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.
