Henrico, VA—23230
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 $413,000, with a year-over-year change of 1.0%. 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 | $413,000 | 1.0% |
| Single Family | $417,000 | 0.7% |
| Condos | $365,000 | -0.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $202,000 | 2.0% |
2 Bed | $396,000 | 0.5% |
3 Bed | $433,000 | 0.7% |
4 Bed | $424,000 | 1.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Henrico, VA
As of July '25, Rentcast reports the average rent in Henrico, VA is $2,130, with a year-over-year rent change of -2.7%. Per bedroom, the median rent as of July '25 in Henrico, VA is studios: $1,580, 1-bedrooms: $1,600, 2-bedrooms: $2,630, 3-bedrooms: $2,620, 4-bedrooms: $3,070. The most common rental property sizes in Henrico, VA are 1-bedroom and 2-bedroom, accounting for 45.6% and 25.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,780 | $2,130 |
| Studio Rent | $1,560 | $1,580 |
| 1 Bed Rent | $1,510 | $1,600 |
| 2 Bed Rent | $2,220 | $2,630 |
| 3 Bed Rent | $2,450 | $2,620 |
| 4 Bed Rent | $3,250 | $3,070 |
% 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 45. This is a increase of 5.0% 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 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $518,000 | -4.0% |
Listing Count | 38 | -25.0% |
| Listings as % of Homes | 0.8% | -25.0% |
Days on Market | 45 | 5.0% |
Demographics — Henrico, VA
As of the latest ACS Survey released in 2023, Henrico, VA has a population of 8,300, which has increased by 27.7% over the past 5 years. Henrico, VA is a less popular place for families, as children make up 9.9% of the population. The area has a highly educated workforce, with 52.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 23.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,300 | 27.7% |
% Under 18 | 9.9% | -20.8% |
% Seniors | 12.5% | -21.9% |
% WFH | 23.2% | 427.3% |
% w/ College Degree | 52.3% | 24.5% |
As of the latest ACS Survey released in 2023, Henrico, VA is a predominantly white area, with 65.1% of the population identifying as white. The white population has shrunk by 5.1% in the last 5 years. The second most common race or ethnicity in Henrico, VA is black, making up 15.0% of the population. Foreign-born residents account for 11.8% of the population in Henrico, VA, and this percentage has decreased by 9.9% 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 | 65.1% | -5.1% |
% Black | 15.0% | -10.2% |
% Hispanic | 11.4% | 65.2% |
% Asian | 5.2% | 10.6% |
% Foreign Born | 11.8% | -9.9% |
Mortgage and Risk — Henrico, VA
According to HUD data as of 2023, there were 108 mortgage originations in Henrico, VA, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Henrico, VA. Investor activity is low, as 5.0% of loans were by investors. 1.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 108 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 5.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 1.0% |
Loan Activity
Rentals and Section 8 — Henrico, VA
As of 2024, the percent of homes in Henrico, VA under the Section 8 program is 1.6%. 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 units appear to be good home sizes to consider for Section 8 housing in Henrico, VA, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 49 |
Total Units Section 8 | 49 |
% Rentals under Section 8 | 1.6% |
% Occupied Section 8 | 87.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $150 | $1,510 | $1,660 |
| 2 Bedroom | -$380 | $2,220 | $1,840 |
| 3 Bedroom | -$120 | $2,450 | $2,330 |
| 4 Bedroom | -$370 | $3,250 | $2,880 |
Affordability — Henrico, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.1 |
| Median Home Price | $413,000 |
| Median Household Income | $71,200 |