Closing Out July 2026: The Latest Richmond & Hampton Roads Market Data
"As we close out July, I am looking at the freshest data available to give you a clear, honest picture of where things stand. The national headlines tend to paint with a broad brush, but real estate is local. Whether you are searching in the city, the suburbs, or the quieter counties farther out, what matters is what is happening on the street level in your community. Here is my end-of-July report."
— Shannon Russell, MRP
The story of July 2026 across the Richmond metro and Hampton Roads region is one of continued moderation — but with some meaningful shifts worth paying attention to. Inventory levels are at multi-year highs in several key counties, price growth is holding steady at healthy levels, and the frantic pace of the post-pandemic years has given way to a market where both buyers and sellers have room to breathe and make better decisions.
The numbers below are compiled from the Central Virginia Multiple Listing Service, county-level market reports, Zillow, Redfin, Movoto, and regional housing analyses. These are the same sources I use every week when advising my clients on pricing, timing, and strategy.
Greater Richmond: Steady Growth with Inventory on the Rise
Across the greater Richmond area — Richmond City, Henrico, Chesterfield, and Hanover — the median home price continues to show healthy year-over-year appreciation in the 3 to 5 percent range. That is a pace that builds equity for homeowners without the speculative pressure that makes a market feel unstable. The most significant change this month is the continued growth in active listings, giving buyers the most selection they have seen since 2022.
County-by-County: The Numbers at a Glance
Every community has its own market rhythm, and the differences matter when you are making a decision about where to buy or sell. Here is where each county stands as we close out July.
Richmond City
Richmond City's median home price has climbed to approximately $402,500, marking a solid 4.3 percent year-over-year increase. The city remains one of the fastest-moving markets in the region, with homes going to pending in an average of just 6 days. That tells you demand in the city is still strong, especially in walkable neighborhoods like The Fan, Museum District, Church Hill, and Manchester.
The most notable shift in Richmond City is inventory. Active listings have risen to 1,247 — the highest level since 2023. That is real relief for buyers who have spent the last couple of years facing limited choices and intense competition. For sellers, the expanded inventory means pricing and presentation matter more now than they did a year ago, but well-positioned homes in desirable neighborhoods are still attracting multiple offers within the first week.
Henrico County
Henrico continues to lead the metro in both activity and price appreciation. The median sale price is approximately $421,500, up 4.9 percent year-over-year. That is the strongest price growth of any jurisdiction in the Richmond metro right now, and it reflects Henrico's broad appeal — excellent schools, diverse housing options from condos to estate homes, and convenient access to both downtown Richmond and the West End's employment and retail centers.
Homes in Henrico are averaging 23 days on market, a pace that shows the market is functioning well without the frenzy of previous years. Active inventory sits at roughly 584 listings, giving buyers in Henrico more choice than they have had in recent memory. The Short Pump area (23233) continues to command a premium, with median prices closer to $520,000, while the eastern corridor and Varina area offer more accessible entry points for first-time buyers and families.
Chesterfield County
Chesterfield is the story I am most excited to share with buyers right now. The median sale price sits at approximately $409,900, up 3.8 percent year-over-year — steady, sustainable growth. But the big news is inventory: Chesterfield now has roughly 1,318 active listings, an 18 percent increase compared to this time last year. That is the largest inventory jump in the metro.
What does that mean for you? In practical terms, buyers in Chesterfield have significantly more options than they did a year ago. Popular subdivisions like Brandermill, Woodlake, and the Midlothian corridor still see strong demand, but the expanded inventory means less pressure to rush into a decision. Sellers, meanwhile, need to make sure their homes are priced competitively and show well from the moment the listing goes live — buyers have choices now, and they are taking the time to compare.
The county's months of supply is climbing toward 2.7 months, the highest in the Richmond metro. That is still firmly a seller's market (a balanced market is typically 4 to 6 months), but it represents a meaningful improvement for buyers who have felt priced out or exhausted by multiple-offer situations in years past.
Hanover County
Hanover's market tells a slightly different story. The median sale price has settled at approximately $370,000, up 4.2 percent year-over-year. This reflects the diverse range of housing stock in Hanover — from more affordable options near the Ashland corridor to executive homes on larger lots farther north. Homes are averaging about 26 days on market.
What stands out about Hanover is the quality of life driving demand. The school system consistently ranks among the best in the region, and the combination of larger lot sizes, lower density, and a quieter lifestyle continues to attract families — including a growing number of military families who choose Hanover for its schools and reasonable commute to Fort Gregg-Adams and the Peninsula bases. For buyers seeking space and a slower pace without sacrificing access to Richmond, Hanover remains one of the best values in the region.
New Kent County
New Kent continues to be one of the most dynamic markets I track. The median sale price is approximately $433,000 to $435,000, reflecting strong demand for newer construction homes, acreage, and the peaceful rural-suburban lifestyle this community offers. Homes are averaging 36 to 46 days on market, longer than the inner-ring suburbs — partly because the market includes a larger share of custom-built homes and estate properties that naturally take more time to sell.
New construction remains the primary driver here. Buyers — particularly military families assigned to the Peninsula bases and remote workers seeking space — are drawn to New Kent's combination of newer homes, larger lots, and lower taxes. Active inventory sits at roughly 117 listings according to the latest data, and the homeownership rate stands at an impressive 92.6 percent, one of the highest in the state. For buyers who want room to spread out and are willing to trade a slightly longer commute for significantly more house and land, New Kent deserves a serious look.
Hampton Roads: Supply Growth Continues to Reshape the Market
The Hampton Roads region — stretching from the Peninsula through the Southside — is experiencing its own gradual market reset. The defining trend of 2026 here is the increase in available homes, giving buyers more options than they have had since before the pandemic run-up. For military families, this is particularly significant given the concentration of bases across the region: Fort Eustis, Langley AFB, Naval Station Norfolk, NAS Oceana, and JEB Little Creek, among others.
In Newport News, the median home price sits at approximately $309,349, up modestly year-over-year, with homes going to pending in about 26 days. This remains one of the most accessible markets in the region, making it a strong option for first-time buyers and military families assigned to Fort Eustis, the shipyard, or Langley AFB looking for an affordable entry point. The market here is balanced enough that buyers can take their time comparing options without the pressure of a feeding frenzy.
Virginia Beach continues to command the highest price point on the Southside, with a median sale price around $490,000. Inventory remains tight in detached single-family homes — well under 1.6 months of supply — meaning desirable homes in this market still move quickly and often at or above list price. For military families assigned to NAS Oceana, JEB Little Creek, or Naval Station Norfolk, Virginia Beach offers the shortest commutes, but the price premium reflects that convenience.
Across the region, the detached single-family segments in Chesapeake and Virginia Beach maintain the tightest inventory, while attached segments in Suffolk and Portsmouth have climbed to 4.3 and 3.7 months of supply respectively, giving buyers in those markets significantly more negotiating room. The regional picture is not one-size-fits-all, and that is exactly why working with a local agent who knows each submarket matters.
Five Takeaways from the July Data
Stepping back from the individual numbers, here is what I am telling every client who asks me about the market right now:
Inventory Is at Multi-Year Highs in Most Markets
From Chesterfield's 18 percent jump to Richmond City's highest inventory since 2023, the consistent story across the region is more homes for sale. That is good news for buyers who have been waiting on the sidelines. For sellers, it means your home needs to be priced right and presented well to stand out among more competition.
Price Growth Is Healthy but Not Speculative
Appreciation in the 3 to 5 percent range across most jurisdictions is exactly what a healthy housing market looks like. Homeowners continue to build equity, and buyers can purchase with confidence that they are not buying at the peak of an unsustainable run. This is the kind of market that rewards long-term thinking.
Days on Market Are Normalizing, and That Is a Good Thing
The city of Richmond is still moving fast at 6 days to pending, but most suburban and rural markets have settled into a 20-to-45-day range. That extra time allows buyers to make thoughtful decisions, schedule inspections, and compare properties — all of which lead to better outcomes. A functioning market has a pulse, not a sprint.
The Military-Base Effect Remains a Powerful Anchor
Virginia's military installations create consistent year-round demand that stabilizes our housing market even when the broader economy shifts. The summer PCS season amplifies that demand, especially on the Peninsula and in communities within commuting distance of the bases like New Kent, James City County, and the Southside suburbs. As an MRP-certified agent, I work with military families daily, and I see firsthand how this steady demand keeps our market resilient.
Affordability Is Still the Underlying Challenge
While prices are growing sustainably, the cumulative effect of several years of appreciation means homes are less affordable than they were in 2020. That is why I spend so much time helping buyers explore Virginia's first-time homebuyer programs, VA loan benefits for military families, and down payment assistance options. There are resources available that can make homeownership more accessible, and knowing about them can make all the difference.
What Do These Numbers Mean for Your Next Move?
Here is the honest truth: market data is only useful when it helps you make a confident decision. A first-time buyer looking at starter homes in Chesterfield will have a completely different experience from a military family with PCS orders searching New Kent, or a Henrico homeowner wondering if now is the right time to sell.
The best way to answer those questions is with a personalized market analysis — not a general overview. That is what I offer every client: a tailored look at the specific neighborhoods, price ranges, and property types that matter to you. I will pull the latest comparable sales, break down what is happening in your market, and give you honest, local guidance about your options.
No pressure and no obligation. Just real data from someone who knows these communities inside and out.
Let Me Research Your Specific Community
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 neighborhood. Call, email, or schedule a time to talk.
Data verified at time of publication from Central Virginia Multiple Listing Service (CVRMLS), Zillow Home Value Index, Redfin Housing Market Data, Movoto Market Trends, county-level real estate market reports for Richmond City, Henrico County, Chesterfield County, Hanover County, New Kent County, and regional Hampton Roads analyses. 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) 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 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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