Henrico, VA—23231
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 $325,000, with a year-over-year change of 1.3%. This indicates that home prices in Henrico, VA are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $325,000 | 1.3% |
| Single Family | $323,000 | 1.3% |
| Condos | $439,000 | 1.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $276,000 | 2.6% |
2 Bed | $227,000 | -1.7% |
3 Bed | $303,000 | 1.0% |
4 Bed | $385,000 | 1.9% |
| 5 Bed | $455,000 | 1.6% |
% of Housing Stock
Rental Trends — Henrico, VA
As of July '25, Rentcast reports the average rent in Henrico, VA is $1,620, with a year-over-year rent change of 1.2%. Per bedroom, the median rent as of July '25 in Henrico, VA is 1-bedrooms: $1,260, 2-bedrooms: $1,310, 3-bedrooms: $2,120, 4-bedrooms: $2,670. The most common rental property sizes in Henrico, VA are 2-bedroom and 3-bedroom, accounting for 43.0% and 25.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,620 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,230 | $1,260 |
| 2 Bed Rent | $1,110 | $1,310 |
| 3 Bed Rent | $2,000 | $2,120 |
| 4 Bed Rent | $2,800 | $2,670 |
% 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 53. This is a increase of 26.0% 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 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $387,000 | -4.0% |
Listing Count | 154 | 11.0% |
| Listings as % of Homes | 0.8% | 11.0% |
Days on Market | 53 | 26.0% |
Demographics — Henrico, VA
As of the latest ACS Survey released in 2023, Henrico, VA has a population of 37,900, which has increased by 3.5% over the past 5 years. Henrico, VA is a moderately popular place for families, as children make up 18.0% of the population. The area has a moderately educated workforce, with 28.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 37,900 | 3.5% |
% Under 18 | 18.0% | -20.0% |
% Seniors | 17.5% | 33.6% |
% WFH | 11.8% | 187.8% |
% w/ College Degree | 28.6% | 29.4% |
As of the latest ACS Survey released in 2023, Henrico, VA is a predominantly black area, with 59.3% of the population identifying as black. The black population has shrunk by 0.5% in the last 5 years. The second most common race or ethnicity in Henrico, VA is white, making up 33.7% of the population. Foreign-born residents account for 3.7% of the population in Henrico, VA, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 33.7% | -2.6% |
% Black | 59.3% | -0.5% |
% Hispanic | 3.3% | 32.0% |
% Asian | 0.9% | 200.0% |
% Foreign Born | 3.7% | 0.0% |
Mortgage and Risk — Henrico, VA
According to HUD data as of 2023, there were 905 mortgage originations in Henrico, VA, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Henrico, VA. Investor activity is low, as 1.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 905 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Henrico, VA
As of 2024, the percent of homes in Henrico, VA under the Section 8 program is 22.8%. This is considered high, suggesting that the neighborhood is heavily 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 | 1,191 |
Total Units Section 8 | 1,184 |
% Rentals under Section 8 | 22.8% |
% Occupied Section 8 | 84.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $190 | $1,230 | $1,420 |
| 2 Bedroom | $460 | $1,110 | $1,570 |
| 3 Bedroom | -$10 | $2,000 | $1,990 |
| 4 Bedroom | -$340 | $2,800 | $2,460 |
Affordability — Henrico, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $325,000 |
| Median Household Income | $74,200 |