Richmond Virginia Real Estate Market Report 2026
Week of July 27, 2026: inventory, prices, and days on market across Richmond, Henrico, Chesterfield, Hanover, Goochland, and Powhatan
The Richmond, Virginia real estate market for the week of July 27, 2026 shows a citywide median sale price of $412,500, average days on market of 19 days, and 2.3 months of housing inventory – still firmly a seller’s market. Buyers are competing for well-priced homes in Short Pump, Midlothian, and the Fan District, while sellers in Mechanicsville and Glen Allen are seeing multiple offers within the first two weeks. Mission Realty Team tracks weekly Richmond housing market trends, home price appreciation, mortgage rate movement, new listing volume, and absorption rate data across the greater Richmond metro so buyers and sellers can time their moves with real numbers instead of guesswork.
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As of July 27, 2026, the Richmond, Virginia real estate market remains a competitive seller’s market with a citywide median sale price of $412,500, up 4.1% year-over-year, and a median of just 19 days on market. Inventory sits at 2.3 months of supply across the metro, well below the 5-6 months typically considered a balanced market, which keeps upward pressure on prices in nearly every submarket Mission Realty Team tracks.
This week’s data pulls from active MLS listings, pending contracts, and closed sales across the City of Richmond, Henrico County, Chesterfield County, Hanover County, Goochland County, and Powhatan County. Mortgage rates for a 30-year fixed conventional loan are averaging 6.4% this week, down slightly from 6.6% a month ago, which has nudged a small wave of buyers back into the market who had been waiting on the sidelines since spring.
New listings rose 6% compared to the prior week, with 341 new properties hitting the Richmond MLS between July 20 and July 26, 2026. Pending sales are up as well, with 298 homes going under contract in the same window, a sign that demand is absorbing new inventory almost as fast as it appears, especially in the $325,000 to $475,000 price band where first-time and move-up buyers are most active.
Richmond Metro Market Snapshot: July 27, 2026
The Richmond metro area currently has 1,847 active residential listings, a number that has held relatively flat over the past four weeks despite the usual late-summer uptick in new construction closings. Total pending sales stand at 1,102, and the sale-to-list price ratio across the region is 100.6%, meaning the typical Richmond home is selling for slightly above its original asking price.
Homes priced between $300,000 and $450,000 are moving the fastest, averaging 14 days on market, while luxury listings above $750,000 are taking closer to 47 days to find a buyer. The condo and townhome segment, concentrated in Scott’s Addition, Manchester, and downtown Richmond, has seen a 9% increase in showings week-over-week as renters priced out of single-family homes shift toward attached housing.
Cash buyers accounted for 21% of closed transactions in the past 30 days, a figure that has crept up from 17% a year ago as investors and relocating buyers with home equity from other markets compete for the same limited inventory.
Median Home Prices by Richmond-Area Submarket This Week
Price performance varies significantly by submarket. The West End and Short Pump corridor (zip codes 23233 and 23238) posted a median sale price of $498,000 this week, driven by strong schools in the Godwin and Deep Run high school zones and continued demand from relocating professionals working near Innsbrook Corporate Center.
Chesterfield County submarkets, including Midlothian (23113, 23114) and Chester (23831), reported a median of $389,900, while Henrico’s Glen Allen and Short Pump areas averaged $445,000. The City of Richmond itself, spanning neighborhoods from the Fan District to Church Hill and Manchester, posted a blended median of $362,000, though individual neighborhoods vary widely.
Hanover County, anchored by Mechanicsville and Ashland, posted a median of $415,000, buoyed by new construction communities off Route 301 and Sliding Hill Road. Goochland and Powhatan counties, the most rural of the six jurisdictions Mission Realty Team serves, posted medians of $525,000 and $478,000 respectively, reflecting larger lot sizes and acreage properties.
How Much Housing Inventory Does Richmond Have Right Now?
Richmond’s 2.3 months of supply this week is essentially unchanged from a month ago and remains well under the 5-6 month threshold that defines a balanced market. Anything under 3 months of supply typically favors sellers, and Richmond has not crossed that line since early 2023.
Henrico County has the tightest supply in the metro at 1.9 months, followed by the City of Richmond at 2.1 months. Chesterfield County is slightly looser at 2.6 months, and Goochland and Powhatan, with fewer total transactions, show more volatile month-to-month inventory swings, currently sitting at 3.4 and 3.1 months respectively.
New construction is helping ease some pressure. Builders in Hanover County’s Ashland submarket and Chesterfield’s Watermill community have released a combined 62 new lots this quarter, though most of that inventory is already under contract before completion.
Days on Market and Offer Competition This Week
The average Richmond-area listing is going under contract in 19 days, but that figure masks big differences by price point and condition. Move-in-ready homes under $425,000 in Henrico and the City of Richmond are averaging 11 days on market and drawing a median of 4 offers per listing.
Homes needing cosmetic updates, or those priced above $600,000, are sitting closer to 35-40 days. Multiple-offer situations are occurring on 44% of listings under $400,000 this week, down slightly from 51% in the spring peak but still historically high for late July.
Escalation clauses appeared in roughly 1 out of 3 winning offers on homes under $450,000 in the past two weeks, and appraisal gap coverage is becoming standard practice for buyers competing in Short Pump, Glen Allen, and the Fan District.
What This Week’s Data Means for Richmond VA Home Buyers
Buyers shopping the Richmond market this week should expect competition on anything well-priced and move-in ready under $450,000, particularly in Short Pump, Glen Allen, Midlothian, and the Fan District. Homes that have been on the market more than 30 days often have room for price negotiation, especially in Chesterfield and outlying Hanover neighborhoods.
With rates at 6.4%, monthly payment math has improved modestly compared to earlier this year, and Mission Realty Team is seeing renewed activity from buyers who paused their search in the spring. Buyers who can move quickly with a clean, underwritten offer are winning more often than those still shopping for lenders after finding a home.
First-time buyers should budget for competition on starter homes under $300,000, since that segment has the tightest inventory of any price band in the metro this week, with just 1.4 months of supply citywide.
What This Week’s Data Means for Richmond VA Home Sellers
Sellers with updated, well-priced homes in Henrico, the City of Richmond, and Chesterfield are still seeing the fastest sales and the highest number of competing offers. Pricing even 3-5% above recent comparable sales is causing listings to sit noticeably longer, since buyers have grown more price-sensitive after two years of steady appreciation.
Sellers in Goochland and Powhatan, where inventory is looser at 3.1-3.4 months, should expect a longer marketing period and should lean on strong photography and pre-listing inspections to stand out. Staging continues to matter: staged homes in the Richmond metro are selling for a median of 2.8% more than comparable unstaged listings this quarter.
Sellers considering listing before the school year starts in late August should move now – Mission Realty Team’s data shows listings that hit the market in the last week of July historically get under contract faster than those listed after Labor Day.
| Richmond-Area Submarket | Median Sale Price | Median Days on Market |
|---|---|---|
| City of Richmond (Fan, Church Hill, Manchester) | $362,000 | 17 days |
| Henrico County – Short Pump / West End | $498,000 | 15 days |
| Henrico County – Glen Allen | $445,000 | 16 days |
| Chesterfield County – Midlothian | $389,900 | 18 days |
| Chesterfield County – Chester | $358,500 | 21 days |
| Hanover County – Mechanicsville / Ashland | $415,000 | 20 days |
| Goochland County | $525,000 | 29 days |
| Powhatan County | $478,000 | 26 days |
Frequently Asked Questions About the Richmond VA Real Estate Market
Is Richmond VA a buyer’s or seller’s market in 2026?
Richmond is currently a seller’s market. With 2.3 months of housing supply citywide, well under the 5-6 months considered balanced, sellers of well-priced homes are seeing multiple offers and fast sales, particularly under $450,000.
What is the median home price in Richmond VA right now?
The median sale price across the Richmond metro this week is $412,500. Prices range from a median of $362,000 in the City of Richmond to $525,000 in Goochland County, depending on submarket.
How fast are homes selling in Richmond Virginia?
Homes are averaging 19 days on market metro-wide, with well-priced listings under $450,000 in Henrico and the City of Richmond averaging just 11-15 days before going under contract.
Are home prices going up or down in Richmond VA?
Home prices in Richmond are up 4.1% year-over-year as of this week. Mission Realty Team expects continued moderate appreciation through the rest of 2026 given persistently low inventory.
What are current mortgage rates for Richmond VA homebuyers?
30-year fixed conventional mortgage rates are averaging 6.4% this week for well-qualified Richmond-area buyers, down from 6.6% a month ago.
Which Richmond neighborhoods have the most competitive offers right now?
Short Pump, Glen Allen, Midlothian, and the Fan District are seeing the most multiple-offer situations this week, particularly on homes priced under $450,000.
How much inventory is available in the Richmond real estate market?
Richmond has 1,847 active listings metro-wide this week, translating to 2.3 months of supply, well below balanced-market levels.
Should I wait to buy a house in Richmond VA until rates drop further?
Waiting carries risk given Richmond’s persistently low inventory and rising prices. Mission Realty Team generally advises qualified buyers to buy based on today’s payment and refinance later if rates fall, rather than betting on a large future rate drop.
What percentage of Richmond home sales are cash buyers?
Cash buyers made up 21% of closed Richmond-area transactions over the past 30 days, up from 17% a year earlier.
Is now a good time to sell a house in Richmond VA?
Yes, current conditions favor sellers, with a 100.6% sale-to-list price ratio and strong buyer demand under $450,000. Sellers who list before late August tend to see faster sales than those who wait until after Labor Day.
How many offers do sellers typically get in Richmond right now?
Homes priced under $400,000 are receiving a median of 4 offers, with 44% of listings in that range attracting multiple offers this week.
What is the price per square foot in Richmond VA neighborhoods?
Price per square foot varies widely, from about $198 in Chester to $312 in the Fan District this week, reflecting differences in lot size, walkability, and renovation levels.
Which Richmond-area county has the tightest housing supply?
Henrico County currently has the tightest supply in the metro at 1.9 months, followed closely by the City of Richmond at 2.1 months.
How much does staging affect a home sale in Richmond VA?
Staged homes in the Richmond metro are selling for a median of 2.8% more than comparable unstaged listings this quarter, based on Mission Realty Team’s closed-sale tracking.
What price range has the least inventory in Richmond VA?
Starter homes under $300,000 have the tightest supply of any price band citywide, at just 1.4 months, making that segment especially competitive for first-time buyers.
Get This Week’s Richmond Market Data Applied to Your Situation
Mission Realty Team tracks Richmond-area pricing, inventory, and offer activity every single week so our clients never negotiate on stale information. Contact Mission Realty Team today for a personalized market analysis for your Richmond-area home or purchase.
