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
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More homes for sale: Listings are up compared to last year—especially condos and townhomes. That means more options for buyers.
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Prices are still rising (slowly): The median single-family home price is about $433,000, up 3% from last year.
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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.)
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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
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More choices: Inventory is improving, especially in townhomes and condos. (Hooray!)
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Better payments: Lower rates mean monthly payments are slightly easier to swallow than midsummer.
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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
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Price it right: Homes that hit the market at the correct price are selling quickly and close to asking.
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Prep matters more than ever: Clean, staged, and well-marketed homes get top dollar.
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Condo and townhome sellers: Expect a bit more competition—presentation and pricing are key.
Quick Look by Area
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Richmond City: Median price of around $410,000, up ~8%. Most city neighborhoods are still strong.
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Henrico: Median $415,000, prices are nearly flat year-over-year. Updated homes in west end zip codes remain popular.
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Chesterfield: Median $430,000, up ~2%. Newer neighborhoods are steady and attract buyers for value.
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Hanover: Median price about $496,000, slightly down. Larger lots and unique properties are driving the market here.
Bottom Line
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Buyers: You finally have a bit more room to negotiate and slightly better rates—let’s find you the right home before the holidays.
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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.
