Henrico, VA—23294
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 $355,000, with a year-over-year change of 0.9%. This indicates that home prices in Henrico, VA are flat. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $355,000 | 0.9% |
| Single Family | $358,000 | 0.8% |
| Condos | $310,000 | 2.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $289,000 | 0.7% |
3 Bed | $348,000 | 0.6% |
4 Bed | $398,000 | 1.5% |
| 5 Bed | $470,000 | 2.0% |
% of Housing Stock
Rental Trends — Henrico, VA
As of July '25, Rentcast reports the average rent in Henrico, VA is $2,110, 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: $1,360, 2-bedrooms: $1,690, 3-bedrooms: $2,380, 4-bedrooms: $2,630. The most common rental property sizes in Henrico, VA are 2-bedroom and 1-bedroom, accounting for 47.8% and 31.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,150 | $2,110 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,340 | $1,360 |
| 2 Bed Rent | $1,680 | $1,690 |
| 3 Bed Rent | $2,300 | $2,380 |
| 4 Bed Rent | $2,650 | $2,630 |
% 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 42. This is a increase of 44.0% 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 44.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $406,000 | -1.0% |
Listing Count | 32 | 79.0% |
| Listings as % of Homes | 0.2% | 79.0% |
Days on Market | 42 | 44.0% |
Demographics — Henrico, VA
As of the latest ACS Survey released in 2023, Henrico, VA has a population of 19,400, which has increased by 6.7% over the past 5 years. Henrico, VA is a moderately popular place for families, as children make up 22.7% of the population. The area has a moderately educated workforce, with 39.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,400 | 6.7% |
% Under 18 | 22.7% | 6.1% |
% Seniors | 10.8% | -7.7% |
% WFH | 19.4% | 212.9% |
% w/ College Degree | 39.0% | -4.4% |
As of the latest ACS Survey released in 2023, Henrico, VA is a predominantly white area, with 45.2% of the population identifying as white. The white population has shrunk by 9.1% in the last 5 years. The second most common race or ethnicity in Henrico, VA is black, making up 18.7% of the population. Foreign-born residents account for 23.9% of the population in Henrico, VA, and this percentage has decreased by 9.1% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 45.2% | -9.1% |
% Black | 18.7% | -4.1% |
% Hispanic | 12.5% | 92.3% |
% Asian | 17.6% | -14.6% |
% Foreign Born | 23.9% | -9.1% |
Mortgage and Risk — Henrico, VA
According to HUD data as of 2023, there were 166 mortgage originations in Henrico, VA, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Henrico, VA. Investor activity is low, as 8.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 166 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 8.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Henrico, VA
As of 2024, the percent of homes in Henrico, VA under the Section 8 program is 1.7%. 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. In Henrico, VA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 99 |
Total Units Section 8 | 99 |
% Rentals under Section 8 | 1.7% |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $450 | $1,340 | $1,790 |
| 2 Bedroom | $300 | $1,680 | $1,980 |
| 3 Bedroom | $210 | $2,300 | $2,510 |
| 4 Bedroom | $450 | $2,650 | $3,100 |
Affordability — Henrico, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.8 |
| Median Home Price | $355,000 |
| Median Household Income | $66,600 |