As we move further into 2026, the Richmond Metro housing market continues to show a balance of steady pricing, active buyer demand, and constrained inventory. Covering Chesterfield, Hanover, Henrico, and Richmond City, the latest data from the Central Virginia Regional MLS highlights key trends for both buyers and sellers.
Single-Family Homes: Strong Demand Meets Limited Inventory
The single-family market remains competitive. In February, new listings held steady at 865, virtually unchanged from last year (+0.2%), while pending sales surged 11.7%, signaling continued strong buyer activity.
Closed sales increased 10.1% year-over-year to 686 homes, showing that high demand is translating into actual transactions despite limited inventory. Speaking of which, inventory of homes for sale dropped to 1,022, a 14.8% decrease compared to February 2025, with months supply of inventory down to just 1.1 months — a clear sign of a seller-favorable market.
Days on market for single-family homes edged up slightly from 34 to 35 days, but homes are still selling quickly by historical standards, especially in popular neighborhoods.
Home Prices: Steady and Resilient
Pricing in the single-family segment remains stable.
- Median sales price: $420,515 (+1.3% YoY)
- Average sales price: $472,632 (-0.9% YoY)
- Percent of original list price received: 98.9% (-0.7% YoY)
While homes are still selling near list price, buyers may find a touch more room for negotiation than in the peak frenzy of previous years.
Condo & Townhome Market: Continued Momentum
The condo and townhome segment experienced notable growth:
- New listings: 272 (-5.2% YoY)
- Pending sales: 231 (+2.7% YoY)
- Closed sales: 183 (+9.6% YoY)
Prices in this segment showed strong appreciation:
- Median sales price: $380,000 (+6.1% YoY)
- Average sales price: $405,968 (+4.6% YoY)
- Percent of original list price received: 97.9% (-0.3% YoY)
Days on market increased to 51 days, while inventory remained relatively stable at 545 units, showing a balanced but active market for buyers seeking lower-maintenance homes.
What This Means for Buyers
Competition remains strong, particularly in desirable neighborhoods and price ranges. That said, slightly longer days on market and minor dips in list-to-sale ratios could offer more negotiation opportunities than previous years. Acting quickly and leveraging a local expert is still crucial to secure the right home.
What This Means for Sellers
Sellers continue to benefit from low inventory and active buyer demand. Homes that are strategically priced, well-prepared, and professionally marketed are selling quickly and for strong values. While the market shows signs of stabilization, conditions remain favorable — especially for single-family properties.
Looking Ahead
The Richmond market is beginning 2026 with steady prices, sustained demand, and constrained supply. As we approach spring, expect heightened activity if new listings start to rise. Understanding trends in your specific neighborhood and price point remains key for both buyers and sellers.
Ready to Make Your Move?
Whether you’re thinking about buying, selling, or just curious about your home’s current value, the team at Providence Hill Real Estate is here to help. Reach out to a Providence Hill agent today for personalized guidance and local expertise tailored to your goals.
