Published October 18, 2026 in Market Update

Another part of Richmond City Center is gaining sales without bigger premiums

By Jen Orth, RVA Realtor

Real estate, Richmond City Center

Rates are not making things easier. Realtor.com reported that mortgage rates topped 7% for the first time since January 2025. Fannie Mae, as reported by CNBC, forecast the average 30-year fixed rate at 7.4% for the fourth quarter of 2026. That is real pressure on buyers. And yet parts of Richmond City Center kept moving.

The Real Estate Data Aggregator counted 424 homes sold across Richmond City Center in the three months ending August 31, 2026. That is up 12.5% from the same months of 2025. The story inside that number, though, is not the same in every ZIP code.

ZIP 23223: more sales, more pending, and still room to negotiate

ZIP 23223, which covers Church Hill and the east side of the city, is where the headline lives. The Real Estate Data Aggregator counted 196 homes sold there in the three months ending August 31, 2026. That is up 21% from a year before. Pending sales reached 185, up 24.2%. Those are meaningful moves.

Here is what makes it interesting: only 28.6% of homes in 23223 sold above list price, according to the Real Estate Data Aggregator. That is down 5.4 points from a year ago. The average sale came in at 99% of list price, also down 0.7 points. More buyers are active. Fewer of them are paying a premium to win.

For buyers, that gap between rising demand and falling over-list sales is worth knowing. Strong activity does not always mean every offer needs to come in above asking. For sellers, pricing with care still matters. The Real Estate Data Aggregator shows 113 homes for sale in 23223, and new listings were up 21.7%. There is competition on both sides.

How the other ZIP codes compare

ZIP 23221, which covers the Fan and the Museum District, tells a different story. The Real Estate Data Aggregator counted 65 homes sold there in the three months ending August 31, 2026, unchanged from a year before. But 60% of those homes sold above list price, up 23.1 points. The median sale price was $689,000, and the median days on market was just 9 days, 7 days shorter than a year before. Supply there sat at only 0.9 months. That is a tight, fast-moving pocket of the market.

ZIP 23220, which includes parts of the Near West End of the city and areas along the Carytown corridor, had 118 homes sold, up 20.4%. Its median sale price reached $590,000, up 21.6%. Even so, only 28.8% of homes sold above list price there, down 12 points from a year ago. The average sale came in at 99.5% of list. More volume, but sellers are not collecting the same premiums they were.

ZIP 23230, which covers parts of the Scott's Addition area and nearby neighborhoods, saw sales fall. The Real Estate Data Aggregator counted 45 homes sold, down 13.5%. Pending sales dropped 18.6%. The median sale price was $500,000, up just 1.4%. Days on market stretched 2 days longer than a year before. That ZIP is moving more slowly, and sellers there may need to think carefully about price.

What the wider rate picture means here

CNBC reported the average contract interest rate for 30-year fixed mortgages with conforming loan balances at 7.50% as of mid-October 2026. CNBC also reported that adjustable-rate mortgages made up 10.5% of mortgage demand, the highest share in a year. Some buyers are finding ways to keep payments manageable. That may be part of why activity in 23223 held up even as rates climbed.

Realtor.com reported that 21.3% of listings across the Richmond metro had price cuts in September 2026. The metro's median home price was $439,925, also from Realtor.com. That context matters: Richmond City Center's prices sit well above the metro median in most ZIP codes, and sellers here are not immune to the same pressure showing up elsewhere.

What this means for you

If you are buying in 23223, the data suggests demand is real and growing. But you are not automatically in a bidding war. Staying disciplined on price is reasonable. If you are selling there, the activity is encouraging. Pricing it right still matters more than counting on a premium.

If you are in 23221, the picture is different. Supply is thin, homes are moving in 9 days, and 60% are selling above list. That is a separate conversation.

One street can read very differently from the ZIP code around it. The numbers above are a starting point, not the final word on your specific home.