Henrico County, Virginia Housing Market
In Henrico County, Virginia, the median home value is $359,200, with a median monthly rent of $1,541. This places Henrico County at #386 nationally out of 3134 counties by median home value, and #35 within Virginia.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,421
- Establishments: 12,568
- BLS QCEW, 2025
Housing Supply
- Single-family: 809
- Multi-family: 1,514
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 143,226 (avg $102,288)
- Outflow: 138,605 (avg $103,834)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 10 active ZIP codes in Henrico County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 23228 | 344.3 | +6.91% | 2025 |
| 2 | 23294 | 301.6 | -3.84% | 2025 |
| 3 | 23075 | 322.8 | +8.49% | 2025 |
| 4 | 23226 | 343.3 | +2.55% | 2025 |
| 5 | 23229 | 300.8 | +5.65% | 2025 |
| 6 | 23150 | 270.6 | +11.06% | 2025 |
| 7 | 23222 | 418.0 | +4.74% | 2025 |
| 8 | 23060 | 300.7 | +6.58% | 2025 |
| 9 | 23230 | 325.1 | +1.38% | 2025 |
| 10 | 23223 | 348.9 | +2.18% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Henrico County Compares
| Metric | Henrico County | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $359,200 | $295,807 | $227,706 |
| Median Gross Rent | $1,541 | $1,169 | $968 |
| Owner Occupancy Rate | 64.5% | 70.8% | 73.3% |
| Price/Rent Ratio | 19.4 | 20.3 | 18.7 |
Market Analysis
The median home value in Henrico County is 21.4% above the Virginia state average and 57.7% above the U.S. national average. The median rent of $1,541/month is 31.8% above the state average.
With a price-to-rent ratio of 19.4, the buy-vs-rent decision in Henrico County is balanced. Whether buying or renting makes more sense depends on your time horizon, down payment capacity, and local market conditions.
Henrico County has an owner-occupancy rate of 64.5%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Sanders County | Montana | $359,000 | $820 |
| Wright County | Minnesota | $358,900 | $1,288 |
| Watauga County | North Carolina | $358,900 | $1,127 |
| Whitman County | Washington | $359,600 | $1,049 |
| Owyhee County | Idaho | $359,800 | $821 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Mathews County | $360,900 | $1,032 | 84.0% |
| Isle of Wight County | $356,500 | $1,359 | 80.1% |
| Orange County | $364,200 | $1,205 | 78.7% |
| Richmond city | $353,000 | $1,372 | 43.5% |
| Chesterfield County | $366,000 | $1,629 | 76.7% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).