ZIP 23116 Housing Market Report
Richmond Metro
Report period: August 2026
23116 Monthly Market Update – August 2026
ZIP 23116 · Last updated Aug 9, 2026 · Data range Mar 2026 – Aug 2026
Executive Snapshot
Median Sale Price
$500,000
−3.8%
Median DOM (Sales)
26
+4.0%
New Listings (Sales)
12
−72.1%
Median Rent
$2,475
0.0%
Median DOM (Rental)
15
+36.4%
Total Rental Listings
25
0.0%
Month-over-Month Movement
Median sale prices eased compared to last month. Days on market lengthened. Rents were stable.
What's Moving Fastest
- Fastest selling: Single Family (21 DOM)
- Fastest renting: Single Family (1 DOM)
- Strongest bedroom: 5 Beds ($634,950 median)
Sales Market Overview
Median Price
$500,000
−3.8%
Median DOM
26
+4.0%
New Listings
12
−72.1%
Inventory
147
−3.3%
- Average Price: $532,486
- Median Price: $500,000
- Price Range: $150,000 – $1,195,000
- Price per Sq Ft (Avg/Median): $232 / $229
- Square Footage (Avg/Median): 2,411 / 2,256
- Square Footage Range: 960 – 6,004
- Days on Market (Avg/Median): 49 / 26
- Days on Market Range: 1 – 334
- New Listings: 12
- Total Listings: 147
Sales by Property Type
Condo
Avg/Median Price$436,382 / $429,900Range$400,000 – $464,900Price per Sq Ft$261 / $261Sq Ft1,674 / 1,617DOM187 / 153New0Total5
Land
Avg/Median Price$378,750 / $210,000Range$165,000 – $920,000Price per Sq Ft—Sq Ft—DOM115 / 41New0Total4
Single Family
Avg/Median Price$550,589 / $525,000Range$150,000 – $1,195,000Price per Sq Ft$229 / $225Sq Ft2,507 / 2,414DOM42 / 21New10Total118
Townhouse
Avg/Median Price$480,450 / $474,900Range$334,950 – $624,465Price per Sq Ft$240 / $237Sq Ft2,026 / 1,940DOM46 / 29New2Total20
Sales by Bedroom Count
2 Beds
Avg:$547,955Median:$558,315Range:$400,000 – $680,000PSF:$268 / $279Sq Ft:2,086 / 1,940DOM:84 / 46New:1Total:9
3 Beds
Avg:$452,094Median:$425,000Range:$150,000 – $999,995PSF:$246 / $249Sq Ft:1,883 / 1,797DOM:56 / 36New:6Total:61
4 Beds
Avg:$574,304Median:$568,500Range:$399,950 – $849,950PSF:$223 / $219Sq Ft:2,595 / 2,519DOM:37 / 15New:5Total:52
5 Beds
Avg:$687,870Median:$634,950Range:$519,900 – $1,195,000PSF:$193 / $187Sq Ft:3,650 / 3,480DOM:34 / 26New:0Total:20
6 Beds
Avg:$629,900Median:$629,900Range:$629,900 – $629,900PSF:$201 / $201Sq Ft:3,141 / 3,141DOM:10 / 10New:0Total:1
| Beds | Avg | Median | Range | Avg/Med PSF | Avg/Med Sq Ft | Avg/Med DOM | New | Total |
|---|---|---|---|---|---|---|---|---|
| 2 Beds | $547,955 | $558,315 | $400,000 – $680,000 | $268 / $279 | 2,086 / 1,940 | 84 / 46 | 1 | 9 |
| 3 Beds | $452,094 | $425,000 | $150,000 – $999,995 | $246 / $249 | 1,883 / 1,797 | 56 / 36 | 6 | 61 |
| 4 Beds | $574,304 | $568,500 | $399,950 – $849,950 | $223 / $219 | 2,595 / 2,519 | 37 / 15 | 5 | 52 |
| 5 Beds | $687,870 | $634,950 | $519,900 – $1,195,000 | $193 / $187 | 3,650 / 3,480 | 34 / 26 | 0 | 20 |
| 6 Beds | $629,900 | $629,900 | $629,900 – $629,900 | $201 / $201 | 3,141 / 3,141 | 10 / 10 | 0 | 1 |
Rental Market Overview
Median Rent
$2,475
0.0%
Median DOM
15
+36.4%
New Listings
0
Inventory
25
0.0%
- Average Rent: $2,435
- Median Rent: $2,475
- Rent Range: $1,520 – $3,100
- Rent per Sq Ft (Avg/Median): $2 / $1
- Square Footage (Avg/Median): 1,710 / 1,653
- Square Footage Range: 662 – 3,108
- Days on Market (Avg/Median): 22 / 15
- Days on Market Range: 1 – 90
- New Listings: 0
- Total Listings: 25
Rentals by Property Type
Apartment
$1,520
Median DOM: —
Inventory: 1
MoM: 0.0%
Condo
—
Median DOM: —
Inventory: —
MoM: 0.0%
Single Family
$2,500
Median DOM: 1
Inventory: 13
MoM: 0.0%
Townhouse
$2,475
Median DOM: 20
Inventory: 11
MoM: 0.0%
Apartment
Avg/Median Rent$1,520 / $1,520Range$1,520 – $1,520Rent per Sq Ft$2 / $2Sq Ft950 / 950DOM—New0Total1
Single Family
Avg/Median Rent$2,472 / $2,500Range$1,750 – $3,100Rent per Sq Ft$1 / $1Sq Ft1,855 / 1,751DOM20 / 1New0Total13
Townhouse
Avg/Median Rent$2,475 / $2,475Range$2,100 – $2,695Rent per Sq Ft$2 / $2Sq Ft1,622 / 1,544DOM25 / 20New0Total11
Rentals by Bedroom Count
2 Beds
Avg:$1,890Median:$1,750Range:$1,520 – $2,400PSF:$2 / $2Sq Ft:1,048 / 950DOM:27 / 1New:0Total:3
3 Beds
Avg:$2,379Median:$2,450Range:$1,850 – $2,695PSF:$2 / $2Sq Ft:1,582 / 1,544DOM:14 / 6New:0Total:16
4 Beds
Avg:$2,857Median:$2,850Range:$2,400 – $3,100PSF:$1 / $1Sq Ft:2,364 / 2,046DOM:43 / 28New:0Total:6
| Beds | Avg | Median | Range | Avg/Med PSF | Avg/Med Sq Ft | Avg/Med DOM | New | Total |
|---|---|---|---|---|---|---|---|---|
| 2 Beds | $1,890 | $1,750 | $1,520 – $2,400 | $2 / $2 | 1,048 / 950 | 27 / 1 | 0 | 3 |
| 3 Beds | $2,379 | $2,450 | $1,850 – $2,695 | $2 / $2 | 1,582 / 1,544 | 14 / 6 | 0 | 16 |
| 4 Beds | $2,857 | $2,850 | $2,400 – $3,100 | $1 / $1 | 2,364 / 2,046 | 43 / 28 | 0 | 6 |
6-Month Sales Trend
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:$519,900Median DOM:25New:43Total:152
Aug 2026
Median Price:$500,000Median DOM:26New:12Total:147
6-Month Rental Trend
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:$2,475Median DOM:11New:8Total:25
Aug 2026
Median Rent:$2,475Median DOM:15New:0Total:25
Key Market Takeaways
Median sale prices softened this month while inventory compressed. Days on market lengthened, signaling slower buyer activity. Rental pricing remained stable, while total rental inventory was flat.
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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