ZIP Code 23231 — Henrico, VA Home Prices (2026)
The typical home in ZIP 23231 (Henrico, Virginia) is worth about $338,000 at roughly $234 per square foot — 18% more affordable than the Henrico median and 15% more expensive than the typical U.S. home.
How 23231 compares
ZIP 23231 is one of the more affordable ZIP codes in Henrico: its typical home value of $338,000 ranks #7 of the 8 Henrico ZIP codes we track (the citywide range runs from $300,000 in 23223 to $543,000 in 23233). Per square foot it costs about $234, against $244 for Henrico as a whole, $221 for Virginia, and $195 nationally.
| Area | Typical value | $ / sq ft |
|---|---|---|
| ZIP 23231 | $338,000 | $234 |
| Henrico, VA | $412,500 | $244 |
| Virginia | $342,000 | $221 |
| United States | $294,000 | $195 |
Home value by size in 23231
Using this ZIP’s rate of about $234 per square foot. Condition, lot, and the exact street move these meaningfully — use the estimator below for a home-specific figure.
| Home size | Estimated value |
|---|---|
| 1,000 sq ft | $234,000 |
| 1,500 sq ft | $351,000 |
| 2,000 sq ft | $468,000 |
| 2,500 sq ft | $585,000 |
| 3,000 sq ft | $702,000 |
Salary needed to buy a home in ZIP 23231
To buy the typical $338,000 home in ZIP 23231 with 20% down, you need a household income of roughly $92,000 a year (about $2,150 a month for the mortgage, taxes, and insurance). With 10% down the bar rises to about $109,000, because the loan is bigger and mortgage insurance kicks in.
| Down payment | Cash down | Monthly payment | Income needed |
|---|---|---|---|
| 5% (+PMI) | $16,900 | $2,670/mo | $114,000/yr |
| 10% (+PMI) | $33,800 | $2,550/mo | $109,000/yr |
| 20% | $67,600 | $2,150/mo | $92,000/yr |
Assumes a 30-year fixed mortgage at 6.5%, property tax at 1.1% and insurance at 0.45% of value per year, PMI of 0.75% on loans with less than 20% down, and the standard 28% housing-to-income rule. Your rate, taxes, and HOA will move these — run your own numbers in the mortgage calculator.
What your budget buys in ZIP 23231
At about $234 per square foot, here is roughly how much home different budgets get you in ZIP 23231:
| Budget | Approx. size | What that looks like locally |
|---|---|---|
| $200k | 850 sq ft | below the local median — condos, smaller or older homes |
| $250k | 1070 sq ft | below the local median — condos, smaller or older homes |
| $300k | 1280 sq ft | around the typical home here |
| $400k | 1710 sq ft | around the typical home here |
| $500k | 2140 sq ft | above the median — larger homes or the pricier ZIPs |
Wondering where that budget goes further? The relocation calculator ranks hundreds of U.S. cities by what the same money buys — it opens pre-filled with a typical 23231 home.
Estimate a specific home in 23231
The estimator below is pre-set to ZIP 23231 — pick your home’s size for an instant ballpark, then open the full calculator to adjust beds, baths, and condition.
All Henrico ZIP codes by home value
Where 23231 sits among Henrico’s 8 ZIP codes:
| # | ZIP code | Typical value | $ / sq ft |
|---|---|---|---|
| 1 | 23233 | $543,000 | $253 |
| 2 | 23229 | $530,000 | $297 |
| 3 | 23238 | $505,000 | $261 |
| 4 | 23230 | $425,000 | $278 |
| 5 | 23227 | $400,000 | $224 |
| 6 | 23294 | $366,000 | $218 |
| 7 | 23231 (this page) | $338,000 | $234 |
| 8 | 23223 | $300,000 | $231 |
ZIP 23231 home prices: frequently asked
What is the average home price in ZIP code 23231? +
What is the price per square foot in 23231? +
What salary do you need to buy a house in ZIP 23231? +
Is 23231 an expensive ZIP code? +
See the full Henrico home values page, all Virginia cities, or price per square foot by ZIP code nationwide.
Directional estimates from public market data (Realtor.com & Zillow research), not appraisals. A single ZIP contains very different homes; actual values vary and change over time.