Henrico, VA—23223
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 $288,000, with a year-over-year change of 1.4%. This indicates that home prices in Henrico, VA are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $288,000 | 1.4% |
| Single Family | $291,000 | 1.0% |
| Condos | $228,000 | 4.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $263,000 | -0.8% |
2 Bed | $212,000 | 0.5% |
3 Bed | $279,000 | 1.5% |
4 Bed | $353,000 | 2.6% |
| 5 Bed | $431,000 | 1.4% |
% of Housing Stock
Rental Trends — Henrico, VA
As of July '25, Rentcast reports the average rent in Henrico, VA is $1,670, with a year-over-year rent change of 1.2%. Per bedroom, the median rent as of July '25 in Henrico, VA is studios: $1,260, 1-bedrooms: $1,290, 2-bedrooms: $1,560, 3-bedrooms: $2,190, 4-bedrooms: $2,170. The most common rental property sizes in Henrico, VA are 2-bedroom and 1-bedroom, accounting for 40.4% and 26.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,670 |
| Studio Rent | $1,240 | $1,260 |
| 1 Bed Rent | $1,300 | $1,290 |
| 2 Bed Rent | $1,420 | $1,560 |
| 3 Bed Rent | $2,200 | $2,190 |
| 4 Bed Rent | $2,300 | $2,170 |
% 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 34. This is a increase of 16.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $343,000 | -1.0% |
Listing Count | 187 | 6.0% |
| Listings as % of Homes | 0.5% | 6.0% |
Days on Market | 34 | 16.0% |
Demographics — Henrico, VA
As of the latest ACS Survey released in 2023, Henrico, VA has a population of 56,600, which has increased by 10.2% 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 31.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 56,600 | 10.2% |
% Under 18 | 22.7% | 4.6% |
% Seniors | 12.7% | 0.0% |
% WFH | 15.0% | 240.9% |
% w/ College Degree | 31.6% | 22.0% |
As of the latest ACS Survey released in 2023, Henrico, VA is a predominantly black area, with 71.7% of the population identifying as black. The black population has shrunk by 6.5% in the last 5 years. The second most common race or ethnicity in Henrico, VA is white, making up 19.3% of the population. Foreign-born residents account for 4.4% of the population in Henrico, VA, and this percentage has increased by 25.7% 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 | 19.3% | 11.6% |
% Black | 71.7% | -6.5% |
% Hispanic | 4.7% | 113.6% |
% Asian | 1.0% | 0.0% |
% Foreign Born | 4.4% | 25.7% |
Mortgage and Risk — Henrico, VA
According to HUD data as of 2023, there were 896 mortgage originations in Henrico, VA, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 38.0% above 90% LTV (very high). This implies large mortgage risk in Henrico, VA. Investor activity is low, as 6.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 896 |
% Conventional Loans | 73.0% |
% Government Loans | 27.0% |
% Investor Loans | 6.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Henrico, VA
As of 2024, the percent of homes in Henrico, VA under the Section 8 program is 15.0%. 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 and 4-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 units do not.
Section 8 Market Size
Total Units under HUD | 3,805 |
Total Units Section 8 | 2,154 |
% Rentals under Section 8 | 15.0% |
% Occupied Section 8 | 89.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $110 | $1,300 | $1,410 |
| 2 Bedroom | $140 | $1,420 | $1,560 |
| 3 Bedroom | -$220 | $2,200 | $1,980 |
| 4 Bedroom | $140 | $2,300 | $2,440 |
Affordability — Henrico, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5 |
| Median Home Price | $288,000 |
| Median Household Income | $56,500 |