Published October 25, 2026 in Market Update

One part of Henrico stayed very tight and moved fast

By Don Reid

Real estate, Henrico County $651k - $1.2M

If you own or are shopping for a home in Henrico County, you are probably thinking or wanting one thing: to know whether competition is real right now, or whether the market has cooled off. Let's look at what the numbers actually say.

Nationally, Realtor.com reported that 20.8% of listings had a price cut in September, the highest share since October 2022. That is the backdrop. But one ZIP code in Henrico tells a very different story.

ZIP 23229 is where supply nearly ran out

The Real Estate Data Aggregator counted just 0.7 months of supply in ZIP 23229 for the three months ending August 31, 2026. That is the tightest reading of any ZIP in this market. Low supply means buyers compete. High supply means sellers wait.

With that little inventory, homes moved quickly. The Real Estate Data Aggregator put the median days on market in ZIP 23229 at 11 days. Nearly 3 in 5 homes, 59.5%, went under contract within two weeks of listing. That share was up 1.7 points from the same period in 2025.

The Real Estate Data Aggregator also showed that the median sale price in ZIP 23229 rose 12.8% from the same three months in 2025, landing at $544,500. Sales volume was up too, with 157 homes sold, a gain of 28.7% year over year. That combination of rising price and rising volume is not common. It tells you demand held firm even as prices climbed.

Now let's see how the other ZIPs compared

Not every part of Henrico read the same way. ZIP 23233, also in the west end, saw days on market rise 11 days longer than a year before, reaching 23 days. The share of homes selling above list fell 8.3 points there. More inventory arrived, with homes for sale up 29.7% year over year. More choices mean buyers can take a little more time.

ZIP 23238 sat in the middle of the pack. The Real Estate Data Aggregator recorded 1.4 months of supply and 13 median days on market there. Homes averaged 102% of list price, and 45.3% sold above list. The median price dipped 2.6% from a year before to $510,000. That small price dip is worth noting honestly: not every pocket of Henrico saw prices rise.

ZIP 23059 saw the biggest inventory jump. Homes for sale there rose 52.1% year over year, according to the Real Estate Data Aggregator. New listings were up 36.2%. More supply pushed the share of homes selling above list down 8 points to 32.1%. Days on market fell 5 days to 18, so homes still moved at a reasonable pace, but buyers had more to choose from.

Let's put the whole market in context

Across all seven ZIPs together, the Real Estate Data Aggregator counted 876 homes sold in the three months ending August 31, 2026, up just 0.7% from a year before. Homes for sale across the group rose 10.7% year over year to 456. New listings climbed 5.4% to 897. So supply is growing, but not evenly. ZIP 23229 barely felt it. ZIP 23059 felt it a lot.

Nationally, Realtor.com noted that active listings topped 1.16 million homes, up 5.5% year over year. That broader loosening has not hit every Henrico ZIP the same way. ZIP 23229 is a clear example of how local can diverge sharply from national.

What does this mean if you own a home here?

Let's go back to the core question: is competition real right now in Henrico, or has it cooled? The compressed answer is that it depends entirely on which street you are on. In ZIP 23229, competition held firm. In ZIP 23059, buyers gained breathing room. The ZIP code is just the starting point.

For owners thinking about selling, pricing and preparation still matter. Tight supply can support quick, firm offers, but only when the price fits the market. In ZIP 23229, homes averaged 103.8% of list price. In ZIP 23059, they averaged 99.9%. That 3.9-point gap is real money on a $500,000 home.

For buyers, strong competition can still show up in specific parts of Henrico. Fifty-nine and a half percent of homes in ZIP 23229 went under contract within two weeks. That pace leaves little room for hesitation if you find the right home.

Now, let's recap