
−4.2%
Median DOM
22
+15.8%
New Listings
10
−75.6%
Inventory
153
−1.3%
- Average Price: $531,606
- Median Price: $499,950
- Price Range: $150,000 – $1,325,000
- Price per Sq Ft (Avg/Median): $230 / $227
- Square Footage (Avg/Median): 2,404 / 2,320
- Square Footage Range: 960 – 5,054
- Days on Market (Avg/Median): 43 / 22
- Days on Market Range: 2 – 304
- New Listings: 10
- Total Listings: 153
Sales by Property Type
Condo
Avg/Median Price$431,985 / $422,900Range$400,000 – $464,900Price per Sq Ft$260 / $261Sq Ft1,660 / 1,609DOM141 / 122New0Total6
Land
Avg/Median Price$378,750 / $210,000Range$165,000 – $920,000Price per Sq Ft—Sq Ft—DOM90 / 24New0Total4
Single Family
Avg/Median Price$552,286 / $539,900Range$150,000 – $1,325,000Price per Sq Ft$229 / $225Sq Ft2,499 / 2,434DOM36 / 22New7Total125
Townhouse
Avg/Median Price$455,173 / $439,000Range$334,950 – $602,900Price per Sq Ft$232 / $229Sq Ft1,993 / 1,940DOM54 / 21New3Total18
Sales by Bedroom Count
2 Beds
Avg:$486,846Median:$515,000Range:$285,000 – $720,000PSF:$264 / $269Sq Ft:1,894 / 1,868DOM:89 / 74New:0Total:9
3 Beds
Avg:$446,552Median:$422,900Range:$150,000 – $999,995PSF:$247 / $247Sq Ft:1,858 / 1,782DOM:52 / 30New:5Total:55
4 Beds
Avg:$581,177Median:$550,000Range:$399,950 – $1,325,000PSF:$222 / $220Sq Ft:2,631 / 2,527DOM:29 / 12New:3Total:65
5 Beds
Avg:$653,810Median:$634,950Range:$444,950 – $1,025,000PSF:$195 / $200Sq Ft:3,410 / 3,392DOM:35 / 36New:2Total:19
6 Beds
Avg:$679,900Median:$679,900Range:$679,900 – $679,900PSF:$216 / $216Sq Ft:3,141 / 3,141DOM:26 / 26New:0Total:1
| Beds | Avg | Median | Range | Avg/Med PSF | Avg/Med Sq Ft | Avg/Med DOM | New | Total |
|---|---|---|---|---|---|---|---|---|
| 2 Beds | $486,846 | $515,000 | $285,000 – $720,000 | $264 / $269 | 1,894 / 1,868 | 89 / 74 | 0 | 9 |
| 3 Beds | $446,552 | $422,900 | $150,000 – $999,995 | $247 / $247 | 1,858 / 1,782 | 52 / 30 | 5 | 55 |
| 4 Beds | $581,177 | $550,000 | $399,950 – $1,325,000 | $222 / $220 | 2,631 / 2,527 | 29 / 12 | 3 | 65 |
| 5 Beds | $653,810 | $634,950 | $444,950 – $1,025,000 | $195 / $200 | 3,410 / 3,392 | 35 / 36 | 2 | 19 |
| 6 Beds | $679,900 | $679,900 | $679,900 – $679,900 | $216 / $216 | 3,141 / 3,141 | 26 / 26 | 0 | 1 |
Rental Market Overview
Median Rent
$2,500
−3.8%
Median DOM
18
+80.0%
New Listings
3
Inventory
28
−3.4%
- Average Rent: $2,524
- Median Rent: $2,500
- Rent Range: $1,599 – $3,200
- Rent per Sq Ft (Avg/Median): $1 / $1
- Square Footage (Avg/Median): 1,830 / 1,818
- Square Footage Range: 662 – 3,108
- Days on Market (Avg/Median): 17 / 18
- Days on Market Range: 1 – 72
- New Listings: 3
- Total Listings: 28
Rentals by Property Type
Apartment
$1,599
Median DOM: —
Inventory: 1
MoM: −3.8%
Condo
—
Median DOM: —
Inventory: —
MoM: −3.8%
Single Family
$2,695
Median DOM: 1
Inventory: 16
MoM: −3.8%
Townhouse
$2,475
Median DOM: 22
Inventory: 11
MoM: −3.8%
Apartment
Avg/Median Rent$1,599 / $1,599Range$1,599 – $1,599Rent per Sq Ft$2 / $2Sq Ft899 / 899DOM—New0Total1
Single Family
Avg/Median Rent$2,606 / $2,695Range$1,750 – $3,200Rent per Sq Ft$1 / $1Sq Ft1,979 / 2,046DOM13 / 1New3Total16
Townhouse
Avg/Median Rent$2,490 / $2,475Range$2,200 – $2,700Rent per Sq Ft$1 / $1Sq Ft1,711 / 1,610DOM22 / 22New0Total11
Rentals by Bedroom Count
2 Beds
Avg:$1,916Median:$1,750Range:$1,599 – $2,400PSF:$2 / $2Sq Ft:1,031 / 899DOM:12 / 1New:1Total:3
3 Beds
Avg:$2,437Median:$2,475Range:$2,000 – $2,700PSF:$1 / $1Sq Ft:1,702 / 1,653DOM:15 / 10New:0Total:16
4 Beds
Avg:$2,883Median:$2,850Range:$2,400 – $3,200PSF:$1 / $1Sq Ft:2,309 / 2,240DOM:21 / 20New:2Total:9
| Beds | Avg | Median | Range | Avg/Med PSF | Avg/Med Sq Ft | Avg/Med DOM | New | Total |
|---|---|---|---|---|---|---|---|---|
| 2 Beds | $1,916 | $1,750 | $1,599 – $2,400 | $2 / $2 | 1,031 / 899 | 12 / 1 | 1 | 3 |
| 3 Beds | $2,437 | $2,475 | $2,000 – $2,700 | $1 / $1 | 1,702 / 1,653 | 15 / 10 | 0 | 16 |
| 4 Beds | $2,883 | $2,850 | $2,400 – $3,200 | $1 / $1 | 2,309 / 2,240 | 21 / 20 | 2 | 9 |
6-Month Sales Trend
Feb 2026
Median Price:$565,000Median DOM:34New:26Total:117
Mar 2026
Median Price:$540,000Median DOM:20New:40Total:117
Apr 2026
Median Price:$525,000Median DOM:9New:62Total:140
May 2026
Median Price:$525,000Median DOM:10New:59Total:159
Jun 2026
Median Price:$521,900Median DOM:19New:41Total:155
Jul 2026
Median Price:$499,950Median DOM:22New:10Total:153
6-Month Rental Trend
Feb 2026
Median Rent:$2,400Median DOM:23New:6Total:16
Mar 2026
Median Rent:$2,400Median DOM:22New:3Total:12
Apr 2026
Median Rent:$2,600Median DOM:1New:10Total:17
May 2026
Median Rent:$2,600Median DOM:3New:13Total:26
Jun 2026
Median Rent:$2,600Median DOM:10New:12Total:29
Jul 2026
Median Rent:$2,500Median DOM:18New:3Total:28
Key Market Takeaways
Median sale prices softened this month while inventory compressed. Days on market lengthened, signaling slower buyer activity. Rental pricing eased, while total rental inventory tightened.
Market data is only valuable if you act on it. With pricing stabilizing and days on market shifting, this is the type of environment where disciplined investors find their edge.
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