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:
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30-year fixed: hovering in the low-to-mid 6% range
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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
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Families travel or focus on holiday spending.
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Sellers often wait for the “fresh start” of January.
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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
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Low inventory persists in many popular areas.
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Buyers shopping now are not browsing. They are ready.
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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:
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New listings. If supply bumps up faster than demand after New Year’s, buyers gain leverage.
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Rates. This will be the biggest driver of spring activity.
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DOM. If it jumps sharply in December, expect a more balanced 2026 start.
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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.
