May 2, 2024 - Real Estate

Richmond's hottest zip codes for home appreciation

ZIP codes with the greatest home appreciation in the Richmond metro area
Data: Zillow; Note: Typical home value refers to the average of the middle third of Zillow home value estimates for every home in a given region with a county record, including single-family, condominium and co-operative homes; Table: Axios Visuals

The ZIP code that includes the Museum District, Windsor Farms, Carillon and part of the Near West End saw the metro's highest jump in typical home values compared to a year ago, per Zillow data shared with Axios.

Why it matters: Fewer homes on the market kept prices growing in most areas, meaning affordability dwindled, according to Zillow chief economist Skylar Olsen.

State of play: Typical home values rose annually in nearly all major U.S. metros, including ours, Olsen found.

  • Of the 50 largest metro areas, the three that saw values decline were Austin, San Antonio and New Orleans.

Zoom in: In metro Richmond, the ZIP codes that saw the fastest home appreciation from March to March were:

  • 23221, the Museum District ZIP code, up 26%.
  • 23113, the Chesterfield-Powhatan straddling ZIP code that includes Salisbury, up 24%.
  • 23129, part of the Oilville part of Goochland ZIP code, up 21%.
  • 23838, the deep southwestern part of Chesterfield ZIP code, up 19%.
  • 23059, the Short Pump and Wyndham area ZIP code, up 18%.

Reality check: Zillow's analysis includes some smaller and rural ZIP codes, where there tend to be fewer, and less expensive, houses.

  • "In a small ZIP code, a few houses selling for higher prices may make the entire ZIP look like prices are appreciating quickly," Zillow data scientist Anushna Prakash says.

Between the lines: Growth varies locally because of factors like job opportunities, development and population trends, which impact supply and demand.

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