As the Richmond Metro market moves into the spring season, March data reflects a notable uptick in activity, with rising inventory, strong buyer demand, and continued price growth in key segments. Covering Chesterfield, Hanover, Henrico, and Richmond City, the latest data from the Central Virginia Regional MLS offers a clear picture of a market gaining momentum while still favoring sellers in many areas.
Single-Family Homes: Spring Momentum Builds
The single-family market saw a meaningful increase in activity as we entered peak season. New listings rose 1.9% year-over-year to 1,219 homes, a welcome sign for buyers eager for more options.
At the same time, demand remained strong:
- Pending sales jumped 12.9%
- Closed sales increased 11.6% to 869 homes
Despite the increase in new listings, inventory remains tight. Total inventory dropped 12.3% year-over-year to just 1,065 homes, with months supply of inventory sitting at 1.2 months — still firmly in seller-market territory.
Homes are taking slightly longer to sell, with days on market increasing from 30 to 33 days, but properties are still moving quickly overall, especially when priced and presented well.
Home Prices: Continued Growth with Stability
Pricing in the single-family segment continues to trend upward, reinforcing long-term market strength:
- Median sales price: $435,000 (+2.8% YoY)
- Average sales price: $510,730 (+6.1% YoY)
- Percent of original list price received: 100.2% (unchanged YoY)
Notably, homes are still selling at or above asking price on average — a strong indicator that competition remains high, even as the market begins to normalize in pace.
Condo & Townhome Market: More Inventory, Mixed Pricing
The condo and townhome segment saw a surge in new inventory, offering buyers more flexibility and choice this spring:
- New listings: 403 (+21.0% YoY)
- Pending sales: 301 (+16.2% YoY)
- Closed sales: 216 (flat YoY)
With increased supply, pricing softened slightly in the short term:
- Median sales price: $370,000 (-6.3% YoY)
- Average sales price: $391,739 (-4.2% YoY)
- Percent of original list price received: 98.1% (-1.0% YoY)
Days on market rose to 46 days, and inventory increased 9.4%, signaling a more balanced and less competitive environment compared to single-family homes.
What This Means for Buyers
Spring has brought more opportunities to the market, particularly in the condo and townhome segment where inventory gains are creating more negotiating power.
That said, single-family homes remain highly competitive. Buyers should be prepared to act quickly and strategically — especially in desirable neighborhoods and price points where multiple offers are still common.
What This Means for Sellers
Sellers continue to benefit from strong demand and limited inventory, particularly in the single-family market where homes are still commanding full (or above) asking price.
However, as inventory begins to rise, especially in attached housing, pricing and presentation are becoming even more important. Homes that are well-prepared and thoughtfully marketed are the ones standing out and achieving top results.
Looking Ahead
March signals the start of Richmond’s busy spring market, with increased listings, strong buyer activity, and steady price growth. While signs of balance are emerging in certain segments, overall conditions remain favorable for sellers — with opportunities expanding for buyers as inventory gradually improves.
As always, hyper-local trends by neighborhood, price point, and property type will matter more than ever in the months ahead.
Ready to Make Your Move?
Whether you’re thinking about buying, selling, or simply curious about your home’s current value, the team at Providence Hill Real Estate is here to help. Reach out today for personalized guidance and expert insight tailored to your goals.
