Spring Didn’t Wait for Permission
If you’ve been holding your breath waiting for the “official” spring market to arrive — it’s here. In February. Again.
I’m already seeing multiple offers come in on well-priced homes across the region, which, if you’ve been around this market for any length of time, you know is the signal. Not a signal. The signal. Buyers who’ve been quietly been paying attention, getting pre-approved, and watching since January are starting to move — and the ones who waited to “see how spring goes” are about to find themselves a few steps behind.
So here’s your non-panicky, no-spreadsheet-required update on where Greater Richmond actually stands right now.
How the Market “Feels” Right Now Across the Region
1) Inventory is still tight — and that’s keeping a floor under prices
Across Richmond and the surrounding counties, we’re still sitting well under the 5–6 months of supply that would indicate a balanced market. In most areas, we’re closer to 2–3 months. In plain English: there are more buyers than there are good homes for them to buy, especially in the most in-demand pockets.
That’s why I’m not seeing prices “drop” in any meaningful, market-wide way. Are there price reductions? Yes. But that’s almost always a specific house problem (overpriced, needs work, not marketed well) — not a “Richmond is softening” story.
2) Multiple offers are definitely here, and buyers are bringing their A game
I’ll tell you- multiple offers on great homes haven’t really left our market since the pandemic. But over the last year or so, we’ve seen more situations where it’s 3-5 offers and not 10-15. Lately, though (in the past few weeks, particularly) I’ve been seeing more inspection waivers, more appraisal coverage, and more buyers willing to swing for the fences on what they offer. Well-priced, well-presented homes are attracting real competition — and buyers who come in unprepared are losing.
The difference is that there’s still room for strategy. Room for at least some due diligence. Room for actual conversations. That’s healthy, and it’s a better market for everyone even when it doesn’t always feel like it in the moment.
3) Mortgage rates: still not the dramatic drop anyone was hoping for
As of mid-February 2026, 30-year fixed rates are hovering in the low-to-mid 6% range. Could they drift lower through spring? Maybe a little. But I’ll tell you what I tell every client who’s building their whole plan around “waiting for rates to drop”: life doesn’t pause while you wait.
Job changes, growing families, downsizing, the realization that you genuinely cannot share one bathroom for one more year — these things don’t care what Freddie Mac is doing. And while you’re waiting, prices quietly keep doing their thing. (and that’s not going down.)
A Quick “What’s the Vibe?” by County
(Because one data point doesn’t tell the whole story)
Richmond City — The neighborhoods are as competitive as ever at the entry and mid-range levels. The Fan, Museum District, Church Hill, Northside, Manchester — well-priced homes here move fast, and that’s not changing this spring.
Henrico — Still one of the most consistently active markets in the region. Close-in, strong schools, diverse price points. Move-in ready homes are going quickly, and I’d expect multiple offers to become even more common as we get deeper into spring.
Chesterfield — Strong, steady demand, especially in the mid-range and new construction space. Buyers here tend to be more payment-sensitive (rates matter more when you’re stretching for square footage), but good homes still move. Don’t sleep on this one.
Hanover — Loyal buyer base, limited inventory, and a market that rewards patience on the buyer side — until the right house hits, and then you have to MOVE. Homes with land and space continue to attract strong interest, and there is a lot of new development to appeal to those wanting a current look and feel.
Goochland and Powhatan — These markets move at their own pace, which I respect. Fewer transactions, but real demand — especially at higher price points. Buyers out here tend to be more deliberate, but they’re showing up and they’re serious.
The common thread across all of it: inventory is still the story. Supply hasn’t caught up to demand, and it’s not going to before spring.
If You’re Buying This Spring
Your biggest advantage right now: strategy over speed
Here’s a real example of what I mean (names withheld because that’s how I do it):
I had buyers fall in love with a home and we knew going in it would be competitive. So before we wrote a single word of the offer, we got honest about their risk tolerance, what they needed to feel protected post-inspection, and what would make the offer clean and appealing without throwing all caution out the window.
We didn’t waive everything. We waived enough — enough to signal to the seller that we weren’t going to come back with a mile-long repair list — while still protecting my buyers from anything major.
They got the house. Not because the offer was the loudest. Because it was the most thoughtful.
That’s the 2026 playbook.
A few practical things to know heading into spring: get pre-approved now, NOT when you find the house you want. Know your non-negotiables before you’re emotionally attached to a specific property. And be realistic — a move-in ready home in a great neighborhood is going to see competition. Going in with a plan is the difference between getting the house and writing a sad “how did we lose again?” text to your agent at 9pm.
(Not that I’ve received those. Okay, I have. It’s fine. We regroup, and I really do believe that the right one is out there.)
If You’re Selling This Spring
“Top dollar” is still very much available — it just has to be earned
The homes that are sitting right now almost always fall into one of three categories: overpriced, under-prepared, or under-marketed. And buyers in 2026 are more selective than they were a couple of years ago — they’ll pay for quality, but they’re not overlooking obvious condition issues just because inventory is tight.
What is working: homes that are priced correctly, show beautifully, and hit the market with real marketing behind them. And right now, listing before the full spring wave of inventory arrives means you’re in front of a buyer pool that is hungry and has very few options. That’s a great place to be.
If you’ve been thinking about listing this spring — especially if you’ve been putting it off — I’d genuinely encourage you to have the conversation sooner rather than later. The window that’s open right now, in February and early March, is one of the better ones, and being one of the early entrants can give that hungry market what it needs- good inventory!
The Short Version
Greater Richmond is doing what it does: holding steady, moving faster than the national headlines suggest, and rewarding the people who show up prepared.
The national picture matters as context. But we’re not Phoenix. We’re not Austin. We’re Richmond — and Richmond has its own rules.
Whether you’re buying, selling, or just keeping an eye on your biggest asset, I’m always happy to give you the “what does this mean for my situation” version. Just reach out.
804.690.8273 | [email protected]
Email with your neighborhood (or target area), your price range, and your timeline, and I’ll send you a quick, no-pressure snapshot of what’s realistic, what’s working, and what I’d tell you if you were my favorite client. (You all are. Don’t fight about it.)
