A Primer on Luxury Real Estate in Henrico County, VA

More and more people are looking for luxury homes for sale in Henrico, VA — and it’s easy to see why.

Henrico County is a premier location for both work and play. It’s a place where talented individuals can foster a career while pursuing their interests or nurturing a family. With two of its neighborhoods – Innsbrook and Short Pump – included in the Top 50 Best Places to Live in America, Henrico County offers a lifestyle unmatched by any other city. Residents enjoy its small-town, historic vibe and laidback community while benefiting from its global connectivity and well-rounded economy.

If you’re interested in luxury homes for sale in Henrico County, VA and want to learn more about the community, this primer can give you a deeper insight into what life is like here and what you can expect from the real estate market.

HENRICO COUNTY THROUGH THE YEARS

Henrico County is bordered by the City of Richmond, James River, and Chickahominy River. Comprising around 15 communities, it is the fifth-most populous county in the state with more than 330,000 residents. With a history spanning more than 400 years, Henrico County is also one of the oldest counties in the United States and one of the eight original Shires of Virginia.

The county was named Henricus after Henry Frederick, Prince of Wales and firstborn son of King James I. It was founded as a settlement in 1611 and was part of numerous transformations that shaped the state and country — all the way from the time of John Rolfe and Pocahontas to the battles of the American Civil War. It is known for being the first colony that mined coal and iron as well as the county with the most number of Civil War battlefields in the U.S.

Henrico County doubled its size after an extensive annexation in 1948. With more neighborhoods in its fold, the county began its impressive economic growth and community development. Today, Henrico County is one of the most affluent cities in the region with highly coveted mixed-use communities and luxury real estate.

OVERVIEW OF HENRICO COUNTY LUXURY REAL ESTATE MARKET

The limited active inventory increases the demand and competition for luxury homes for sale in Henrico County, VA, making it a highly competitive seller’s market. Market data as of January, 2024 show that the market is trending up 8.6% from the same period in 2023, with a median listing price of $379,900. Homes sold for only 29 days in the market at or above their asking price.

Luxury homes make up a significant portion of the local real estate market. You’ll find stunning mansions on lot sizes of more than one acre, new construction properties with spacious open plan layouts, 2 to 4 bedroom condos with top of the line finishes, and everything in between.

Homebuyer options also include properties near golf courses, waterfront homes lining the James River, and condos and townhomes in mixed use developments with urban conveniences.

Single-Family Homes

High end single family homes range in price from around $750,000 to over $3 million, and come in a wide variety of architectural styles, sizes, and ages. From gorgeous mid-century modern masterpieces to classic ranch style homes with spacious yards, the majority of these properties were built anywhere from the 1950s to the last five years. Lot sizes range from around 6,300 square feet to over 1.3 acres, while square footages range from approximately 1,800 to more than 8,000.

Country style homes and acreage properties

The country lifestyle thrives in Henrico County, VA particularly in areas zoned for conservation and agricultural use. Luxury homes for sale in these neighborhoods take full advantage of the lush rural scenery and feature charming landscaping that blend well with the serene surroundings. Lots range in size from around one-fourth acre to more than 45 acres, featuring homes in rustic designs and architectural styles that include ranch and Colonial. Vacant land is also available if you prefer to build your home from the ground up or develop the property into a farm, ranch, or any other suitable use.

Condos and townhomes

Mixed use developments that are also zoned for residential use may include office, industrial, commercial, retail, medical, or recreational properties. This kind of community planning has revitalized Henrico County and created vibrant neighborhoods that are walkable and bikeable. With reduced congestion and safer streets, residents can easily ride their bikes or take a stroll to stores, businesses, and restaurants. The proximity of business areas to residential areas also decreases car usage.

Upscale properties in mixed-use neighborhoods are mostly condos and townhomes, but some developments also include single-family homes. You can expect top-of-the-line finishes and fixtures as well as exclusive amenities that include swimming pools, fitness centers, tennis courts, walking trails, and more. As many of these developments are new construction properties, you will also likely find the latest safety and energy-saving features.

THE PERKS OF LIVING IN HENRICO COUNTY

What makes Henrico County such a popular choice among luxury homeseekers? Is it the old-world charm and the rich history of the region? Is it the flourishing industries and the vast job opportunities? Most residents will probably say yes to both.

Henrico County is a magnet for all kinds of potential homebuyers because of the balance it provides its residents — complementing the old with the new and harmonizing idyllic lifestyle with city life. As it offers a unique mix of urban, suburban, and rural features, Henrico County is suited for young professionals, growing families, and retirees.

Historical Treasures

Henrico County is chock full of historic homes and structures that give the community a quaint nostalgic feel. The Armour House, Chatsworth School, Cedar Hill, Curles Neck Farm, Farmer’s Rest, and the Emmanuel Church at Brook Hill are all on the National Register of Historic Places. Aside from these famous historical properties, Henrico County also has an array of museums and outdoor exhibits.

Top-Rated Education

Comprising 45 elementary schools, 13 middle schools, and 10 high schools, Henrico County Public Schools offers excellent education options. The area is also served by several private schools, giving parents a variety of choices.

The top-rated public schools in the county according to Great Schools include:

• Shady Grove Elementary School
• Gayton Elementary School
• Short Pump Middle School
• Deep Run High School

For higher learning, University of Richmond, University of Virginia – Richmond Center, ECPI University, and Virginia Commonwealth University are close by.

Other Attractions and Activities

Henrico County residents can always look forward to a day of fun and leisure right in their own backyard.

For outdoor lovers, the James River offers fishing, boating, rafting, tubing, and world-class whitewater rafting. There are miles of biking and hiking trails, such as the Capital Trail, the James River Park System, and the Pocahontas State Park trails. Anticipated events include Dominion Energy Riverrock, an outdoor music and sports festival staged on Brown’s Island along the James River.

There’s a long list of parks and recreation centers scattered throughout the county, as well as numerous shopping centers, boutiques, and mixed use complexes. The restaurants are as varied as the county itself. From barbecues and hamburgers to an array of international flavors, you can find them all in Henrico County.

BEST NEIGHBORHOODS FOR LUXURY HOMES

While there are a lot of exceptional neighborhoods in and around Henrico County, these communities are recognized as some of the best places to live not only in Virginia but also throughout the country.

Innsbrook

Innsbrook is a mixed use planned community that offers an ideal balance between a suburban setting and a thriving business sector. Located at West End Richmond, this dynamic neighborhood is just 20 minutes away from Richmond’s Central Office District.

Innsbrook has a population of around 8,699 and a median home price of $437,500 as of January, 2024. As the West End’s second largest employment hub, Innsbrook is home to around 500 companies and 22,000 employees. This quiet community generates billions in annual revenue with both Fortune 500 companies and startups in its business sector. With an abundance of employment opportunities, Innsbrook is a top choice among young professionals and growing families.

Homes in Innsbrook include upscale condos, townhomes, and apartments, as well as single-family homes with manicured lawns and paved driveways. Residents enjoy five miles of walking trails, a spacious park with three lakes, and the convenience of nearby schools, shopping centers, restaurants, and more.

Short Pump

Known as Richmond’s “Edge City”, Short Pump stands at a strategic crossroad with a history that dates back to 1814. While full of small town charm, Short Pump also boasts an expedient location with easy access to other Henrico County communities, as well as the northwest corridor of Richmond.

This family-friendly neighborhood has a population of over 27,000 with the majority of residents owning their homes. The median listing price as of January, 2024 was $594,100. And while the town has an upper-class ambiance, the cost of living here is actually 4% lower than the national average.

Short Pump is well-known for its tranquil and convenient suburban lifestyle with a wide array of restaurants, an expansive shopping center, and well-maintained subdivisions with charming homes. The neighborhood’s Twin Hickory Park features open play areas, a large picnic area, playgrounds, spray park, walking trails, and two dedicated dog parks. The Short Pump Town Center has all the best brands in a relaxed open-air setting.

New upscale mixed use developments such as West Broad Village and Greengate have been rising in the community, infusing the small town vibe with modern chic.

Tuckahoe

Tuckahoe is located west of Richmond and is Henrico County’s largest town. This quiet community was once home to Thomas Jefferson, who spent some of his younger years at the historic Tuckahoe Plantation which still stands along the James River today. This upper middle-class suburb is one of the best places to live in Virginia because of its highly-rated schools.

With a population of more than 48,000, the real estate market in Tuckahoe is quite competitive. The median listing price in Tuckahoe as of January, 2024 was $422,500 but the median sold price was higher at $450,000. The prevalent architectural styles in Tuckahoe are American Foursquare, Colonial, Georgian, and Vernacular but there are also plenty of contemporary homes and mixed-used developments.

Those looking for secluded luxury estates will find wonderful options at the neighborhood of Mooreland Farms. Homeseekers who prefer being close to urban amenities will love living in Tuckahoe’s Regency neighborhood. Residents also have great access to the University of Richmond, which is located in Tuckahoe’s southeastern area.

Glen Allen

Originally called “Mountain Road Crossing”, Glen Allen was once filled with expansive farmlands but is now an eclectic community offering a relaxed lifestyle and close proximity to busy Richmond. This neighborhood is located in northern Henrico County and is bordered by the tranquil Chickahominy River to the north.

One of the best places to raise a family in Virginia, Glen Allen is a diverse suburb with a population of over 14,800. The neighborhoods feature newer housing styles and homes with ample living spaces. The median listing price in January, 2024 was $489,00, with most homes selling at or just slightly under their asking prices. Most residents own their homes but there are also plenty of rental properties in the area.

What’s unique about Glen Allen is that it’s also one of the best places to retire in the region. There are 55+ communities offering an active lifestyle with access to amenities or services to free up residents’ time. Some of these resort-style neighborhoods have first-floor homes, pools, fitness centers, walking trails, and outdoor community areas.

Within Glen Allen is the Wyndham subdivision, recognized as the top suburb for luxury houses for sale in Henrico County, VA. One of the highest-priced locales in Henrico County, Wyndham boasts a collection of luxury homes in custom architecture with square footages of between 2,000 to over 5,000, and lot sizes ranging from one-third acre to over 1.4 acres. A few condos and townhomes are also available.

The median listing price in Wyndham as of January, 2024 was $677,000 and the median sold price was $781,700, reflecting the high demand for real estate here.

Homebuyers who prefer quiet luxury will appreciate the community’s semi-rural feel. Opened in 1992, Wyndham is a master-planned community with a population of more than 11,000. Well-maintained and aesthetically-pleasing, the properties in this neighborhood usually have plenty of both indoor and outdoor space. Traditional, transitional, and Colonial homes bring a classic flair that adds to the high-end residential experience.

Wyndham is also home to the premier private country club in the county, The Dominion Club. Members of this exclusive club get to enjoy the 18-hole walkable golf course, tennis courts, swimming pools, fitness center, and other amenities.

FACTORS INFLUENCING THE LUXURY REAL ESTATE MARKET IN HENRICO COUNTY

There are many factors — both local and national — that affect the demand for Henrico County real estate. The homeownership rate in Virginia is higher than other states and property prices are expected to remain high and competitive. This is especially true in Henrico County, where limited housing supply and sustained demand lead to an increase in property value. Aside from the low inventory level of luxury properties, Henrico County’s high quality of living, exceptional job opportunities, and future developments make it a highly desirable place to live in.

FUTURE OUTLOOK

The future of Henrico County is very bright. According to University of Virginia’s Weldon Cooper Center, Henrico County continues to grow annually in population while nearby Richmond is the fastest growing region in the state. By today’s numbers, this booming community is already one of the most populous Virginia and expert opinions forecast a 26.4% increase over the next 30 years. This surge in population will most likely increase the demand for luxury housing in Henrico County.

There’s a boom in mixed use developments in the county, with a number of projects currently in construction or in the pipeline as of early 2024. These include:

• A multi-family and townhome community to rise near the Henrico Sports and Events Center
• GreenCity, a 110-acre multi use complex with a focus on sustainability to rise on the former Scott Farm, located northeast of the county
• The Woodman Road Mixed-Use Development, a 16.36 acre infill project of an obsolete Western Henrico shopping center
• The reinvention of the current Reynolds Crossing complex into a mixed use development

HENRICO COUNTY: THE DESTINATION FOR LUXURY HOMEBUYERS IN VIRGINIA

If you’re looking for the best luxury homes in Henrico County, work with the go-to real estate professional in the Old Dominion!

We, Christy Carroll and Nancy Garrison at The Carroll & Garrison Team are dedicated to helping our clients find the best luxury homes for sale in Henrico, VA. With over 25 years of experience in selling residential real estate, We can guide you throughout the entire process. Our extensive network and local resources can get you where you need to be — right at the heart of your dream Henrico County home.

Call the Trusted Luxury Real Estate Experts in Virginia

We help our clients buy and sell properties in Henrico County, Hanover County, Chesterfield County, Goochland County, City of Powhatan, and City of Richmond. Get in touch today at 804.307.6162 or send us a message here.