Latest Local Real Estate Market Data for Richmond, Henrico, Chesterfield, Hanover, New Kent & Surrounding Areas
"Every week I sit down with the latest numbers from our market reports, and what I see tells a story about where buyers and sellers have the most opportunity. Whether you are in the heart of Richmond, out in New Kent's countryside, or on the Peninsula near the bases, here is what the data is showing right now."
— Shannon Russell, MRP
One of the most common questions I hear from clients and friends is, "What is the market actually doing right now?" It is a fair question, because headlines and national trends rarely tell you what is happening on the ground in your specific community. As a local agent who works across the Richmond metro, the surrounding counties, and the Hampton Roads area, I track these numbers closely so I can give you real answers.
Here is the latest data I have compiled from the most recent available market reports covering the communities I serve. I have pulled these figures from multiple sources including the Central Virginia MLS, county-level market reports, and regional real estate analyses to give you an accurate picture.
The Richmond Metro: Steady Appreciation, Improving Inventory
The greater Richmond area continues to be one of Virginia's most stable and desirable housing markets. Across Richmond City, Henrico, Chesterfield, and Hanover, the median sale price for a single-family home sits at approximately $435,000. That represents steady year-over-year appreciation of roughly 2.5–3%, a healthy and sustainable pace that reflects genuine demand rather than speculative pressure.
Homes in the metro are spending an average of 25 days on market, up slightly from 23 days a year ago. That small increase tells me that while competition remains strong, buyers have a touch more breathing room than they did in 2025. At the same time, homes are still selling at essentially 100% of their original list price, which means sellers who price their homes correctly continue to see strong results.
The inventory story is the most encouraging development. After years of record-low supply, active listings are climbing. The metro area's months of supply currently sits around 1.2 to 1.6 months. That is still well below the 4–6 months that signals a balanced market, but it is a meaningful improvement from the sub-1-month levels we saw in the pandemic years. For buyers, that translates into more choices and a slightly less pressured experience.
A Closer Look at Each County
The metro-wide numbers only tell part of the story. Each community in my service area has its own market personality, and understanding the nuances matters whether you are buying or selling.
Henrico County
Henrico remains the engine of the Richmond metro market with the broadest range of inventory — from entry-level condos in the eastern corridor to executive homes in the West End. The average home value in Henrico is approximately $402,000, up roughly 1.8% year-over-year. Depending on the neighborhood, median sale prices range from $390,000 to $440,000, with the Short Pump area (23233) commanding a premium around $520,000 for single-family homes.
What stands out to me about Henrico is the speed of the market. Well-priced homes in desirable subdivisions are still going under contract in 13 to 20 days. The median price per square foot has climbed to around $242, up about 4% from last year. If you are buying in Henrico, the key is preparation — pre-approval, a clear list of priorities, and a willingness to move quickly when the right property appears. If you are selling, the market rewards homes that show well and are priced competitively from day one.
Chesterfield County
Chesterfield continues to be one of the most dynamic markets in the region. The median sale price is approximately $370,000 to $415,000, depending on the specific area and property type, reflecting steady appreciation of about 2.5% year-over-year. What is especially notable is the recent increase in active listings: Chesterfield now has roughly 780 active homes on the market, a 10.2% increase compared to this time last year.
Homes here are averaging about 22 days on market, and the inventory now sits at approximately 2.7 months of supply — the highest in the metro. For buyers, that translates into more options and a slightly less urgent buying experience. Popular subdivisions like Brandermill, Woodlake, and those in the Midlothian corridor still see strong demand, but the growing inventory is creating genuine opportunities for buyers who have been waiting on the sidelines.
Hanover County
Hanover remains the most consistently stable market in the metro. With a median sale price of approximately $485,000 — up 3.6% year-over-year — it commands the highest price point among the surrounding counties. The median price per square foot is $229, up 4.1% from 2025, reflecting the county's desirability for families who prioritize the well-regarded school system and larger lot sizes.
Homes in Hanover are selling after an average of 30 days on market, which is slower than the more urban counties but consistent with a market dominated by larger family homes and estate properties. Over the trailing twelve months, approximately 2,141 residential properties have sold in the county. For military families considering the Fort Gregg-Adams area, Hanover offers excellent schools and a quieter lifestyle while still being within commuting distance.
New Kent County
New Kent continues to be the area I watch most closely for emerging trends, because it is the community changing fastest. The median sale price sits at approximately $435,000 to $460,000, with year-over-year appreciation of roughly 3.6%. New construction is the driving force here, as buyers — particularly military families and remote workers — are drawn to the combination of acreage, newer homes, and a more rural lifestyle.
Days on market average 35 to 45 days, longer than the inner-ring suburbs. That is partly because New Kent's market includes a significant share of custom-built homes and estate lots, which naturally take longer to sell than standard subdivision properties. However, the average home value according to Zillow is $433,079, up 3.6% year-over-year. With a homeownership rate of 92.6%, New Kent has one of the highest rates of homeownership in the state. For buyers willing to trade a slightly longer commute for space and tranquility, this is one of the best values in the region.
Richmond City
The city of Richmond itself continues to attract a diverse mix of buyers — young professionals, downsizers, investors, and families who value walkability and urban amenities. The median sale price in the city hovers around $404,000, reflecting the broader metro trend. Inventory in the city remains tight, with well-priced homes in popular neighborhoods like The Fan, Museum District, Church Hill, and Manchester often attracting multiple offers within the first week.
What I appreciate about the Richmond City market is its resilience. Even as suburban counties have seen more inventory growth, the city's unique neighborhoods — each with its own architectural character and community feel — continue to hold their value. For buyers who want walkability, historic charm, and access to the James River trail system, Richmond City remains a compelling option.
Hampton Roads Market: More Inventory, Steady Demand
The Hampton Roads region — which includes the Peninsula cities like Newport News, Williamsburg, and Hampton, as well as the Southside cities of Virginia Beach, Norfolk, and Chesapeake — tells a different story from Richmond, and one that is particularly relevant for military families.
The regional median sales price reached approximately $370,000 to $375,000 earlier this year, representing record highs for many submarkets before settling slightly as more inventory entered the market. The most significant shift in Hampton Roads is the 17–18% increase in active listings compared to last year, with over 5,700 homes now available across the region. After years of extremely tight supply, this is the most inventory buyers have seen since before the pandemic.
Days on market have ticked up to an average of 23 to 33 days, depending on the specific city and price point. While still fast compared to historical norms, this represents a meaningful deceleration from the frantic pace of 2022–2024.
Virginia Beach
Virginia Beach commands the highest price point in the Hampton Roads region, with a median sale price around $405,000, up 5.2% year-over-year. The market here is driven by a combination of oceanfront lifestyle demand, a strong employment base anchored by the military, and limited developable land. Homes in Virginia Beach are spending about 25 to 32 days on market, depending on the neighborhood. For military families assigned to Naval Air Station Oceana, JEB Little Creek, or Naval Station Norfolk, the Virginia Beach market offers a broad range of options, though prices have climbed significantly in recent years.
Newport News
Newport News remains one of the most accessible markets in the entire region. The median sale price is approximately $307,000, up 2.7% year-over-year, and the median price per square foot sits at $190. With homes receiving an average of about 2 offers and selling in roughly 35 days, this market offers a more relaxed buying experience than the competitive inner-ring suburbs of Richmond. For military families assigned to Fort Eustis, the Newport News Shipyard, or Langley AFB, Newport News provides a cost-effective option that keeps the commute manageable.
James City County & Williamsburg
The Williamsburg corridor continues to command a premium, with median prices approaching $485,000, driven by top-rated school districts, the historic Colonial Williamsburg area, and proximity to both the Peninsula's military installations and Richmond. This area is particularly popular with military retirees and officers stationed at Fort Eustis, NWS Yorktown, and Langley AFB who want an excellent school system and a higher quality of life.
What Are the Big-Picture Takeaways?
When I step back and look at all the data together, a few clear themes emerge that matter for anyone buying or selling in our area:
Inventory Is Growing — But We Are Still in a Seller's Market
This is the most important trend to understand. In nearly every community I serve, there are more homes available now than there were a year ago. That shift is real and meaningful — especially for buyers who have felt priced out or exhausted by bidding wars. However, months of supply remains well below the 4–6 months that signals a truly balanced market. Sellers are still in a strong position, but they need to price realistically and present their homes well. The days of listing a home in any condition and getting multiple above-asking offers are becoming less common.
Price Appreciation Is Slowing to a Healthy Pace
After the double-digit appreciation we saw from 2020 through 2023, the market is normalizing to more sustainable levels of 2–4% annual growth. That is actually a healthy sign. It means that homes are still gaining value over time — protecting one of the biggest investments most families make — without the speculative froth that can lead to corrections. For buyers, this is an opportunity: you can still invest in a market with strong fundamentals, but the pressure to make an immediate decision has eased.
Military Demand Continues to Anchor the Market
Virginia's military installations — Fort Gregg-Adams, Fort Eustis, Langley AFB, Naval Station Norfolk, NAS Oceana, and the Yorktown Naval Weapons Station — generate consistent, year-round demand for housing. The summer PCS season intensifies that demand, particularly in the Hampton Roads region and communities within commuting distance of the Peninsula bases like New Kent and James City County. Military families bring stability to our market, and as an MRP-certified agent, I see firsthand how their needs shape the local real estate landscape.
Days on Market Are Lengthening, Which Creates Opportunity
In most communities, the average time a home spends on the market has crept up by a week or two compared to the peak frenzy years. That may sound like bad news for sellers, but it is actually a sign of a healthier, more functional market. For buyers, it means you have slightly more time to make thoughtful decisions. For sellers, it reinforces the importance of pricing correctly from the start — a home that is priced 5% over market may sit for 40 days, while one priced right at market can sell in a week.
How Do Mortgage Rates Fit Into This Picture?
I know rates are on everyone's mind, and I always encourage buyers to keep them in perspective. Even in a higher-rate environment, purchasing a home that meets your needs is usually a better long-term decision than waiting for rates to drop. Rates affect your monthly payment, yes, but they do not change the fundamental math of homeownership: building equity, locking in your housing costs, and investing in a community.
Many builders in our area are currently offering rate buydowns and closing cost incentives that can meaningfully reduce your initial costs. If you are looking at new construction in communities across New Kent, Hanover, or Chesterfield, those incentives are worth exploring. And for qualified military buyers, the VA loan remains one of the most powerful home financing tools available — zero down payment, no private mortgage insurance, and competitive interest rates.
What Does This Mean for Your Specific Situation?
The numbers above are a snapshot of what the market is doing as a whole, but I know your situation is not a statistic. Whether you are a first-time buyer trying to figure out what you can afford, a military family with orders in hand, or a homeowner wondering if now is the right time to sell, the real question is: what does this data mean for you?
That is where a personalized conversation comes in. A market analysis that accounts for your specific neighborhood, price range, and timeline will always be more useful than generalized numbers. I offer a free, no-obligation market analysis that gives you the data that matters most for your search or your home.
Let Me Research Your Neighborhood
I will pull the latest comps, show you what is selling and for how much, and give you honest, local guidance on your next move. No pressure, no obligation — just real data from someone who knows these communities.
Data verified at time of publication from Central Virginia Multiple Listing Service (CVRMLS), Zillow Home Value Index, Redfin Housing Market Data, and county-level real estate market reports for Richmond City, Henrico County, Chesterfield County, Hanover County, New Kent County, Virginia Beach, and Newport News. All figures represent the most recent available data 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) & 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 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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