Real Estate Market Updates

If you’ve been following real estate headlines lately, you’ve probably seen Richmond named as one of the hottest housing markets in the country. On the surface, that sounds like great news—but if you live here, you may be wondering what that actually means for you. Is it a great time to sell? Is it harder than ever to buy? And do those national rankings really reflect what’s happening on the ground? Let’s take a closer look at what buyers and sellers are truly experiencing in the Richmond real estate market. What the Headlines Are Really Measuring Most national rankings look at big-picture metrics like affordability, job growth, population increases, and price trends. In many cases, Richmond does check those boxes. We’ve seen steady job growth, strong demand, and continued interest from buyers relocating from higher-cost areas. But those statistics don’t always capture what’s happening neighborhood by neighborhood—or even street by street. Are Homes Still Getting Multiple Offers? Yes—multiple offers are still happening in Richmond, even during the winter months. And when multiple offers are happening in the slower season, it’s a strong indicator that demand remains high. That said, not every home is receiving the same level of interest. The listings that tend to attract the most competition usually share a few things in common: They’re well maintained and move-in ready They’re priced appropriately They’re located in desirable neighborhoods Classic Richmond colonials, especially those with garages, fenced yards, and neighborhood amenities, continue to be among the strongest performers. Not All Homes Perform the Same in a Hot Market As you move away from the most desirable locations or home styles, competition tends to soften. Homes near busy roads, in less walkable areas, or needing significant updates may still sell—but often without the frenzy suggested by the headlines. This is why a blanket statement like “Richmond is hot” can be misleading. Who Benefits Most in a Hot Richmond Market? The biggest winners tend to be: Sellers with well-maintained, updated homes Sellers in strong neighborhoods Out-of-state buyers relocating from higher-priced markets Buyers coming from more expensive areas may find Richmond homes relatively affordable, even when local buyers feel priced out. That can give them an edge in competitive situations. Strategy Matters More Than Ever for Buyers In a competitive market, preparation is everything. Buyers who succeed typically: Have strong pre-approvals Understand their true budget Know where they can be flexible Work with an agent who understands local competition A clear strategy can be the difference between winning and losing a home you love. Sellers Still Need a Pricing Strategy A hot market doesn’t mean you can price your home however you want. Pricing correctly is still critical to generating interest and multiple offers. Homes that are overpriced often sit longer—even in strong markets. Having the right pricing and marketing strategy is just as important now as it is in slower markets. Headlines Don’t Replace Local Expertise Richmond may be a hot housing market, but that doesn’t mean every buyer is doomed—or every seller is guaranteed success. Results depend on location, condition, price range, and strategy. If you’re thinking about buying or selling in the Richmond area, the best first step is a conversation about your goals and your segment of the market. If you have questions or want help creating a strategy that fits your situation, I’d love to help. Reach out anytime to get started.

If you’re waiting for 2021 again—the “list it on Thursday, 47 offers by Sunday, and someone writes the seller a love sonnet” era—I don’t think that’s coming back. And honestly? That’s not bad news. What is happening as we begin 2026 is something I’ll call more normal: we still have strong demand in Richmond and the surrounding counties, but we also have more room for strategy, more room for due diligence, and (hallelujah) more room for real conversations. If you’re buying or selling in Richmond City, Henrico, Chesterfield, Hanover, or Powhatan, here’s the straightforward, non-panicky update. How the market “feels” right now (without drowning you in numbers) 1) Inventory is still tight, and that keeps a floor under prices Across the broader Central Virginia region, we’re still sitting at under ~2 months of supply for single-family homes. In plain English: there are not enough homes for all the people who want them, especially in the most popular pockets. That’s why I don’t see prices “dropping” in any meaningful way. Do we see some price reductions? Yes. But that’s usually a specific house problem, not a “Richmond is collapsing” problem. 2) Negotiations (and inspections) are back This is the biggest shift I’m seeing—and it’s healthy. Sellers aren’t automatically getting a blank check just for having a house, and buyers aren’t having to sign over their firstborn to get one (in most cases, at least). The data shows the pace has cooled from the peak frenzy—homes are taking a bit longer than “blink and it’s pending,” and sellers are, on average, not getting quite the same level of automatic over-asking behavior we saw when everything was a bidding war. 3) Mortgage rates: don’t build your whole plan around a big drop As of January 8, 2026, Freddie Mac’s weekly survey puts the average 30-year fixed mortgage rate at 6.16%. Could rates drift a bit? Sure. But I agree with your instinct: a dramatic drop isn’t likely soon enough to be the “wait it out” strategy—and in the meantime, life happens (job changes, kids, divorces, downsizing, “we cannot share one bathroom for one more day,” etc.). A quick “Richmond-area snapshot” by vibe (not a spreadsheet) City of Richmond and Henrico: Still highly competitive for homes that are priced right and show well. Zillow’s trend pages are still showing many areas going pending in around two weeks. Chesterfield and Hanover: Strong demand, lots of family/space-driven buyers, and good homes move quickly—again, especially when they’re well-prepped and priced correctly. Powhatan: More breathing room than some other core areas, but it’s definitely not sleepy—the data still shows a market where buyers and sellers both need a plan. Zooming out: Richmond is still getting national attention as a market to watch in 2026. If you’re buying in early 2026 The biggest advantage you have right now: strategy (not speed) Here’s a real (anonymous) example that’s exactly what I mean: I had buyers fall in love with a home and we knew it would be competitive. So before we even wrote the offer, we got super honest about: their risk tolerance what they needed to feel comfortable after a home inspection what would make the offer clean and easy for the seller without throwing caution to the wind We didn’t waive everything. We waived enough to show the seller we weren’t going to come back with a mile-long repair list—but we still protected the buyers from major issues. Result: they got the house because the offer was thoughtful, not just loud. That’s the 2026 playbook: a confident, clean offer that fits YOUR comfort level. I tell my buyer clients all the time- I’m not here to “sell you” a house. This is your journey and it needs to be on your timeline. My job is to help you: understand what’s realistic in the neighborhoods you like spot red flags (and help you avoid expensive regret) negotiate with a calm head when your emotions may be doing cartwheels If you're thinking of buying, I can run a quick “buyer reality check” for your target area: what’s actually moving, what’s sitting, and what winning offers are doing right now. Just reply to this email. If you’re selling in early 2026 “Top dollar” is still out there… it just has to be earned The homes that sit right now? They usually fall into one of three buckets: Overpriced Not “done” (or not presented well) Not marketed well (yes, marketing still matters—more than ever) And the data backs up the overall environment: inventory is still constrained regionally, and prices are generally holding up over the longer run—so buyers are out there. What’s changed is that buyers are more selective. They’ll pay for quality, but they’re less willing to “just accept” obvious condition issues at a premium price. My seller promise I’m not here to slap a sign in the yard and hope for the best. I’ll give you: a clear pricing strategy (with the “why,” not just the number) a prep plan that makes sense for your budget and timeline marketing that actually does the job (not just pretty photos) “Should we wait until rates drop?” My answer is still no. Rates are unlikely to drop enough soon to make a dramatic difference for most people—and while you’re waiting, prices can keep creeping up. This can all cause you to lose time you don’t get back, and end up paying more when you do buy. If you’re ready to buy or ready to sell, the better move is: let’s meet and build a strategy that fits your timeline, your comfort level, and your goals. (Not a generic one. Yours.) Freddie Mac’s current reading (6.16% as of January 8, 2026) is exactly why I’m focusing clients on strategy and terms—not fantasies about a quick return to 3%. Want the “what does this mean for my house?” version? Reply to this email (or call/text me) with one of these and I’ll send you a quick, no-pressure snapshot: Your neighborhood (or the one you want to buy in) Your price range (whether you're buying or selling) Your timeline (“this spring,” “sometime this year,” “ just curious”) I’ll tell you what’s realistic, what’s working, and what I’d do if you were my sibling/best friend/client-who-I-like-a-lot.

  Richmond’s Zoning Code Refresh: What It Means for Your Neighborhood, Home Value, and Future Plans Over the next several years, many Richmond neighborhoods could change in ways that surprise longtime residents and homeowners. Streets that have traditionally been made up of single-family homes may soon be allowed to include additional housing types, more density, and different development options than they do today. These changes are part of Richmond’s zoning code refresh, a citywide update aimed at addressing housing demand, affordability, and evolving urban living preferences. While the phrase “code refresh” can sound vague or technical, the potential impact is very real—especially if you own property, are planning to buy, or are considering selling or investing in Richmond. Let’s break down what this zoning update is, why it’s happening, and what it could mean for you. What Is the Richmond Zoning Code Refresh? In plain English, the zoning code refresh is the city’s effort to update long-standing rules that govern how land can be used and what types of buildings can be constructed. Many of Richmond’s zoning regulations were created decades ago, during a time when housing needs, transportation patterns, and population growth looked very different. The refresh is designed to: Allow for more housing options Increase density in certain areas Support long-term housing affordability Encourage smarter, more efficient land use Rather than focusing on large apartment complexes alone, the city is exploring changes that would allow more “missing middle” housing—the types of homes that fall between single-family houses and large multifamily developments. Why Is Richmond Making These Changes Now? Richmond’s zoning update is part of a much larger conversation happening across cities nationwide. Housing demand has increased, affordability has become a major concern, and many communities are realizing that older zoning rules limit their ability to adapt. Several factors are driving the code refresh: Housing affordability pressures at both local and national levels Growing demand for smaller, more flexible housing options Increased interest in walkable, urban neighborhoods Changing household needs, including multigenerational living In short, the city is trying to balance growth with livability—while acknowledging that doing nothing isn’t a realistic option. What Types of Changes Could We See? While the exact details, timelines, and neighborhood-specific impacts are still being finalized, some common themes have emerged. More Duplexes, Triplexes, and Small Multifamily Homes Areas that have traditionally been zoned for single-family homes may eventually allow duplexes, triplexes, or small multifamily buildings. This doesn’t mean every street will suddenly change, but it does mean more flexibility in how land can be used. Expanded Use of ADUs (Accessory Dwelling Units) Accessory dwelling units—often called in-law suites, carriage houses, or garage apartments—are becoming more common nationwide. Richmond’s zoning refresh may allow more homeowners to add ADUs where they were previously prohibited. These can be used for: Multigenerational living Rental income Guest or home office space Reduced Parking Requirements One of the lesser-known but impactful changes being discussed involves parking. Historically, zoning codes required a specific number of parking spaces for new developments. Reducing or eliminating some of these requirements can: Free up land for housing Lower construction costs Encourage walkability and alternative transportation The Push and Pull: Density vs. Neighborhood Character One of the biggest tensions surrounding the zoning code refresh is the balance between increasing housing and preserving neighborhood character. On one hand, many residents support: More housing availability More affordability Increased walkability and local amenities On the other hand, there are real concerns about: Traffic and congestion Parking availability Loss of architectural charm or historic feel These concerns are valid, and the city is navigating a complex push-and-pull between growth and preservation. It’s unlikely that every neighborhood will be affected in the same way, but change in some form is almost certainly coming. What Buyers Should Consider If you’re thinking about buying a home in Richmond, zoning changes add an extra layer of research to the process. Beyond evaluating a neighborhood as it exists today, buyers should also consider: How zoning flexibility could impact the area in 5–10 years Whether increased density could affect traffic or parking Potential changes to nearby properties or vacant lots Understanding future possibilities can help buyers make more informed decisions and avoid surprises down the road. What This Means for Sellers For homeowners considering selling, the zoning code refresh could present opportunities. Increased zoning flexibility may: Expand the pool of potential buyers Attract investors or builders Increase a property’s development potential Sellers who understand their property’s current and future zoning may be able to position their home more strategically—especially if redevelopment or expansion becomes more viable. Opportunities for Investors Real estate investors are watching Richmond’s zoning changes closely. More flexible zoning can open the door to: Duplex or triplex conversions Small multifamily development ADU additions for rental income For investors, understanding what may be allowed in the future is just as important as what’s allowed today. What Homeowners Should Do Now Even if you’re not planning to buy or sell anytime soon, staying informed is critical. Homeowners should: Follow city planning updates Attend community meetings when possible Learn how zoning changes could affect their block Understand both risks and opportunities Change doesn’t happen overnight, but early awareness allows for better long-term planning. How I Can Help Zoning changes can feel overwhelming, especially when the details are still evolving. If you’re curious or concerned about how Richmond’s zoning code refresh could affect your neighborhood, property value, or future plans, I’m happy to help. I can share what information is currently available, help interpret how it may apply to your situation, and point you toward additional city resources when needed. Reach out anytime to start the conversation. If you’d like next: A shorter “owner-friendly” version of this post A seller-focused zoning blog A developer/investor breakdown Or an email newsletter version Just let me know 👌  

If Metro Richmond real estate were a holiday party, 2025 was the year we all stopped yelling over the music and actually had a conversation. Not a crash. Not a boom. Just a market that got a tiny bit more… human. This end-of-year recap pulls from Central Virginia Regional MLS data through November 2025 (current as of December 10, 2025), and it covers Richmond City, Henrico, Chesterfield, Hanover, and Powhatan. The quick Metro Richmond snapshot (through November 2025) Here’s the headline: prices held up, sales stayed steady-ish, and the pace cooled just a bit. Across the Richmond Metro (Richmond City + Chesterfield + Henrico + Hanover), year-to-date through November: Median sales price: $434,900 (+2.6% YoY) Closed sales: 9,522 (+1.1% YoY) New listings: 12,556 (+5.3% YoY) Days on market (until sale): 25 days (up from 23) Months of supply: ~1.6 (still tight- remember a balanced market is 6 months!) % of original list price received: 100.1% YTD (down from 101.1% last year— hello, negotiating power) And just to keep it honest: November itself did what November does—fewer new listings and fewer closings than earlier months, plus a slightly slower tempo. The Metro’s median for November 2025 came in at $424,725 (down 1.2% YoY), and days on market ticked up. cvmls-public.stats.showingtime.com Translation? If 2024 felt like “blink and the house is gone,” 2025 was more like: blink, take a breath, read the disclosures, then make a decision. County-by-county: the story behind the stats Chesterfield County Chesterfield stayed dependable—active, stable, and still competitive for well-priced homes. YTD median sales price: $440,000 (+3.3%) YTD closed sales: 3,905 (+0.5%) YTD new listings: 5,198 (+6.0%) Months of supply: ~1.7 What I’m seeing on the ground: strong demand for “move-in ready” homes, but buyers are less tolerant of mystery roofs and 2003 HVAC systems. (As they should be.) Henrico County Henrico continues to be the “where convenience meets value” darling—especially for buyers who want location, schools, and less driving. YTD median sales price: $410,000 (+1.2%) YTD closed sales: 2,561 (+4.5%) Months of supply: ~1.2 (tightest of the bunch) What this means: when supply is this thin, the best homes still move quickly. Not always with 14 offers, but quickly. Hanover County Hanover’s market stayed strong, but the headline here is “steady”—especially year-to-date pricing. YTD median sales price: $487,000 (-0.6%) YTD closed sales: 1,096 (+2.8%) Months of supply: ~1.8 cvmls-public.stats.showingtime.com My take: Hanover is still a premium market. The small dip YTD is more about mix of homes sold than anything dramatic. (A handful of different price points can swing Hanover stats faster than, say, Chesterfield.) Powhatan County Powhatan does what Powhatan does: fewer homes overall, bigger price swings month-to-month, and a persistent premium for land + privacy. YTD median sales price: $505,000 (+4.2%) YTD closed sales: 368 (+5.4%) Months of supply: ~2.4 (more breathing room than most) What I’m watching: as more buyers prioritize space, workshops, and room to roam, Powhatan continues to benefit—especially when rates dip and “stretch buyers” re-enter. Richmond City Richmond City remains its own beautiful, complicated creature. YTD median sales price: $428,750 (+7.5%) YTD closed sales: 1,960 (-2.9%) Months of supply: ~1.8 The City’s year-to-date price growth stands out. But zoom in and you’ll see the normal Richmond truth: one neighborhood can be a knife fight, another can be calm, and the gap between “updated and totally ready” vs. “needs everything” widened in 2025. Mortgage rates: the “co-star” of every 2025 decision If you bought or sold this year, you already know: mortgage rates were the mood lighting. As of December 11, 2025, Freddie Mac’s weekly survey has the average 30-year fixed rate at 6.22% (down from 6.60%a year earlier). That’s not 3% (which we're unlikely to ever see again), but it’s meaningful. And it’s part of why we saw buyers jump back in during moments when rates eased—even slightly. So what happens in 2026? Nobody has a crystal ball (if they do, please tell them to call me), but the major forecasters are leaning in the same direction: rates may drift lower, slowly, and the market could thaw. Fannie Mae’s ESR group (September 2025 outlook) forecasted mortgage rates ending 2026 around 5.9%. NAR’s research team has pointed to mortgage rates potentially dropping to around 6% in 2026, which they expect would bring more buyers back into the market. Even if we land in the “high 5s to low 6s,” that’s enough to change  that affordability math—and consumer confidence—without needing a dramatic shift. My 2026 Richmond-area predictions (the practical kind) Here’s what I think we’ll see as we move into 2026: More normal negotiations (but still not a buyer’s market).With list-to-sale ratios cooling from the peak intensity, buyers will keep asking for repairs, credits, and concessions—especially on homes that aren’t turnkey. Turnkey homes will stay competitive.Inventory is still tight in the Metro (about 1.6 months of supply YTD). When a home is priced right and shows well, it will absolutely still get attention. The “sweet spot” will win: updated, well-maintained, and realistically priced.The days of “it’ll sell no matter what” are mostly behind us. Condition and pricing strategy mattered more in late 2025, and that trend continues. Local policy + housing supply will be a bigger storyline.Richmond’s ongoing zoning conversation (including how duplexes/ADUs are handled) is one of the longer-term “supply levers” worth watching as we head into 2026. What this means for you (buyers + sellers) If you’re buying in 2026: you may get slightly better rate windows, more options than the past few years, and a little more room to negotiate—especially if you’re flexible on closing timelines or cosmetic updates. If you’re selling in 2026: the opportunity is still strong, but the winning formula is clear: pricing that matches today’s comps + a home that feels cared for (clean, bright, repaired, staged, marketed like we mean it). And if you’re somewhere in between—curious, but not ready—this is exactly the time to do a low-pressure strategy session. (A.k.a. “let’s look at the numbers and see what makes sense without spiraling.”)

Richmond Metro Snapshot: Early to Mid November 2025 (Richmond City, Chesterfield County, Henrico County, Hanover County) Median List Price The median list price across the region is still hovering around $430K, holding close to October’s trend. Year over year, pricing is still slightly softer, but sellers who price strategically continue to attract qualified buyers who want to lock something in before rates move again. Price Per Square Foot The average sits around $224 per square foot, which has remained relatively stable this fall. Renovated homes and well-staged listings still command a noticeable premium in neighborhoods like Museum District, Bon Air, Lakeside, and parts of Glen Allen. Sale-to-List Price Ratio The sale-to-list price ratio is sitting just under 99 percent, which tells us buyers are negotiating a bit more, but sellers who present their homes well are still landing strong offers. Overpricing is punished quickly in this environment, especially during the holiday slowdown. Days on Market Average days on market is inching up to the mid-30s, which is perfectly normal for this time of year. Between travel, school breaks, and holiday budgets, many buyers hit pause until January. The ones who stay active are highly motivated. Mortgage Rates Rates have nudged slightly higher from October levels. As of early November: 30-year fixed: hovering in the low-to-mid 6% range 15-year fixed: mid-5% range Lenders are reporting more rate-buydown conversations, especially from move-up buyers trying to keep monthly payments manageable. Seasonal Reality Check: The Holiday Market Cycle Every November, Richmond’s real estate market slides into a familiar cycle. Why Activity Slows Families travel or focus on holiday spending. Sellers often wait for the “fresh start” of January. Buyers who stay active are usually relocating, downsizing, or under contract pressure. This does not mean the market is weak. It means the volume shifts. Homes that do hit the market in November and December tend to be from people who truly need to move, which creates opportunity on both sides. Why Some Homes Still Sell Quickly Low inventory persists in many popular areas. Buyers shopping now are not browsing. They are ready. Updated, well-priced homes rise above the seasonal slowdown. If you have a home that shines in photos, has strong curb appeal, and is priced correctly, November can deliver faster results than you expect. What This Means for Sellers Use the season to your advantage Buyers shopping now are serious. This can mean fewer showings but better quality ones. Pricing matters more than ever If you price where the market actually is rather than where you hope it will be, you stay ahead of slower foot traffic. Presentation still wins Warm lighting. Clean lines. Cozy moments staged just right. Holiday decor helps, as long as it does not overpower your listing photos. Leverage timing If you list now, your competition is low. If you wait until January, you benefit from more buyer activity. Both can work. It depends on your goals. What This Means for Buyers Less competition Bid wars quiet down in November. That gives you more negotiating leverage than you would have had in summer. Motivated sellers People who list during the holidays usually need to move. That can translate to concessions, repairs, and closing cost support. Still plan financially Rates remain higher than most buyers want. This is the time to compare lenders, ask about 2-1 buydowns, and consider long-term refinance strategies. Watch for standout listings The gems still get attention. Do not assume a longer DOM means a bad house. It might simply be seasonal timing. What’s Next: December and Early 2026 Watch these indicators: New listings. If supply bumps up faster than demand after New Year’s, buyers gain leverage. Rates. This will be the biggest driver of spring activity. DOM. If it jumps sharply in December, expect a more balanced 2026 start. Concessions. These often increase in Q4. If they remain high, it signals buyer fatigue. Final Thoughts The Richmond market always takes on a quieter, cozier tone in November. Buyers become more selective, and sellers who stay active gain an advantage by standing out among fewer listings. If you are considering a move, use this season to position yourself well for early 2026. Smart strategy now can save you time and money later.

What's going on in the market as the leaves start to fall? Anecdotally, we're definitely seeing things get just a bit slower. Listings are taking a little more time to sell, and there just aren't quite as many buyers (read:competition) out there. Homes are still selling for nearly 100% (and sometimes more than) asking price, though, so make sure you have all your data and a great agent on your team when you're ready to start looking or when you're thinking of selling. For more detailed info, see below, or as always, call me! Median List Price In September, the median list price for homes in the Richmond metro area stood at $429,970 — down ~2.8% year-over-year. This softening suggests that sellers are beginning to feel a little pressure as buyer expectations strengthen and interest rates shift. List to Sales Price Ratio Homes are still selling close to asking price, but with the exception of some areas and very specific (read: outstandingly prepared) homes, the sale-to-list price ratio is about 98.9%. That means that on average, homes sell for roughly 1.1% below their original asking price. This means pricing right is super important right now. Pay close attention to where the market is when you list, not where it was a few months ago. Mortgage Rates (Early October Snapshot) As of early October 2025: 30-year fixed: ~6.30% 15-year fixed: ~5.53% Rates are lower than they've been for a while, but still higher than a lot of people feel great about, they're still limiting what people are wanting to spend. (And if they're spending, they don't want a laundry list of "things to do.") Average Days on Market Properties in general are spending an average of 32 days on the market before going under contract. While that's not crazy slow, there’s still enough activity that pricing, presentation, and timing matter. What This Means for Sellers & Buyers For Sellers Price thoughtfully — going too high can scare off buyers in this environment. Presentation is essential. Professional staging, strong photography, and minimal negotiation buffers go a long way. Be ready for some pushback. Buyers will negotiate when they see room for it — be realistic about offers and requests for concessions (like closing costs and/or repair items.) For Buyers Offers just below asking may indeed cut it, but not on every house. You may be able to save a little, but you definitely still need a strategy. Watch new listings closely. Some homes are definitely sitting, but the right home in the right neighborhood may move fast. What’s Next? Watch These Metrics To stay ahead, keep an eye on: Inventory / New Listings — a jump here can shift leverage toward buyers. Days on Market — rising days on market often signals buyer fatigue, but with so much uncertainty, buyers are generally being more thoughtful and discriminating about what they buy. Interest Rate Movements — even small rate changes can influence purchase power and buyer urgency. Absorption Rate — how fast homes are moving relative to available inventory. As I always mention, a "balanced market" is 6 months of inventory. While October appears to be leaning a bit more toward sellers, the official numbers are still holding where we've been the past few months, at 2.10 months of inventory. Final Thoughts In September 2025, Richmond’s housing market remains relatively stable, though slightly softer compared to last year. Buyers and sellers alike should have realistic expectations, stay nimble, and work with knowledgeable agents (like me, obviously) who can read the subtle shifts. If you want more detailed information, as always, reach out to me and let's talk!

If you’ve been watching the Richmond market, here’s the quick scoop: more homes are FINALLY hitting the market, prices are still edging up, and mortgage rates just dipped to their lowest point in nearly a year. Translation? In the Richmond area, it’s still a seller’s market, but buyers have a little more breathing room than they did this spring. The Big Picture More homes for sale: Listings are up compared to last year—especially condos and townhomes. That means more options for buyers. Prices are still rising (slowly): The median single-family home price is about $433,000, up 3% from last year. Homes are still moving fast: Most single-family homes sell in about 3 weeks, and sellers are still getting nearly full asking price. (And yes, we're still seeing multiple offer situations on occasion.) Rates are helping buyers: The average 30-year mortgage rate just dropped to 6.35%, giving buyers a little more affordability. What Buyers Should Know More choices: Inventory is improving, especially in townhomes and condos. (Hooray!) Better payments: Lower rates mean monthly payments are slightly easier to swallow than midsummer. Smart offers win: The best homes still draw competition—being prepared with financing and a solid strategy makes you stand out. What Sellers Should Know Price it right: Homes that hit the market at the correct price are selling quickly and close to asking. Prep matters more than ever: Clean, staged, and well-marketed homes get top dollar. Condo and townhome sellers: Expect a bit more competition—presentation and pricing are key. Quick Look by Area Richmond City: Median price of around $410,000, up ~8%. Most city neighborhoods are still strong. Henrico: Median $415,000, prices are nearly flat year-over-year. Updated homes in west end zip codes remain popular. Chesterfield: Median $430,000, up ~2%. Newer neighborhoods are steady and attract buyers for value. Hanover: Median price about $496,000, slightly down. Larger lots and unique properties are driving the market here. Bottom Line Buyers: You finally have a bit more room to negotiate and slightly better rates—let’s find you the right home before the holidays. Sellers: The market is still in your favor, but buyers are much more picky than they've been for the last few years. Pricing smart and prepping well are the difference between “Just Listed” and “Just Sold.” Thinking about making a move this fall? Let’s talk about your neighborhood and your goals—I’ll bring the data and a strategy to get you there.

As we head into the last quarter of 2025, the Greater Richmond market (Richmond, Henrico, Chesterfield, Hanover, and Goochland) is still holding steady. Prices are up compared to last year, demand remains strong, and buyers finally have a little more breathing room. Virginia’s median home price in June was about $446,000—up 3.4% from 2024—and Richmond’s housing market is moving in step with those statewide trends. Nationally, sales are picking back up as more inventory hits the market and prices level off. Looking closer: Henrico and Chesterfield both saw more listings this summer, with prices ticking up slightly and homes staying on the market just a little longer. Hanover has been steady with small price shifts, while Goochland, with fewer sales overall, is seeing bigger swings but remains desirable with a median in the mid-$600s. Richmond itself is still outperforming the national average for speed and price stability, though the days of frantic bidding wars are cooling into a more balanced market. Interest rates are helping too. The 30-year fixed mortgage has settled into the mid-6% range—the lowest in months. Most experts expect rates to hover around 6.5% as we close out the year, with the chance of a little more relief if the economy continues to cool. It’s not the 3% world we remember, but it’s a noticeable improvement over where we started 2025. What this means for you: If you’re a buyer in Richmond, Henrico, Chesterfield, Hanover, or Goochland, now’s the time to refresh your pre-approval and take advantage of extra inventory. Homes that sit longer than two weeks often present negotiation opportunities for closing costs, repairs, or even a rate buydown. If you’re a seller, pricing right is key. Move-in-ready homes are still attracting strong offers, but pushing the top of the market may require patience or offering buyer incentives.

As we hit mid May, where is the real estate market? Is there light at the end of the... Well, I'm not going to be the one to jinx it! Let's just say that while prices are not going down generally, the good news is that inventory has gone up in the Metro Richmond Region, and that is always good news if you're thinking of buying. More inventory always means more choice, and that's never a bad thing when you're shopping for anything, but perhaps especially a home. The overall number of homes for sale has actually gone up by nearly 20% from March to April, and based on the numbers so far for May, inventory definitely seems on track to be a bit higher this month. In fact, in April, there were just under 1400 pending sales, and this month, we're already at almost 2000. Now, don't get too excited, and think that means there's a deal to be had, but it is a little less crazy out there. As I'm pretty sure I've said before, we're still seeing plenty of multiple offer situations, but for the most part, we're seeing more 2-5 offers and fewer homes with 15+ offers. We're also seeing more and more home inspections, which is fantastic for buyers. Good news for buyers is seldom good news for sellers, but in this case, it's really not bad. For the most part, homes are still selling for 100% of the list price, and the median days on market is 7. (The average is 25, but keep in mind that that includes everything, so not always the best true representation of the market as it is at the moment.) There are lots of stories in the news about real estate slowing down, and I know that is happening in many markets. Always remember, though, that real estate is local, so just because the national news is saying something, or you talked to someone who lives elsewhere, that does not always apply to the market you're in. Here in Central Virginia, and the Richmond Metro in particular, our market is still moving quite quickly. What that means for you if you're thinking of buying: You need to be ready to move when you find something, because it's probably not going to hang around. That means getting connected with a lender, and having your financial ducks in a row before you start. You may well be able to get an inspection, but know your options if you fall in love with a home that's going to be competitive. You may have a little more choices out there, so have a good idea what your deal breakers and "must haves" are, but try to be patient. It's (usually) not House Hunters- you don't look at three and have to pick one of those! What that means for you if you're thinking of selling: If you want to get the most for your home, have it "show ready" before you go on the market. Clean, declutter, paint, and do a little sprucing up of your curb appeal. Even if you don't think you need to! It always helps! Price matters! It can be the difference between no offers, one offer, or 5 offers, and while you only need one offer, obviously, when you have competing offers, the terms are generally better for you. Price it well for what your goals are, and that's not always the same for everyone. Plan for an inspection, as it's definitely more likely now. That means make sure you repair the things that you are aware of, and know what is likely to arise on an inspection so you're prepared.  

Despite much of the national news being less than great, the market in the Richmond area is doing just fine. Here are a few highlights. Prices: Our average list to sold percentage is right at 100% now, and that's pretty good, whether you are buying or selling. Last year this time, that number was 104%. While no one is getting a "deal" in this market, we're also not seeing the whole market paying way over list price for homes on the regular. If you're selling, homes are still moving, and we're definitely still seeing the "market ready" homes going for at or above list price. (Saying this with the caveat that there are plenty of homes that don't sell for top dollar, but they are generally not in great condition, or they're not priced well.) Inspections: If you're buying, there is great news, and that's that inspections are fully, completely, BACK! While we are seeing some waivers of smaller items, etc, we're seeing inspections much more as the rule rather than the exception, and that's great for buyers. If you know you're in a competitive situation, think about how you can make that inspection clause more appealing to the seller. (There are a lot of ways to do this while still covering yourself against major issues.) Inventory: Inventory is still rather low. Going back to the old standard of the month's supply, we're at 1.8 months of supply of homes right now (a balanced market is 6 months). That's exactly where we were with inventory this time last year. If you're thinking of buying, the good news there is that the inventory is more or less holding steady. The bad news is that if you have been on the fence about buying, and waiting for rates and/or prices to go down, that's unlikely. The average sale price in our entire listing area (including Richmond and all of the surrounding counties) is just over $450,000, as of March 2025. Last March, that number was $432,000. Not a huge jump, really, but definitely going up. What questions do you have on the market? As always, every home, every neighborhood, every area is somewhat different. If you have questions about your home, or your dream home, reach out! I'd love to break down the market for you and your unique needs and goals.