23238, Henrico, VA

Henrico, VA is located in the Richmond metropolitan area. The 23238 zip code covers a total of approximately 21 square miles and has a population of approximately 210,000. Home equity is an important factor for many homeowners in this area. In Henrico, home equity values have increased significantly over the past few years. As of May 2016, the median home value was $225,000 and the median home equity value was $101,500. This represents an increase of almost 50% since 2013.

The main drivers of this increase are likely attributable to two factors: 1) strong economic growth in Henrico over the past several years; and 2) low interest rates that have made it more affordable to borrow money to purchase a home. Additionally, Henrico has seen relatively little price appreciation in comparison to other areas of Richmond over the past few years. This may be due to limited inventory availability or because there are fewer high-priced homes available for sale in Henrico than in some other parts of town.

Despite these positive trends, there are still some risks associated with buying a home in Henrico right now. First and foremost is the fact that prices could continue to rise faster than inflation over the next few years – which would result in larger monthly payments on your mortgage or loan principle balance (i.e., your down payment). Another potential risk is that interest rates could rise again (which would make it more expensive to borrow money), causing prices to drop back down below their current levels. Finally, if you decide to sell your home within the next few years – especially if market conditions are unfavorable – you may not receive as much money for it as you would have if prices had been higher at that point in time.