Prices up 2.2 percent. Pending sales down 10.3 percent. Homes selling at exactly 100 percent of original list. July was a month where the headline and the undercurrent disagreed.
Richmond Metro at a glance: July 2026, single family
| Metric | July 2025 | July 2026 | Change |
|---|---|---|---|
| Median sales price | $450,000 | $460,000 | +2.2% |
| Average sales price | $530,315 | $559,757 | +5.6% |
| Closed sales | 1,044 | 1,049 | +0.5% |
| Pending sales | 939 | 842 | -10.3% |
| New listings | 1,235 | 1,139 | -7.8% |
| Days on market until sale | 22 | 19 | -13.6% |
| Percent of original list price received | 100.1% | 100.0% | -0.1% |
| Inventory of homes for sale | 1,679 | 1,590 | -5.3% |
| Months supply of inventory | 1.9 | 1.8 | -5.3% |
| Housing affordability index | 97 | 95 | -2.1% |
Month covered: July 2026. Single family detached. Source: Central Virginia Regional MLS, published in the Richmond Association of REALTORS FastStats Monthly Indicators report, data current as of August 10, 2026. National context from the National Association of REALTORS.
[DATA NEEDED: price per square foot. CVR MLS does not publish price per square foot in either its public SortStats tables or the FastStats Monthly Indicators report. This figure requires KCM or direct MLS access.]
The number that matters most is pending sales
Closed sales were essentially flat, up half a percent. That is the backward-looking number: those are contracts written in May and June. Pending sales, down 10.3 percent, are contracts written in July. They are the leading indicator, and they fell hard.
New listings fell too, down 7.8 percent, which is why inventory tightened rather than loosened. Months supply went from 1.9 to 1.8. A market under three months of supply is a seller’s market by the conventional reading, and 1.8 is well under it.
So we have fewer buyers signing contracts and fewer sellers listing, roughly in balance. That is not a market breaking in either direction. It is a market getting thinner on both sides, which tends to produce more variance between individual outcomes rather than a clear trend. Two similar houses on the same street can now have very different Julys.
Homes are selling at exactly what they asked
Percent of original list price received came in at 100.0 percent. Not 97, not 103. On average, across 1,049 closed sales, sellers got their original asking price.
That statistic is easy to misread. It does not mean every house sold at list. It means the ones that sold above list and the ones that sold below cancelled each other out almost precisely. Underneath a clean 100 percent is a market that is rewarding correctly priced homes and quietly punishing ambitious ones. Our guide to prepping a Richmond home for a fall listing covers the pricing side of that in detail.
Days on market until sale dropped to 19 from 22. Correctly priced homes are still moving in under three weeks.
Where the metro splits by locality
The metro median hides real divergence. Henrico and Hanover went up. Chesterfield, the city and the western counties went down.
| Area | Closed sales | Median price | YoY price | Days on market | Months supply |
|---|---|---|---|---|---|
| Richmond Metro | 1,049 (+0.5%) | $460,000 | +2.2% | 19 | 1.8 |
| City of Richmond | 218 (+6.9%) | $450,000 | -3.4% | 17 | 1.5 |
| Henrico County | 287 (-2.0%) | $475,000 | +11.8% | 16 | 1.5 |
| Chesterfield County | 407 (-8.3%) | $440,000 | -3.3% | 21 | 1.8 |
| Hanover County | 137 (+33.0%) | $525,000 | +1.0% | 21 | 2.4 |
| Goochland County | 44 (+51.7%) | $655,000 | -3.0% | 30 | 2.8 |
| Powhatan County | 46 (+4.5%) | $486,250 | -3.4% | 22 | 3.1 |
July 2026 single family detached. Source: Central Virginia Regional MLS SortStats, data current as of August 10, 2026.
Henrico’s 11.8 percent gain is the outlier of the metro and worth treating carefully. A county-level median can move that much on mix alone, meaning which price bands happened to close, not on every house being worth 12 percent more. Henrico also had the fastest sales in the region at 16 days and the tightest supply alongside the city at 1.5 months.
Hanover’s 33 percent jump in closed sales on 2.4 months of supply is the cleanest volume story in the metro. Goochland’s 51.7 percent sales increase comes off a small base of 44 sales, where percentage changes swing wildly and should not be read as a trend.
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How this compares nationally
The National Association of REALTORS reported existing-home sales down 2.4 percent month over month to a seasonally adjusted annual rate of 4.09 million units, and up 2.8 percent from a year earlier. Regionally, sales rose in the Northeast and fell in the South, West and Midwest.
Richmond’s +0.5 percent closed sales and +2.2 percent median put us modestly ahead of the national picture on price and roughly in line on volume. Our 1.8 months of supply remains materially tighter than the national market, which is the structural fact that has held Richmond prices up through two years of higher borrowing costs.
Condos and townhomes moved differently
Attached housing behaved almost inversely to detached. New listings rose 5.6 percent, inventory rose 4.2 percent, and pending sales fell only 1.6 percent. Days on market fell 5.1 percent.
More supply and steadier demand is the friendliest combination for a buyer anywhere in this report. If you have been priced out of detached houses in Short Pump or the Fan, the attached market is where the leverage moved this summer.
What to watch between now and the August numbers
Three things will tell you where this is heading when the August report posts in mid September.
First, whether pending sales keep falling. One month of minus 10.3 percent is noise; two months is a trend, and it would be the first genuine softening in Richmond demand in two years. Second, whether new listings recover in the fall. Sellers who sat out a thin summer often list in September, and a supply bump against weaker demand is the one combination that would move prices. Third, borrowing costs, which drive the affordability index more than local prices do. The Consumer Financial Protection Bureau publishes a rate explorer that shows the range lenders are actually quoting, which is more useful than a single national average.
What we would do with this if we were you
If you are selling, price to the 100 percent figure rather than above it. The market is paying original list and not more, and 19 days is the reward for getting it right. A home valuation against July comparables is the place to start.
If you are buying, the 10.3 percent drop in pending sales means fewer competitors than the spring, on 5.3 percent less inventory. That is a better negotiating position than the raw supply number suggests. Browse our active listings and see how we work with buyers.
For the longer arc, compare against our June 2026 market update and our standing read on whether Richmond is a buyer’s or seller’s market.
Frequently asked questions
What is the median home price in Richmond right now?
For the Richmond Metro area, $460,000 for single family detached homes in July 2026, up 2.2 percent from $450,000 in July 2025. The City of Richmond specifically was $450,000, Henrico $475,000, Chesterfield $440,000 and Hanover $525,000.
Is Richmond still a seller’s market?
By months of supply, yes. The metro is at 1.8 months and the conventional threshold for a balanced market is around five to six months. But pending sales fell 10.3 percent in July, so seller leverage is narrower than it was in spring, and homes are receiving exactly 100.0 percent of original list rather than premiums.
How long does it take to sell a house in Richmond?
Median days on market until sale was 19 days in July 2026, down from 22 a year earlier. Henrico was fastest at 16 days and Goochland slowest at 30. That measures list to contract, not contract to closing, which adds roughly 30 to 45 more days.
Why did Henrico prices jump almost 12 percent when the metro only rose 2.2 percent?
Most likely mix rather than appreciation. Henrico’s closed sales fell 2.0 percent to 287, and when the composition of what sells shifts toward higher price bands the county median rises without individual homes gaining that much. Treat a single month of county-level median as a signal, not a valuation.
Are there more homes for sale than last year?
No. Detached inventory fell 5.3 percent to 1,590 homes and new listings fell 7.8 percent. Attached housing is the exception, with inventory up 4.2 percent and new listings up 5.6 percent.
What is the housing affordability index and why did it fall?
It is an index comparing median income to the income needed to buy the median-priced home, where 100 means the median household can exactly afford the median home. The Richmond Metro figure fell from 97 to 95, meaning a typical household is slightly further from affording a typical house than a year ago, driven by the 2.2 percent price increase.
Where can I see the source data myself?
The Richmond Association of REALTORS publishes the monthly reports free at its housing reports page, typically by the 15th of the following month, and the sortable county tables sit alongside them. The underlying data is from Central Virginia Regional MLS.
Want the numbers for your specific street?
County medians are a starting point and nothing more. We will pull comparable sales for your block and tell you what the July data means for your house specifically. Reach us at (804) 601-4960 or through our contact page.
