Published October 25, 2026 in Market Update

One part of Henrico is much tighter than another

By Don Reid

Real estate, Henrico County $350k - $650k

If you own a home in Henrico County between $350,000 and $650,000, you are probably thinking about one thing: what is my ZIP code actually doing right now?

That question matters more than usual this fall. Realtor.com reported that 20.8% of listings nationally had a price cut in September, the highest share since October 2022. Mortgage rates also surged above 7% for the first time since January 2025, according to Realtor.com. Those are real headwinds. But the Real Estate Data Aggregator counted homes across Henrico for the three months ending August 31, 2026, and the story here is not one story. It is several.

The gap that changes your strategy

Supply is the clearest dividing line. The Real Estate Data Aggregator measured 0.7 months of supply in ZIP 23229 and 2.8 months in ZIP 23059 for the same period. Low supply means competition. High supply means comparison. Those are two different markets sitting inside the same county.

Let's look at the tightest end: ZIP 23229

The Real Estate Data Aggregator counted 38 homes for sale in ZIP 23229 during the three months ending August 31, 2026. That is down 5% from the same months a year before. Homes sold fast. The median days on market was 11, one day shorter than last year. And 59.5% of homes went under contract within two weeks of listing.

Prices followed. The Real Estate Data Aggregator put the median sale price at $544,500, up 12.8% from the same period in 2025. Homes sold at 103.8% of list price on average. More than half, 53.5%, sold above list price. Speed matters here. Pricing right matters here.

Let's look at the loosest end: ZIP 23059

ZIP 23059 in Glen Allen tells a different story. The Real Estate Data Aggregator counted 146 homes for sale there, up 52.1% from the same months a year before. New listings jumped 36.2% to 222 homes. Supply rose 1.3 months year over year, landing at 2.8 months.

More inventory gives buyers more room. Homes sold at 99.9% of list price on average, down 0.2 points from 2025. Only 32.1% sold above list price, down 8 points from a year earlier. Sellers here face more comparison from buyers, and the data shows it.

Let's see how the middle ZIPs stack up

Between those two poles, the other five ZIPs each have their own character. ZIP 23294 had just 1.2 months of supply. ZIP 23228 and 23238 each sat at 1.4 months. ZIP 23060 in Glen Allen came in at 1.6 months, and ZIP 23233 at 1.7 months. All of them are tighter than ZIP 23059, though none as tight as 23229.

Let's put the county together

Across all seven ZIPs combined, the Real Estate Data Aggregator counted 876 homes sold in the three months ending August 31, 2026, up just 0.7% from the same period a year before. Homes for sale across the group rose 10.7% to 456. New listings climbed 5.4% to 897. Pending sales reached 809, up 2.4%.

Those combined numbers look calm. But calm averages can hide real differences. Supply rose because ZIP 23059 added a lot of inventory. Price growth held up because ZIP 23229 pulled hard. One number, two forces.

What the national picture adds

Nationally, Realtor.com reported that 20.8% of listings had a price cut in September 2026, the highest share since October 2022. Mortgage rates crossed 7% for the first time since January 2025, also per Realtor.com. Those conditions put pressure on sellers who price too high and give buyers more negotiating room where supply is higher.

In ZIP 23059, where inventory jumped 52.1% year over year, those national pressures land harder. In ZIP 23229, where supply sits at 0.7 months and more than half of homes sell above list price, the same conditions barely register.

Now, let's recap