While new listings decreased 4.8% year-over-year to 1,303 homes, buyer demand held strong:
- Pending sales increased 7.9%
- Closed sales remained steady at 1,124 homes
Inventory continues to be the biggest challenge for buyers. Available homes dropped 13.7%, with just 1.5 months of supply—well below a balanced market.
Homes are also selling faster than earlier this year, with average days on market dropping to just 17 days.
What This Means for Buyers
Expect multiple offers, quick decision-making, and strong competition, particularly in desirable neighborhoods and price points.
Richmond Home Prices: Continued Growth in 2026
Home values across the Richmond metro area continue to appreciate at a healthy pace:
- Median home price: $454,000 (+3.2% YoY)
- Average home price: $548,873 (+6.0% YoY)
- List-to-sale price ratio: 101.6%
On average, homes are still selling above asking price, signaling sustained demand and confidence in the market.
Key Insight
Price growth remains strong yet stable, supporting long-term value for homeowners while maintaining buyer interest.
Condo & Townhome Market in Richmond: More Opportunity for Buyers
The Richmond condo and townhome market is showing increased activity and gradual balance.
Unlike single-family homes, new listings increased 6.6% to 402 properties, giving buyers more options.
At the same time, demand surged:
- Pending sales rose 21.1%
- Closed sales jumped 22.8%
Inventory remains limited but more flexible than single-family homes, with 2.6 months of supply.
Pricing Trends
- Median price: $379,000 (+1.1% YoY)
- Average price: $399,462 (-3.0% YoY)
- List-to-sale ratio: 98.7%
Homes are taking longer to sell, averaging 34 days on market, which gives buyers more time and negotiating power.
What This Means
Buyers exploring condos and townhomes may find less competition, more negotiating room, and better value opportunities compared to single-family homes.
Is It a Good Time to Buy a Home in Richmond, VA?
For buyers, strategy matters more than ever:
- Single-family homes: Highly competitive, requires strong offers and quick action
- Condos & townhomes: More balanced, offering flexibility and negotiation potential
As we head into summer, buyers may see gradually improving inventory, but demand is expected to remain strong.
Is It a Good Time to Sell in Richmond?
For sellers, conditions remain favorable—especially in the single-family market.
- Low inventory continues to support strong pricing and quick sales
- Homes are still selling at or above asking price
- Well-prepared homes are standing out and selling faster
However, success in today’s market depends on strategic pricing, elevated marketing, and thoughtful presentation.
Richmond Real Estate Forecast: Summer 2026 Outlook
Looking ahead, the Richmond housing market is expected to:
- Maintain strong buyer demand
- See slight increases in inventory
- Continue steady price appreciation
- Experience more balance in attached housing segments
While the market still favors sellers overall, buyers are beginning to see more opportunities, particularly outside the single-family segment.
Work With a Richmond Real Estate Expert
Navigating today’s market requires local expertise and a tailored strategy.
At Providence Hill Real Estate, we help clients succeed in the Richmond, VA housing market with data-driven insights and elevated service.
Thinking about buying or selling?
Let’s connect and create a plan that aligns with your goals.
