Heading Into Fall 2026: The Latest Real Estate Market Data for Richmond, Henrico, Chesterfield, Hanover, New Kent & Hampton Roads
"As we turn the corner from summer into fall, the Virginia housing market is finding its footing in a healthy, balanced place. Inventory is climbing, prices are holding steady with modest gains, and buyers have more real choices than they have seen in years. I dig into the latest local data every week so my clients walk into every decision informed, not overwhelmed. Here is what the current numbers reveal across the communities I serve."
- Shannon Russell, MRP
Late August is a natural turning point in Virginia real estate. The summer PCS season is winding down, families are settling into back-to-school routines, and the market shifts into the reflective, steadier rhythm of early fall. Across the greater Richmond metro, the surrounding counties, and Hampton Roads, the data points to a market that is more accessible and more balanced than it has been in several years.
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 Redfin Housing Market Data, the Zillow Home Value Index, and local market analyses. Every statistic reflects the most current available data as we head into the fall 2026 season. Let me walk you through what the numbers mean for each community.
Greater Richmond Metro Overview: Steady Prices, Growing Choice
The greater Richmond metro area, spanning Richmond City, Henrico County, Chesterfield County, and Hanover County, continues to show the steady, sustainable conditions we have tracked all year. The median sale price for the Richmond metro came in around $402,500 in July 2026, up roughly 4.3 percent year-over-year. When you include the surrounding suburban counties, the metro-wide median runs closer to $420,000, while the City of Richmond core sits around $385,000.
Homes across the metro are going under contract in about 20 to 30 days, a comfortable pace that gives buyers time to make thoughtful decisions while still rewarding well-priced sellers. Active inventory at the metro level is hovering around 1,200 to 1,250 homes, up roughly 18 percent year-over-year. Months of supply sits around 1.5 to 2.5 months. The market still leans toward sellers, but the growing inventory is creating genuine negotiating room for buyers, especially in the higher-inventory submarkets.
Community by Community: The Latest 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 $385,000 to $415,000, depending on the neighborhood and property type, with year-over-year growth around 4 percent. Homes typically go under contract in about 22 to 26 days.
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 average home value is approximately $400,000 to $429,500, with year-over-year appreciation of about 1.8 to 4.9 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 closer to $520,000.
Well-priced homes in desirable Henrico subdivisions continue to go under contract in 9 to 18 days, and the sale-to-list price ratio remains above 99 percent, with competitive offers still common in tight price ranges. Active listings countywide hover at roughly 300 to 320 homes at any given time, keeping the market firmly in seller's territory. 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 ranges from approximately $370,000 to $415,000, with steady year-over-year appreciation around 2.5 to 3.8 percent. Recent data shows the median price near $409,900, up 3.8 percent year-over-year, with a sale-to-list price ratio of 99.6 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, about a 10 percent increase compared to a year ago. The county now sits at roughly 2.1 to 2.7 months of supply, the highest in the metro and the closest we have to a balanced market. Homes are averaging about 19 to 22 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 $485,000, reflecting roughly 3.6 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. Over the trailing twelve months, roughly 2,100 residential properties have sold in the county.
New Kent County
New Kent continues to be one of the fastest-evolving markets in my service area. The median sale price is approximately $400,000 to $460,000, with year-over-year appreciation of roughly 3 percent. Redfin data shows the median sale price reaching approximately $435,000 in recent months, and the county's 2026 Reassessment Report noted the average sale price reached $491,772 in 2025, up from $434,271 in the prior cycle, reflecting strong and sustained demand in this growing community.
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 the inventory mix includes custom builds and estate lots that naturally take longer to sell. Active listings run from roughly 117 to 146 homes, and months of supply sits near 3.6 to 4.0 months, giving buyers significant breathing room. New Kent has grown over 21 percent in population since 2020, and its 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.
Five Trends Shaping the Market Heading Into Fall
1. More Inventory Means More Buying Power
The single biggest theme this season is the continued expansion of active listings. Active inventory across the Richmond metro is up roughly 18 percent year-over-year, Chesterfield offers about 10 percent more homes than last year, and Hampton Roads is reporting roughly 17 to 18 percent more on the market. Buyers who have felt limited by slim choices are finding real relief, and early fall 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 recent monthly figures coming in near 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 Have Returned to Normal
In nearly every community, homes are spending one to two weeks longer on the market than during the pandemic frenzy. 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. Fall 2026 Is Shaping Up to Be a Strong Season for Buyers
With inventory still climbing, mortgage rates holding relatively steady, and the summer rush behind us, the fall market is looking increasingly favorable for buyers. 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.
Hampton Roads: A Market of Two Sides
The Hampton Roads region, including Newport News, Hampton, Williamsburg, James City County, and the Southside cities, continues to show the same broad trends we see in the Richmond metro, with some regional differences worth noting.
The Real Estate Information Network reports the region-wide median sale price reached approximately $395,000 in June 2026, up 5.33 percent year-over-year and a record high for the region. Inventory is the strongest story here: active listings across Hampton Roads are up roughly 17 to 18 percent year-over-year, a significant improvement in buyer choice.
The Peninsula side, Newport News, Hampton, York County, and Williamsburg, remains the primary destination for military families assigned to Joint Base Langley-Eustis. Homes here average 20 to 35 days on market, with inventory noticeably higher than it was a year ago. For families willing to look west of the busy interstates, areas like James City County and upper York County offer excellent value.
On the Southside, the detached-home median in Virginia Beach runs around $470,000, while Norfolk sits closer to $347,000 and Hampton around $292,000. Months of supply ranges from about 1.9 in Virginia Beach to 3.6 in Norfolk. For families assigned to Naval Station Norfolk or Little Creek, these cities offer the most convenient commutes without crossing the bridge-tunnels, and the market here remains steady with solid demand.
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, Redfin Housing Market Data, Zillow Home Value Index, Movoto, Mission Realty, Long & Foster Market Minute, 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 heading into fall 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
Explore Additional Guides and Data
Have questions about the Virginia market? Let's talk.
Whether you are buying, selling, or relocating to Virginia with the military, I provide researched market expertise and the personal attention your family deserves.