How much is a home worth in ZIP code 23231?

The typical home in 23231 is worth $335,451, based on the Zillow Home Value Index.

Are home values rising in 23231?

Home values in 23231 are up 1.8% over the past year, and up 6.4% a year over five years.

What is the typical rent in 23231?

A typical home in 23231 rents for about $1,603 a month, a gross rental yield of 5.7%.

What is the property tax rate in 23231?

The effective property tax rate in 23231 is 0.6% — roughly $1,992 a year on a typical home.

ZIP code 23231 has a population of 38,544 and a median household income of $76,505.

HousingHandbookReference data

…

U.S. ZIP Code · VA23231

Henrico County · Richmond, VA

Typical home value

$335,451^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +1.8%
5-year / yr: +6.4%
10-year / yr: +7.1%

Relative price

vs U.S.: +18.1%
vs metro: -9.8%
vs state: +2.2%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 23231 is worth $335,451 — 9.8% below the Richmond, VA median. Over the past year, values have risen 1.8%. Homes here rent for a typical $1,603 a month — a 5.7% gross rental yield. The effective property tax rate is 0.6%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,603^[2]
Gross yield: 5.7%^[2]
Cap rate: 3.4%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.6%^[3]
Typical annual tax: $1,992^[3]

#Climate risk

FEMA National Risk Index ratings for Henrico County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Moderate^[4]
Riverine flood: Relatively Moderate
Coastal flood: Very Low
Wildfire: Very Low
Drought: Relatively Moderate
Heat wave: Relatively Moderate
Hurricane: Relatively Moderate
Tornado: Relatively Moderate
Earthquake: Relatively Moderate
Winter weather: Relatively High

#Who lives here

Population: 38,544^[3]
Median household income: $76,505^[3]

#Migration

Household moves in and out of Henrico County over a year, from IRS tax-return data.

Net migration: +147^[5]
Moved in: 12,460
Moved out: 12,313

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 8
Elementary: 5
Middle: 1
High: 1

Varina High
High · Grades 9–12 · Henrico County Public Schools
1,411 students
John Rolfe Middle
Middle · Grades 6–8 · Henrico County Public Schools
678 students
Henry D. Ward Elementary
Elementary · Grades PK–5 · Henrico County Public Schools
499 students
George F. Baker Elementary
Elementary · Grades PK–5 · Henrico County Public Schools
452 students
Anthony P. Mehfoud Elementary
Elementary · Grades PK–2 · Henrico County Public Schools
339 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield5.7%

Net yield (after ~40% expenses)3.4%

Annual rent$19,236

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$1,696

Loan principal$268,361

Down payment$67,090

Total interest paid$342,279

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.34

Monthly cost to own$2,141

Monthly rent$1,603

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 62nd percentile^[1]
Rental yield: 62nd percentile^[2]
Property tax: 29th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 23231?: The typical home in 23231 is worth $335,451, based on the Zillow Home Value Index.
Are home values rising in 23231?: Home values in 23231 are up 1.8% over the past year, and up 6.4% a year over five years.
What is the typical rent in 23231?: A typical home in 23231 rents for about $1,603 a month, a gross rental yield of 5.7%.
What is the property tax rate in 23231?: The effective property tax rate in 23231 is 0.6% — roughly $1,992 a year on a typical home.
Who lives in 23231?: ZIP code 23231 has a population of 38,544 and a median household income of $76,505.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

23833 vs 23231 →
VA
Typical home
$335,305
Gross yield
—
23228 vs 23231 →
Laurel CDP, VA
Typical home
$333,202
Gross yield
6.1%
23002
Amelia Court House CDP, VA
Typical home
$338,093
Gross yield
—
23181
West Point, VA
Typical home
$338,168
Gross yield
—
23830
VA
Typical home
$339,414
Gross yield
—
23237
Bellwood CDP, VA
Typical home
$328,067
Gross yield
6.2%

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Pit ZIP 23231 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · VA23231

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