Early September 2026 Market Data: The Latest Research for Richmond, Henrico, Chesterfield, Hanover, New Kent & Hampton Roads
"There is something special about early September in Virginia. The last of the summer heat lingers, PCS families are settling in, and the market finds its footing before the full swing of fall. I go through the latest MLS and regional data every week so my clients know exactly what is happening in their community, not what happened months ago. Here is the freshest research I have for the areas I serve, straight from the numbers."
- Shannon Russell, MRP
If there is one word to describe the Virginia market right now, it is balance. After several frenzied years, buyers and sellers are meeting in a market with more choices, steadier prices, and fewer bidding wars. Inventory is climbing in most communities I serve, price growth has settled into a sustainable single-digit pace, and homes are still moving, just at a more thoughtful, normal rhythm. That is a healthy thing for everyone.
The figures below are compiled from the Central Virginia Multiple Listing Service (CVR MLS), the Real Estate Information Network (REIN) for Hampton Roads, county-level real estate reports, and trusted research sources including the Richmond Association of Realtors, Redfin Housing Market Data, the Zillow Home Value Index, Mission Realty, Long & Foster, and FRED economic data. Every statistic reflects the most current available data as we move into early September 2026. Let me walk you through what the numbers mean for each community.
Greater Richmond Metro Overview: More Choices, Steady Prices
The greater Richmond metro, spanning Richmond City, Henrico County, Chesterfield County, and Hanover County, is settling into one of the most balanced markets we have seen in years. The median sale price for the City of Richmond came in around $405,000 in the latest monthly data, essentially flat year-over-year, while the metro-wide median including the surrounding counties runs closer to $420,000 to $460,000 depending on the source and the mix of closed sales.
Homes across the metro are going under contract in about 20 to 30 days, a comfortable, healthy pace. Active inventory at the metro level sits near 1,250 to 1,300 homes, with months of supply running roughly 2 to 3 months, up meaningfully from the very tight conditions of recent years. The market still leans toward sellers, but that growing supply is creating real negotiating room for buyers in many price ranges. Buyers who have felt squeezed by slim pickings are finally getting choices again.
Community by Community: The Early September Market Snapshot
Every community has its own market personality. Here is the freshest data I have for each area I serve, with the most current numbers available.
Richmond City
Richmond City continues to draw a diverse mix of buyers, from young professionals and downsizers to investors and families drawn to walkability and downtown energy. The median sale price is approximately $405,000, essentially flat year-over-year, reflecting the market's return to normalcy rather than rapid appreciation. The city saw roughly 1,200 to 1,250 active listings in the most recent monthly data, with median days on market running around 22 to 37 days depending on the source and neighborhood.
High-demand neighborhoods like The Fan, Museum District, Church Hill, and Jackson Ward still see strong interest, and well-priced homes in walkable locations near the James River trail system often attract multiple offers in the first week. For military families, Richmond City offers a vibrant city lifestyle with reasonable driving distance to most regional bases, including Fort Gregg-Adams and Joint Base Langley-Eustis.
Henrico County
Henrico remains one of the most active and sought-after markets in the region. The median sale price is approximately $405,000 to $430,000, with year-over-year appreciation of about 2 to 5 percent depending on the specific submarket. In high-demand areas like Short Pump, Glen Allen, and the West End, median prices for single-family homes push toward $520,000.
Well-priced homes in desirable Henrico subdivisions continue to go under contract quickly, with days on market averaging in the 20 to 35 day range depending on the price point, and the sale-to-list price ratio remaining above 99 percent in most areas. Active listings countywide hover around 600 to 680 homes at any given time, keeping the market firmly competitive. Buyers should come pre-approved and ready to move, while sellers who price realistically and present their homes well continue to see excellent results.
Chesterfield County
Chesterfield continues to offer the widest selection of inventory in the Richmond metro, making it a prime destination for buyers who want choices. The median sale price is approximately $410,000 to $430,000, up about 2.2 to 3.8 percent year-over-year depending on the source, with a sale-to-list price ratio near 99 percent, a sign that well-priced homes still command strong offers.
Active listings in Chesterfield have grown to roughly 1,300 to 1,350 homes, and the county now sits at roughly 2.1 to 2.4 months of supply, among the closest we have to a balanced market. Homes are averaging about 19 to 21 days on market. Popular communities like Brandermill, Woodlake, and the Midlothian corridor remain strong draws for families who value top-rated schools and more home for their dollar.
Hanover County
Hanover commands a premium price point among the surrounding counties, with a median of approximately $448,000 to $480,000, reflecting roughly 4.3 to 5.1 percent year-over-year appreciation. The median price per square foot is around $229, up about 4.1 percent year-over-year. Hanover's excellent school system and larger lot sizes continue to be the primary drivers for family relocations.
Homes in Hanover average about 22 to 30 days on market. The Mechanicsville side of the county offers more affordable entry points, with median prices in the $320,000 to $400,000 range. For military families assigned to Fort Gregg-Adams or the Peninsula bases, Hanover offers an excellent quality of life with manageable driving times, and the strong school system makes it a favorite for families with children.
New Kent County
New Kent continues to be one of the fastest-evolving markets in my service area. Recent monthly data shows the median sale price around $515,000 on closed sales, with active listings near $656,000, and the Zillow average home value near $433,000, up about 3.6 percent year-over-year. The inventory mix includes custom builds and estate lots, which naturally skew the numbers higher and take longer to sell.
New construction remains a major story here, with several active communities drawing military families assigned to the Peninsula bases alongside remote workers and families seeking acreage. Homes average 36 to 46 days on market, partly because of those custom builds and larger estate lots. Active listings run from roughly 117 to 154 homes, and months of supply sits near 3.6 to 4.0 months, giving buyers significant breathing room. New Kent's homeownership rate stands at an impressive 92.6 percent, among the highest in the state.
Prince George, Hopewell, Petersburg and the Tri-Cities
The area surrounding Fort Gregg-Adams continues to offer some of the most affordable housing in the entire region. Prince George County and the cities of Hopewell and Petersburg provide excellent options for military families and first-time buyers who want to stretch their purchasing power while staying close to the base.
The market here moves at a more measured pace than the inner-ring suburbs, giving buyers time to explore options. Inventory in the Tri-Cities area has been stable, and consistent demand from the military presence at Fort Gregg-Adams keeps this market healthy. For families with PCS orders, this area represents one of the strongest values in my entire service territory, offering excellent square footage and lot sizes at price points that are hard to find closer to downtown Richmond.
Hampton Roads: Steady Demand, More Choices
The Hampton Roads region, including Newport News, Hampton, Williamsburg, James City County, and the Southside cities, continues to show healthy, sustainable conditions. The Real Estate Information Network reports the region-wide median sale price reached approximately $370,000 in the most recent data, up about 5.7 percent year-over-year. The median days on market for the region is around 19 to 23 days, and months of supply sits near 2.5 months, still seller-leaning but loosening steadily.
Inventory is the strongest story here: active listings across Hampton Roads total roughly 5,500 homes, and buyers are finding more choices than they have in years. That growing supply, combined with steady demand from the region's military bases, creates the most balanced conditions buyers have seen in a long time. Pending and settled sales both ticked upward in the latest reports, a sign the market remains healthy and active.
Newport News and the Peninsula
Newport News remains one of the most accessible markets in the entire Hampton Roads region, with median sale prices running approximately $307,000 to $315,000. That strong value, combined with proximity to Fort Eustis, Newport News Shipyard, and Joint Base Langley-Eustis, makes it a favorite for military families and first-time buyers. Homes here move at a steady clip, with the Peninsula offering some of the best affordability-to-commute ratios in my service area.
Virginia Beach, Norfolk and the Southside
On the Southside, the detached-home median in Virginia Beach runs around $470,000, with homes there selling in about 9 to 15 days on average, among the fastest-moving markets in the region. Norfolk sits closer to $325,000 to $347,000, up about 3.4 percent year-over-year, with roughly 860 homes on the market and average days on market around 29 days. For families assigned to Naval Station Norfolk or Little Creek, these cities offer the most convenient commutes without crossing the bridge-tunnels.
What Are Mortgage Rates Doing Right Now?
No market conversation is complete without mortgage rates, and they continue to be the biggest wildcard for buyers. As of the very start of September 2026, the 30-year fixed mortgage rate sits in the mid-to-upper 6 percent range, with the Freddie Mac Primary Mortgage Market Survey putting the average around 6.71 percent on September 3, 2026, up slightly from the prior week and above the roughly 6.50 percent of a year earlier. The 15-year fixed rate averages around 6.00 percent.
What does that mean in practical terms? Buyers' purchasing power is roughly where it has been for the past year, and the rate environment is a reason to shop carefully and get pre-approved early. It is also a reminder that rate buydowns and adjustable options can be smart tools when they fit your plan. I work with trusted local lenders every week and can connect you with people who will walk you through your real numbers, including how your VA loan benefit can put you in a stronger position.
Five Trends Shaping the Market This September
1. Inventory Growth Is Giving Buyers Real Choices
The single biggest theme of 2026 is the continued expansion of active listings. Metro-wide inventory in Richmond is up meaningfully year-over-year, Chesterfield offers one of the widest selections in the region, and Hampton Roads is holding near 5,500 active listings. Buyers who have felt limited by slim choices are finding real relief, and September is shaping up to be one of the best times of the year to shop.
2. Price Growth Is Steady and Sustainable
After the rapid appreciation of 2021 through 2023, the market has settled into a healthy 2 to 5 percent annual growth rate, with most counties landing right in the middle of that range. Homeowners continue building equity at a predictable pace, and buyers can enter the market without worrying about buying at a speculative peak. This is what a healthy housing market looks like.
3. Days on Market Are More Normal Across the Board
In nearly every community, homes are spending a bit longer on the market than during the pandemic frenzy, though most still sell in under a month. That is not a sign of weakness, it is a return to normalcy. Buyers have the time to research, compare properties, and make decisions they feel good about, while sellers who price in line with comparable sales still see timely results and strong prices.
4. Military Demand Keeps the Market Resilient
Virginia's military bases generate consistent, year-round demand that keeps our housing market resilient through seasonal and economic shifts. As an MRP-certified agent, I work with military families every week, and the VA loan remains one of the most powerful home-financing tools available, with zero down payment, no private mortgage insurance, and competitive rates. Whether you are arriving on PCS orders or preparing to move out of state, I help families navigate the process with confidence and clarity.
5. The Fall Market Is a Strong Time to Buy and Sell
With inventory still climbing, mortgage rates relatively steady, and the summer rush behind us, the fall market is looking increasingly favorable for both buyers and sellers. Fewer competing offers, more time to tour homes, and motivated sellers who want to close before the holidays create conditions that first-time buyers and growing families should take advantage of. I always tell my clients that fall can offer some of the best opportunities of the entire year.
What Do the Numbers Mean for Your Situation?
Market data is most useful when we apply it to your specific circumstances. A first-time buyer looking at townhomes in Chesterfield will have a very different experience from a military family with fall PCS orders searching near Fort Gregg-Adams, or a longtime Henrico homeowner deciding whether to list before the holiday season.
That is why I offer a free, no-obligation personalized market analysis for anyone buying or selling in the communities I serve. I will pull the most recent comparable sales from your specific neighborhood, walk you through what the data says, and give you honest, straightforward guidance about your options. No pressure and no gimmicks, just real, local information from someone who knows these communities inside and out.
Let Me Research Your Neighborhood
Whether you are buying your first home, relocating with the military, or thinking about selling, I can show you exactly what the market looks like in your specific community. Call, email, or schedule a time to talk.
Data sourced from Central Virginia Multiple Listing Service (CVR MLS), Real Estate Information Network (REIN) for Hampton Roads, Richmond Association of Realtors, Redfin Housing Market Data, Zillow Home Value Index, Mission Realty, Long & Foster Market Minute, Freddie Mac Primary Mortgage Market Survey, FRED Economic Data, and county-level real estate market reports for Richmond City, Henrico County, Chesterfield County, Hanover County, New Kent County, and the Hampton Roads region. All figures represent the most recent available data as of early September 2026 and are subject to revision. This data is for informational purposes and does not constitute a formal appraisal or market analysis. Contact Shannon for a personalized evaluation of your specific property or search criteria.
Shannon Russell
Military Relocation Professional (MRP) and Realtor
Shannon helps military families, first-time home buyers, and local Virginia sellers navigate real estate transitions with clarity and confidence. She was awarded the 2025 Silver Award from Better Homes and Gardens Real Estate and serves the Richmond metro, surrounding counties, and the Hampton Roads area. Reach out for a personalized market analysis of your specific community.
Call Shannon at (804) 803-1080 or schedule a quick consultation
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