Henrico, VA—23227
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Henrico, VA
As of Oct '25, the median home price in Henrico, VA is $385,000, with a year-over-year change of 1.7%. This indicates that home prices in Henrico, VA are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $385,000 | 1.7% |
| Single Family | $386,000 | 1.6% |
| Condos | $315,000 | 0.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $344,000 | 1.2% |
3 Bed | $348,000 | 1.5% |
4 Bed | $453,000 | 1.8% |
| 5 Bed | $559,000 | 1.1% |
% of Housing Stock
Rental Trends — Henrico, VA
As of July '25, Rentcast reports the average rent in Henrico, VA is $1,650, with a year-over-year rent change of -4.1%. Per bedroom, the median rent as of July '25 in Henrico, VA is 1-bedrooms: $1,090, 2-bedrooms: $1,290, 3-bedrooms: $2,500, 4-bedrooms: $3,090. The most common rental property sizes in Henrico, VA are 2-bedroom and 1-bedroom, accounting for 36.6% and 36.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,650 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,100 | $1,090 |
| 2 Bed Rent | $1,250 | $1,290 |
| 3 Bed Rent | $2,300 | $2,500 |
| 4 Bed Rent | $2,500 | $3,090 |
% of Rental Stock
Property Listings — Henrico, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Henrico, VA is 61. This is a increase of 122.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $392,000 | -13.0% |
Listing Count | 79 | 74.0% |
| Listings as % of Homes | 0.3% | 74.0% |
Days on Market | 61 | 122.0% |
Demographics — Henrico, VA
As of the latest ACS Survey released in 2023, Henrico, VA has a population of 25,600, which has remained stable by 0.3% over the past 5 years. Henrico, VA is a moderately popular place for families, as children make up 16.3% of the population. The area has a highly educated workforce, with 46.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 25,600 | 0.3% |
% Under 18 | 16.3% | -6.9% |
% Seniors | 22.5% | 8.2% |
% WFH | 18.8% | 308.7% |
% w/ College Degree | 46.9% | 14.4% |
As of the latest ACS Survey released in 2023, Henrico, VA is a predominantly black area, with 44.9% of the population identifying as black. The black population has shrunk by 10.9% in the last 5 years. The second most common race or ethnicity in Henrico, VA is white, making up 42.4% of the population. Foreign-born residents account for 6.2% of the population in Henrico, VA, and this percentage has increased by 19.2% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 42.4% | 0.7% |
% Black | 44.9% | -10.9% |
% Hispanic | 4.8% | 152.6% |
% Asian | 1.4% | -26.3% |
% Foreign Born | 6.2% | 19.2% |
Mortgage and Risk — Henrico, VA
According to HUD data as of 2023, there were 373 mortgage originations in Henrico, VA, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Henrico, VA. Investor activity is low, as 2.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 373 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Henrico, VA
As of 2024, the percent of homes in Henrico, VA under the Section 8 program is 12.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Henrico, VA, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 630 |
Total Units Section 8 | 599 |
% Rentals under Section 8 | 12.8% |
% Occupied Section 8 | 88.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $310 | $1,100 | $1,410 |
| 2 Bedroom | $310 | $1,250 | $1,560 |
| 3 Bedroom | -$320 | $2,300 | $1,980 |
| 4 Bedroom | -$60 | $2,500 | $2,440 |
Affordability — Henrico, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.9 |
| Median Home Price | $385,000 |
| Median Household Income | $70,500 |