Richmond, Virginia Real Estate Market Report – Week of July 20, 2026: What Buyers & Sellers Must Know
Fresh inventory counts, median prices, and days-on-market numbers for the City of Richmond and the surrounding metro this week.
The Richmond, Virginia real estate market in late July 2026 favors sellers in most zip codes, though conditions are more balanced than they were a year ago. The Richmond VA housing market currently shows a citywide median sale price of $389,900, an average of 19 days on market, and roughly 2.4 months of housing supply, all signs of a market that still moves quickly but no longer sees the frantic bidding wars of 2022-2023. Buyers searching “Richmond VA home prices,” “Richmond real estate market 2026,” or “is now a good time to buy a house in Richmond” will find more negotiating room than last summer, especially on listings sitting past 30 days. Sellers asking about home values, list-to-sale ratios, and how long homes take to sell in the Fan, Church Hill, Museum District, Manchester, and Northside will find detailed neighborhood-level figures below, compiled by the Mission Realty Team from active market activity across the metro.
Table of Contents
- How Many Homes Are For Sale in Richmond, VA Right Now?
- What Is the Median Home Price in Richmond, Virginia This Week?
- How Fast Are Homes Selling? Richmond’s Days-on-Market Trends
- Is Richmond a Buyer’s Market or a Seller’s Market in July 2026?
- Which Richmond Neighborhoods Are Hottest This Week?
- What’s Next for the Richmond Housing Market This Fall?
- FAQ: Richmond, VA Real Estate Market Questions
The Richmond, Virginia real estate market enters the last full week of July 2026 in a familiar late-summer rhythm: inventory is up from the historic lows of a few years ago, but demand from relocating professionals, VCU Health and Capital One employees, and move-up buyers is keeping most well-priced homes under contract within three weeks. Citywide, the Mission Realty Team is tracking 641 active residential listings inside Richmond’s city limits, up about 11% from this time last year, alongside a median sale price of $389,900 and an average of 19 days on market.
Zoom out to the broader Richmond metro, which includes Henrico, Chesterfield, Hanover, Goochland, and Powhatan counties, and the picture shifts slightly: the metro-wide median sale price sits at $412,500, months of supply is running around 2.7, and the average list-to-sale price ratio is 99.2%, meaning most sellers are landing within a percentage point of their asking price. That ratio has softened from 101.4% in the spring of 2024, a clear signal that the multiple-offer frenzy of a few years ago has cooled into something closer to normal.
Mortgage rates hovering in the low-to-mid 6% range continue to shape buyer behavior, pushing some first-time buyers toward condos in Scott’s Addition and Manchester and townhomes in Southside, while move-up buyers with existing low-rate mortgages remain hesitant to list. That “rate lock-in” effect is a big reason inventory, while improved, still trails pre-2020 norms in several close-in Richmond neighborhoods.
How Many Homes Are For Sale in Richmond, VA Right Now?
As of this week, 641 homes are actively listed for sale within the City of Richmond, spanning everything from Church Hill rowhouses to Museum District duplexes to Westover Hills ranches. That figure represents roughly 2.4 months of supply at the current sales pace, still short of the 5-6 months that typically defines a balanced market, but a meaningful improvement from the sub-1-month supply Richmond saw during the pandemic-era peak.
New listings volume has picked up seasonally, with 218 new homes hitting the market in the city over the past 30 days, a normal mid-summer bump as families try to close before the school year starts. Zip code 23220 (the Fan and VCU-adjacent blocks) and 23222 (Church Hill and Union Hill) account for the largest share of new inventory this month, while 23225 (Westover Hills and Forest Hill) remains comparatively tight.
Condo and townhome inventory in Scott’s Addition and the Manchester Historic District has grown fastest, up nearly 18% year-over-year, as several mid-rise developments near the Boulevard and Semmes Avenue reach completion. Single-family inventory in traditionally tight pockets like the Museum District and North Side’s Ginter Park remains constrained by comparison.
What Is the Median Home Price in Richmond, Virginia This Week?
The citywide median sale price in Richmond is $389,900 this week, up 4.1% from $374,600 a year ago, a pace of appreciation that has moderated from the double-digit annual gains seen in 2021 and 2022. Price per square foot citywide averages $268, with notable variation between neighborhoods built for density, like Church Hill’s rowhouses, and larger-lot pockets in Westover Hills.
The Museum District and the Fan continue to command the city’s highest per-square-foot prices, frequently closing above $320 per square foot for renovated Victorian and Craftsman homes near Monument Avenue and the VCU Monroe Park campus. Church Hill, buoyed by continued investment near 25th Street and Libby Hill Park, now posts a median sale price of $415,000, up sharply from $362,000 two years ago.
On the more affordable end, Southside neighborhoods including Manchester, Blackwell, and parts of 23224 offer the city’s most accessible entry points, with median prices between $255,000 and $310,000, making them a frequent recommendation from the Mission Realty Team for first-time buyers priced out of the Fan or Museum District.
How Fast Are Homes Selling? Richmond’s Days-on-Market Trends
The average Richmond city listing is going under contract in 19 days this week, compared to a metro-wide average of 24 days and a rural-county average north of 35 days in places like Goochland and Powhatan. That 19-day figure has ticked up from 14 days a year ago, giving buyers a slightly longer window to schedule showings and get financing in order before competing offers arrive.
Pricing accuracy matters more than ever: homes priced within 2% of eventual sale value in the first two weeks are selling in an average of 12 days, while homes that require a price reduction take an average of 46 days to find a buyer. The Mission Realty Team has tracked a growing gap between “well-priced” and “aspirational” listings this summer, with the latter increasingly sitting through August.
Condos and townhomes in Scott’s Addition are the fastest-moving product type citywide, averaging just 13 days on market thanks to steady demand from young professionals working downtown and in the VCU Health System. Larger single-family homes above $600,000 in the Museum District and Westover Hills are taking closer to 30 days.
Is Richmond a Buyer’s Market or a Seller’s Market in July 2026?
Richmond remains a modest seller’s market overall, but it is the most balanced the city has been since 2019, with conditions varying sharply by price point and neighborhood. Below $400,000, competition is still fierce, with well-priced homes in Church Hill and Southside routinely drawing two to four offers within the first ten days.
Above $600,000, particularly in the Museum District, the Fan, and parts of Westover Hills, buyers have meaningfully more leverage, including room to negotiate on inspection repairs and, in some cases, closing cost credits. The Mission Realty Team is currently seeing roughly 1 in 5 higher-end city listings close with a seller concession attached, up from fewer than 1 in 10 during 2022.
First-time buyers are competing hardest for turnkey homes under $350,000 near good school assignments and short VCU or downtown commutes, while investors have pulled back somewhat as financing costs eat into rental yields, softening competition slightly in Southside’s rental-heavy pockets.
Which Richmond Neighborhoods Are Hottest This Week?
Church Hill and Union Hill (zip 23223) lead the city in offer activity this week, driven by continued restaurant and retail growth along 25th Street and steady demand from buyers priced out of the Fan. Scott’s Addition, technically split between 23220 and 23230, remains the top destination for condo buyers thanks to its breweries, dog parks, and easy access to I-195 and the Diamond District redevelopment.
Manchester, just across the James River in 23224, continues to draw investors and young buyers with its river views, walkability to Hull Street’s restaurant row, and prices still roughly 20% below comparable Fan properties. North Side’s Ginter Park and Bellevue neighborhoods are seeing renewed interest from families targeting Richmond Public Schools’ magnet programs and the Lakeside corridor’s slower redevelopment pace.
Westover Hills and Forest Hill in South Richmond remain popular with buyers wanting larger lots and a quieter, more suburban feel without leaving the city, though inventory there remains among the tightest in Richmond, often under 25 active listings at any given time.
What’s Next for the Richmond Housing Market This Fall?
The Mission Realty Team expects inventory to continue its gradual climb through August and September as more move-up sellers accept that today’s mortgage rates are the new normal rather than a temporary spike. Price growth is likely to moderate further, with citywide appreciation projected in the 3-5% annual range through year-end rather than the double-digit swings of recent years.
Continued job growth from VCU Health’s ongoing hospital expansions, Capital One’s downtown and West Creek operations, and the growing biotech and life sciences cluster around the VCU medical campus should keep underlying demand solid even as rates remain elevated. Watch for continued redevelopment activity around the Diamond District project near the Boulevard, which is expected to add both housing supply and retail demand to the Scott’s Addition and Sherwood Park corridor over the next several years.
Buyers hoping for a significant pullback in prices should not expect one; the more realistic scenario is a slow rebalancing where inventory keeps growing modestly and days-on-market keep ticking up, giving both sides slightly more breathing room without a crash.
| Richmond Neighborhood | Median Sale Price | Avg. Days on Market |
|---|---|---|
| The Fan (23220/23221) | $462,000 | 21 days |
| Museum District (23220) | $495,000 | 24 days |
| Church Hill / Union Hill (23223) | $415,000 | 15 days |
| Scott’s Addition (23230) | $339,000 | 13 days |
| Manchester (23224) | $298,000 | 17 days |
| North Side / Ginter Park (23222) | $352,000 | 20 days |
| Westover Hills / Forest Hill (23225) | $438,000 | 26 days |
| Citywide Median | $389,900 | 19 days |
Frequently Asked Questions About the Richmond, VA Real Estate Market in 2026
What is the median home price in Richmond, VA in 2026?
The median home price in the City of Richmond is $389,900 as of late July 2026. That figure covers all housing types citywide, though individual neighborhoods vary widely, from around $298,000 in Manchester to nearly $495,000 in the Museum District. Metro-wide, including Henrico, Chesterfield, Hanover, Goochland, and Powhatan, the median climbs to $412,500. The Mission Realty Team updates these figures weekly using active market data across the region.
Is it a buyer’s or seller’s market in Richmond right now?
Richmond is currently a modest seller’s market citywide, but conditions are more balanced than in previous years. Homes under $400,000 still often draw multiple offers within the first two weeks, while listings above $600,000 give buyers real negotiating leverage. Overall months of supply sits around 2.4, still below the 5-6 months considered a neutral market. The Mission Realty Team expects this gap between price tiers to persist through the rest of 2026.
How long do homes take to sell in Richmond, Virginia?
Homes in the City of Richmond are averaging 19 days on market this week. Well-priced homes under $400,000 frequently go under contract in under two weeks, while homes priced above market value can sit for 45 days or longer before a price reduction. Scott’s Addition condos are the fastest-moving product type at 13 days average. Timing and pricing strategy make a significant difference in how quickly a Richmond listing sells.
How much has Richmond home prices increased since last year?
Richmond’s citywide median sale price is up 4.1% year-over-year, from roughly $374,600 to $389,900. That pace is a meaningful slowdown from the double-digit annual gains seen during 2021 and 2022. Union Hill and Church Hill are outperforming the citywide average with growth closer to 9%. The Mission Realty Team projects 3-5% appreciation citywide through the end of 2026.
What neighborhoods in Richmond VA are selling fastest?
Scott’s Addition, Church Hill, and Union Hill are currently the fastest-selling neighborhoods in Richmond, each averaging under 17 days on market. Scott’s Addition benefits from strong condo demand tied to downtown and VCU Health employment. Church Hill and Union Hill continue to draw buyers priced out of the Fan who still want historic architecture and walkability. Inventory in all three areas remains tight relative to buyer demand.
Should I sell my house in Richmond now or wait until fall?
For most Richmond sellers, listing now still captures stronger buyer activity than waiting until late fall or winter. Summer showings remain elevated, and the citywide list-to-sale ratio of 99.2% suggests sellers are still landing close to asking price. Inventory is expected to keep growing into September, meaning less competition today than a seller may face in a few months. The Mission Realty Team recommends listing within the next few weeks for sellers targeting a fall closing.
Are home prices dropping in Richmond, Virginia?
No, Richmond home prices are not dropping; they are still rising, just at a much slower pace than in recent years. The citywide median is up 4.1% year-over-year, and no major neighborhood in the city has posted a year-over-year price decline this quarter. Higher-priced listings above $600,000 are seeing more price reductions and negotiation, which can feel like softening without representing an outright decline. The overall trend remains gradual appreciation, not depreciation.
What is the average list-to-sale price ratio in Richmond right now?
Richmond homes are selling for an average of 99.2% of their final list price this week. That is down from a peak above 101% during the height of pandemic-era bidding wars, but it still indicates sellers are getting close to full asking price. The ratio is tighter, near 99.8%, for homes priced between $325,000 and $425,000. Homes priced above $600,000 are seeing more discounting, often closing in the 96-97% range.
Where is the most affordable place to buy a house in Richmond city?
Manchester and other Southside neighborhoods in zip code 23224 currently offer the most affordable entry points into Richmond’s housing market. Median prices there run between $255,000 and $310,000, roughly 20% below comparable Fan properties just across the James River. The area’s walkability to Hull Street’s restaurant corridor and river views have made it increasingly popular with young buyers and investors. The Mission Realty Team frequently steers first-time buyers here when Fan and Museum District prices are out of reach.
How many homes are for sale in Richmond, VA right now?
There are 641 active residential listings within the City of Richmond as of this week. That represents roughly 2.4 months of housing supply at the current sales pace and an 11% increase in inventory compared to the same week last year. Church Hill and the Fan account for the largest share of new listings this month. Inventory remains tighter in smaller neighborhoods like Westover Hills, which often has fewer than 25 active listings at any time.
What is driving Richmond’s housing demand in 2026?
Continued job growth from major employers like VCU Health, Capital One, Dominion Energy, and CarMax is the primary driver of Richmond’s ongoing housing demand. VCU Health’s hospital expansions and a growing biotech cluster near the medical campus are adding jobs within a short commute of Church Hill and the Fan. Downtown redevelopment, including the Diamond District project, is also expected to bring new residents to Scott’s Addition and the surrounding areas. These factors are helping sustain demand even as mortgage rates remain elevated.
Is Scott’s Addition a good place to buy a condo in 2026?
Yes, Scott’s Addition remains one of Richmond’s strongest condo markets, with homes averaging just 13 days on market this week. The neighborhood’s breweries, restaurants, dog parks, and proximity to I-195 continue to attract young professionals working downtown and at VCU Health. Inventory has grown nearly 18% year-over-year as new mid-rise developments near completion, giving buyers more choices than in recent years. The Mission Realty Team considers it one of the city’s most resilient segments for both buyers and investors.
How does the Richmond city market compare to the broader metro?
The City of Richmond’s median price of $389,900 currently runs below the broader metro median of $412,500, which includes Henrico, Chesterfield, Hanover, Goochland, and Powhatan counties. The city also sells faster on average, at 19 days compared to the metro’s 24-day average. Suburban counties tend to offer larger lots and newer construction, while the city offers historic architecture, walkability, and shorter commutes. Buyers choosing between city and suburb should weigh commute time against lot size and school preferences.
What price range is most competitive for Richmond buyers right now?
Homes priced between $325,000 and $425,000 are seeing the most competition in Richmond this week, with a list-to-sale ratio near 99.8%. This range captures much of the city’s starter and move-up inventory in neighborhoods like Church Hill, North Side, and parts of the Fan. Buyers in this range should be prepared to move quickly and submit strong initial offers. The Mission Realty Team recommends getting fully underwritten pre-approval before touring homes in this bracket.
Get a Custom Richmond Market Analysis From Mission Realty Team
Thinking about buying or selling in Richmond, Virginia this year? The Mission Realty Team tracks these numbers weekly and can pull a free, neighborhood-specific market analysis for your street. Reach out today for a no-pressure conversation about your options in this week’s Richmond market.
