Published September 28, 2026 in Market Update

Most buyers in Henrico (23238) used a loan. Here is what that means for your price.

By Jen Orth, RVA Realtor

Real estate, SOLD Market Update 9.28.26 23238

Of the 210 sales in Henrico (23238) where we know how the buyer paid, 166 used a loan. That is 79% of buyers. Only 44 paid cash. I pulled every listing through September 18, 2026.

That matters right now because the 30-year fixed rate just hit 7.03%, up from 6.95% the week before, and up from 6.30% a year ago, according to Freddie Mac's weekly rate survey. When most buyers are borrowing, a rate move like that touches almost every sale in this zip code.

Homes that found a buyer in the first week got more money than homes that waited

60 homes sold in the first week on the market. Their typical sold price was $622,500, and they averaged 102.2% of what they first asked. Homes that took until week four to find a buyer got 98.2% of what they first asked, and their typical sold price was $680,000. The week-four homes asked more to start, but they gave back more ground to get there.

The gap between a week-one sale and a week-four sale was 4 full percentage points off the first price. Week-one homes got 102.2% of what they first asked. Week-four homes got 98.2%. The data does not say why any one home waited. But the pattern across 204 sales is clear: early buyers paid closer to full price, and often over it.

The 27 homes that took a second month to sell had a higher middle price, $712,500 against $632,500 for month-one homes. They were larger, more expensive homes. But they got 96.6% of what they first asked, compared to 101% for homes that sold in month one. That is a 4.4-point gap. Bigger homes, slower pace, more given back.

Nationally, 25% of buyers paid cash in the most recently reported month, down from 29% a year ago, according to the NAR Realtors Confidence Index. In Henrico (23238), the cash share was 21%. This market runs a little below the national figure. That means most sellers here are selling to someone who needs a loan approved, an appraisal done, and a lender's timeline met.

What loan buyers and cash buyers each mean for your next move

If you are selling: your buyer is almost certainly borrowing money. The typical loan buyer in Henrico (23238) paid $620,000 and took 13 days to close a deal. Cash buyers paid $935,000 at the middle and also took 13 days. The timelines were nearly identical, but the prices were not. If you are priced above $935,000, you are more likely to see a cash offer. Below that, plan for a financed buyer and price accordingly, because a rate at 7.03% (Freddie Mac) shapes what that buyer can afford and how hard they will push.

If you are buying: you are competing mostly with other loan buyers, not a room full of cash. Only 21% of sales here were cash, so financing is not the disadvantage it can feel like. What matters more is speed. Homes priced under $700,000 that went under contract in the first week sold at 102.2% of asking. Coming in prepared, with a pre-approval in hand, is what keeps you in that first-week window.

Where price range changes everything

Under $500,000, nearly 3 in 4 homes sold at or over what they first asked. That is the strongest result of any price range in this data. At $950,000 and up, that share dropped to 55.6%, meaning nearly half of those sellers got less than they first asked. The market in Henrico (23238) is not one market. It is several, stacked by price.

Homes priced at $1.05 million and up got 98.7% of their first asking price at the middle, and took 19 days to sell. Homes priced between $600,000 and $700,000 got 102.4% of their first asking price and sold in 10 days. If you are deciding where to price a home that could reasonably land in either range, that 4-point difference is worth a conversation before you pick a number.