There are more homes for sale right now than there were a year ago.
I’ll give you a second to sit with that.
Nationally, inventory has climbed back close to pre-pandemic levels. Here in Central Virginia, we’re not quite there yet. Richmond has never been a market that moves in lockstep with the national story, but the trend is real, and it matters for what you’re about to do next.
This isn’t “the market is crashing” news. It’s not even “buyers finally win” news (sorry buyers!) It’s something more useful than either of those headlines: it’s nuance. And nuance is exactly what helps people make smart decisions.
So here’s your slightly nuanced Spring 2026 update for Richmond City, Henrico, Chesterfield, and Hanover.
The Headline: More Options, But the Good Stuff Still Moves FAST
If you’ve been sitting on the sidelines because you felt like every decent house evaporated before you could even schedule a showing — you might just like spring 2026 a little better.
There’s more to look at. In some pockets, there’s even a little more time to think. (I mean, don’t get crazy, but you don’t necessarily have only an hour to decide.) As of February 2026, homes in Richmond were averaging around 30 days on the market compared to 18 days this time last year. That’s not a slow market. That’s a market that’s breathing again.
But here’s the thing that hasn’t changed, and I need you to hear it: a well-priced, well-presented home in a sought-after neighborhood is still not sitting around waiting for you to “think on it.” That number of days on market is an average, and trust me, those homes are going much faster. The median sale price in February hit $401,000 — up 5.4% from a year ago. Demand is real. Prices are holding. The market just has a bit more… texture to it now.
More inventory is not the same as cheap inventory. It means more choices. That’s different.
Mortgage Rates: The Part You’re Already Tired of Hearing About
As of March 12, 2026, Freddie Mac’s weekly survey puts the 30-year fixed rate at 6.11%. The week before, it was 6.00%. A year ago, it was 6.65%.
So: rates are meaningfully lower than last year. They’re not 3%, and they’re not going to be 3% anytime soon. But here’s something Freddie Mac’s own chief economist pointed out: buyers are responding to rates in this range. Existing home sales were up 1.7% in February. Purchase applications are up year-over-year.
People are buying houses. At 6%. And they’re not regretful about it.
My standard speech to people waiting for rates to “drop” enough to make a dramatic difference: while you’re waiting, prices in Richmond are quietly ticking up. You don’t get that time back. And if rates do drop significantly, everyone else will have the same idea at the same moment, and you’ll be right back in a bidding war.
(I say this with love. I also say it because it’s true.)
The RVA Market by Area
(In Other Words, The Version That Actually Tells You Something)
Richmond City + Henrico
Still the most competitive corner of this market. Zillow data shows homes going pending in about a week in many City and Henrico neighborhoods — so if you find something you love, you don’t have the luxury of sleeping on it. That said, sellers who overreach on price are getting more feedback now than they were two years ago. The market is sharper, not softer.
Chesterfield
Strong demand from families and people relocating for space, schools, and value. New construction is giving buyers more options than they had, and that’s creating some healthy competition between resale and new build. If you’re selling in Chesterfield, this is exactly why presentation and pricing need to be on point. If you’re buying, it’s worth knowing what new construction is doing nearby before you make an offer.
Hanover
Consistently in demand, especially for buyers who want more land, more quiet, and a little more room to breathe. Hanover benefits from excellent schools and a genuine sense of community — and buyers know it. Inventory here is still constrained relative to demand. Good homes don’t sit.
If You’re Buying This Spring
The best thing about spring 2026: you can actually be strategic.
More inventory means you have real choices. But real choices require a real plan — because the best homes are still going fast, and you need to be ready when you find yours.
Here’s what “ready” actually means:
- Pre-approved — not just pre-qualified. There’s a difference, and sellers can tell.
- Be clear on your must-haves vs. your nice-to-haves. In a moving market, indecision is expensive.
- Thoughtful about your offer. A clean, confident offer beats a sloppy high offer more often than people think. We can usually build in reasonable protections without torpedoing your chances.
- Working with someone who knows these specific neighborhoods. The data I just gave you tells part of the story. The other part is knowing that one block can change everything.
I’m not here to rush you into anything. This is your decision and your timeline. But if you’re ready to understand what’s realistic in the neighborhoods you love — what’s moving, what’s sitting, and what a winning offer looks like right now — that’s exactly the kind of conversation I enjoy having.
If You’re Selling This Spring
Spring is your season. Basically every year, but this year, too.
More buyers are active. More people are doing those open-house Sunday drives. More people are finally shaking loose from the “I’m waiting to see what rates do” paralysis. You want to be on the market when that energy is here.
But here’s the honest version: more inventory means buyers have more to compare you to. The homes that are sitting right now have something in common — they’re overpriced, underprepared, and often, both. And in a market with real options, buyers walk right past them.
The homes that sell well in spring 2026 will:
- Be priced accurately from day one (not “let’s try high and see” — that strategy has a cost)
- Show beautifully — not over-renovated, just clean, intentional, and camera-ready
- Be marketed like they deserve to be — not just listed and hoped for
If you’ve been thinking about selling and wondering whether to jump now or wait — this is my honest take: spring is the better window. Motivated buyers, longer days, prettier yards. Don’t overthink it. It’s a good time.
The Bottom Line
Richmond in spring 2026 is a market that rewards people who show up prepared. It’s not 2021 — but that’s fine, because 2021 was genuinely exhausting. It’s not a buyer’s free-for-all either — prices are still up, demand is still real, and this city is still getting national attention as a place people want to be.
It’s a market that’s asking you to do your homework. And I can help with that.
| Want the “what does this mean for my specific situation” version?
Reach out with your neighborhood (or the one you’re eyeing), your price range, and your rough timeline — and I’ll give you a quick, no-pressure snapshot of what’s actually happening there. What’s moving, what’s not, and what I’d do if you were my favorite people. |
