The Richmond Housing Market This Spring: What Buyers and Sellers Need to Know Right Now

 

 

 

 

 

 

 

 

 

 

 

 

 

Spring is here, and so is one of the most interesting real estate moments Richmond has seen in a while. If you've been wondering whether now is the right time to buy or sell in RVA — spoiler: the answer is it depends, and I'm here to break it all down for you.

Prices Are Up (But Stabilizing)

Let's start with the big number: the median home price in Richmond is sitting around $375,000–$400,000 right now, depending on the neighborhood and property type. That's up roughly 5–7% year-over-year, which is meaningful appreciation without being the wild-ride frenzy we saw a few years back.

Price per square foot has climbed to around $244, up nearly 4% from this time last year. If you bought in Richmond in 2024 or earlier, congrats — you're building equity at a healthy clip.

The good news for buyers? Forecasts point to more gradual, manageable growth of 2–4% through the rest of 2026. We're not looking at runaway appreciation, which means you're not racing against a speeding train. But waiting too long to buy still comes with a cost.

Inventory: Tight, But Not Impossible

Here's where things get interesting. As of early spring 2026, there are roughly 1,022 homes for sale in the Richmond metro — that's a 14.8% decrease from this time last year. For context, a balanced market typically has 4–6 months of supply. We're hovering around 1.1 to 2.1 months. That's firmly a seller's market.

What does that mean in practice? Well-priced, well-presented homes are still moving. But buyers have more options than they did during the pandemic frenzy, and the average days on market has stretched to 30–44 days (up from 18–39 days a year ago). That extra time is breathing room — use it wisely.

The Mortgage Rate Reality

Let's address the elephant in the room: rates. As of April 2026, the average 30-year fixed mortgage rate is hovering around 6.67% APR. Not the 3% dreamland of 2021, but also stabilizing. Many economists expect rates to ease gradually through 2026, which could bring more buyers off the sidelines and heat things up again.

If you're waiting for rates to drop to 5% before you buy, you might be waiting a long time — and meanwhile, prices will likely continue creeping up. The math matters: buying now and refinancing later is a strategy worth discussing with your lender.

It's Still Competitive — But Smarter

Richmond's market scores a 74 out of 100 on competitiveness, with homes selling on average at 100% of asking price. That means the days of routinely waiving inspections and offering $50k over list may be behind us — but you still need a sharp strategy, especially in popular neighborhoods.

Areas like The Fan, Scott's Addition, Northside, and Midlothian continue to draw strong interest from both first-time buyers and move-up buyers. If you're relocating to Richmond from a higher-cost metro, the relative affordability here is likely a very pleasant surprise.

What This Means If You're Selling

If you've been on the fence about listing this spring, here's your sign: inventory is low (which means less competition from other sellers), prices are holding strong, and buyers are out there. The key is pricing correctly from day one and presenting your home beautifully. Overpriced homes are sitting; well-priced homes are flying.

What This Means If You're Buying

The pressure cooker has cooled just enough for you to make thoughtful decisions — but don't mistake "slower" for "easy." Get pre-approved, know your budget, and have a clear sense of your priorities. When the right house hits the market, you'll want to be ready to move.

Richmond's Market Is Growing Up — And That's a Good Thing

What we're seeing in Richmond right now is a market maturing. The frantic pace of the last few years is settling into something more sustainable. Prices are still appreciating. Demand is still real. But there's room to breathe, think, and make smart decisions — and that's actually great for everyone.

Whether you're ready to plant roots in RVA or you're thinking about making the move here, this market has a lot to offer. And I'd love to help you navigate it.

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Thinking about buying or selling in Richmond this spring? Let's chat! I'm Jen Orth, a Richmond-based real estate agent who loves helping people find their perfect home in this city. Reach out anytime — I'm always happy to talk RVA real estate.

Jen Orth | Hello The House RVA | jen@hellothehouserva.com