Richmond housing market update — August 2026
The median single-family home in the Richmond metro area sold for $450,000 in August 2026, up 3.7% year over year, and went under contract in a median of 22 days. Condos and townhomes reached a median of $379,370 — but took 46 days, up from 33 a year ago.
The market split in two
Single-family supply is down to 1.8 months, and sellers are getting 99.5% of original list price. That's still tight — a balanced market runs five to six months of supply.
Condos and townhomes went the other way: new listings up 13.1%, days on market up 39%, sellers receiving 97.6% of original list. More room to think if you're buying, a longer runway if you're selling.
The number worth a second look
Closed sales fell in both categories — down 9.0% for single-family, 14.9% for condos. That reads like a slowdown until you see pending sales rose in both, up 6.3% and 6.8%.
Closings reflect contracts written a month or two ago. Pendings reflect right now. The soft numbers are looking backward; the fall pipeline is building.
What it means
Buyers still need financing lined up before touring single-family homes — 22 days doesn't wait for a pre-approval.
Sellers should note that 99.5% is of original list. That's priced right from day one, not reduced into it.
One month is one month, and a metro-wide median says nothing about your specific home. That's what a comparative market analysis is for — no cost, no obligation to list.
Wondering about the rest of it — closing costs, earnest money, how to price a listing? I keep a running list of what Richmond buyers and sellers ask most:
About the author
Steve Davis is a REALTOR® with River Fox Realty in Richmond, Virginia, and a Richmond native. He represents buyers and sellers across Richmond and the Chesterfield and Henrico county areas, and is a member of the Richmond LGBTQ+ Chamber of Commerce. Reach him at 804-787-0636 or steve@riverfoxrealty.com.
More about Steve · Work with Steve
Market figures: Central Virginia Regional MLS Local Market Update, August 2026, covering Chesterfield, Hanover, Henrico and Richmond City. Published September 2026. Equal Housing Opportunity.
Comments