What’s going on in the market as the leaves start to fall? Anecdotally, we’re definitely seeing things get just a bit slower. Listings are taking a little more time to sell, and there just aren’t quite as many buyers (read:competition) out there. Homes are still selling for nearly 100% (and sometimes more than) asking price, though, so make sure you have all your data and a great agent on your team when you’re ready to start looking or when you’re thinking of selling. For more detailed info, see below, or as always, call me!
Median List Price
In September, the median list price for homes in the Richmond metro area stood at $429,970 — down ~2.8% year-over-year. This softening suggests that sellers are beginning to feel a little pressure as buyer expectations strengthen and interest rates shift.
List to Sales Price Ratio
Homes are still selling close to asking price, but with the exception of some areas and very specific (read: outstandingly prepared) homes, the sale-to-list price ratio is about 98.9%. That means that on average, homes sell for roughly 1.1% below their original asking price. This means pricing right is super important right now. Pay close attention to where the market is when you list, not where it was a few months ago.
Mortgage Rates (Early October Snapshot)
As of early October 2025:
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30-year fixed: ~6.30%
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15-year fixed: ~5.53%
Rates are lower than they’ve been for a while, but still higher than a lot of people feel great about, they’re still limiting what people are wanting to spend. (And if they’re spending, they don’t want a laundry list of “things to do.”)
Average Days on Market
Properties in general are spending an average of 32 days on the market before going under contract. While that’s not crazy slow, there’s still enough activity that pricing, presentation, and timing matter.
What This Means for Sellers & Buyers
For Sellers
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Price thoughtfully — going too high can scare off buyers in this environment.
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Presentation is essential. Professional staging, strong photography, and minimal negotiation buffers go a long way.
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Be ready for some pushback. Buyers will negotiate when they see room for it — be realistic about offers and requests for concessions (like closing costs and/or repair items.)
For Buyers
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Offers just below asking may indeed cut it, but not on every house. You may be able to save a little, but you definitely still need a strategy.
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Watch new listings closely. Some homes are definitely sitting, but the right home in the right neighborhood may move fast.
What’s Next? Watch These Metrics
To stay ahead, keep an eye on:
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Inventory / New Listings — a jump here can shift leverage toward buyers.
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Days on Market — rising days on market often signals buyer fatigue, but with so much uncertainty, buyers are generally being more thoughtful and discriminating about what they buy.
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Interest Rate Movements — even small rate changes can influence purchase power and buyer urgency.
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Absorption Rate — how fast homes are moving relative to available inventory. As I always mention, a “balanced market” is 6 months of inventory. While October appears to be leaning a bit more toward sellers, the official numbers are still holding where we’ve been the past few months, at 2.10 months of inventory.
Final Thoughts
In September 2025, Richmond’s housing market remains relatively stable, though slightly softer compared to last year. Buyers and sellers alike should have realistic expectations, stay nimble, and work with knowledgeable agents (like me, obviously) who can read the subtle shifts.
If you want more detailed information, as always, reach out to me and let’s talk!
