Richmond & Hampton Roads Market Data: What Research Reveals for July 2026
"Every week, buyers, sellers, and relocating military families ask me the same question: How is the market doing right now? I have pulled together the latest research-backed data — including 2025 full-year figures and the freshest mid-2026 snapshots — so you can see exactly what is happening across Richmond, Henrico, Chesterfield, Hanover, New Kent, and Hampton Roads."
— Shannon Russell, MRP
Numbers tell a story, but only if you know where to look. A regional median price is useful, but it does not tell you why homes in Henrico sell in 15 days while properties in New Kent take six weeks. It does not tell you that inventory in Hampton Roads has jumped more than 20% year-over-year, or that the Richmond metro's months of supply actually shrank through 2025.
The Virginia real estate market is not one market — it is dozens of micro-markets layered on top of each other, each shaped by school districts, commute times, new construction, and military installation proximity. Here is what the latest research reveals, broken down community by community.
What does the 2025 full-year data show for the Richmond metro area?
According to the 2025 full-year market indicators compiled from the Central Virginia Multiple Listing Service and regional brokerage analyses, the Richmond metropolitan area closed the year with a median single-family home sales price of $434,950 — a 2.3% increase year-over-year. That kind of steady, sustainable appreciation is exactly what healthy markets look like: meaningful enough to build equity, moderate enough to keep homes accessible.
Here is what jumps out to me: homes across the metro sold at approximately 100.1% of list price year-to-date, meaning well-priced properties are commanding their full asking price and then some. At the same time, months of supply declined 14.3% year-over-year to approximately 1.2 months for single-family homes — a deeply seller-favored market by any standard.
Median days on market for the full year was 25 days, with Q4 2025 coming in slightly longer at 29 days. That slight deceleration in the fourth quarter is typical seasonal behavior, not a red flag.
How do prices and pace compare across Chesterfield, Henrico, Hanover, and New Kent?
This is where the macro data gets interesting — and where a local agent's knowledge really earns its keep. The numbers below reflect the most recent available research data from Redfin, CVMLS reports, and regional market analyses.
Chesterfield County
The median sale price in Chesterfield came in at approximately $407,000, with homes averaging about 36 days on market. That is slightly longer than some inner-ring suburbs, which reflects Chesterfield's wide mix of housing stock — from established neighborhoods near Midlothian to newer communities in the southern corridor. Buyers looking in the most popular school zones should still expect competition, but they may find a bit more room to negotiate than they would have 12 months ago.
Henrico County
Henrico County shows a median sale price of approximately $419,000, holding nearly flat year-over-year (down just 0.3% in the most recent comparable period). The real story here is speed: homes in Henrico are selling in an average of just 15 days — far faster than the metro average. Strong school districts, proximity to downtown Richmond, and an efficient mix of established neighborhoods and newer developments keep demand intense. If you are a buyer targeting Henrico, having your financing in order before you start touring is non-negotiable.
Hanover County
Hanover saw 2,141 residential properties sell in the trailing 12-month period reported through mid-2025, reflecting strong transaction volume for a county that offers a more rural-suburban blend. Median prices in Hanover have tracked slightly below the broader metro, generally in the $370,000 to $395,000 range, depending on the neighborhood and property type. New construction has been a meaningful contributor to inventory, and buyers who want acreage, newer homes, and a quieter pace — all within a reasonable commute to Mechanicsville or downtown Richmond — continue to find Hanover attractive.
New Kent County
New Kent remains one of the most unique markets in our service area. The median home price sits at approximately $435,000, and homes average around 42 days on market — longer than the inner-ring suburbs, but that is partly because New Kent offers larger lots, newer construction, and a more rural character that appeals to buyers willing to trade a slightly longer commute for space and peace. Military families stationed at Fort Eustis or the Yorktown installations often find New Kent to be the perfect sweet spot, and I have helped several families make that move successfully.
What does the Hampton Roads market look like for military families and buyers?
Shifting east to Hampton Roads — Newport News, James City County, Hampton, and the broader Peninsula — the data paints a picture of a market that is growing in supply and still climbing in price, but at a more sustainable pace.
The regional median sales price was approximately $367,500 to $375,000 through mid-2025, representing roughly a 5% year-over-year increase. Homes spent a median of 22 to 30 days on the market, up from 18 to 22 days a year earlier. Most notably, active inventory surged to approximately 5,664 listings — a 22 to 24% jump year-over-year — bringing months of supply to around 2.5 to 2.7 months, up from just 1.7 months a year prior.
For military families, this is genuinely encouraging news. After years of feeling pressured into rushed decisions, buyers reporting to Joint Base Langley-Eustis, Naval Station Norfolk, NAS Oceana, or any of the installations on the Peninsula now have more options and a bit more breathing room than they have had in years.
Within Hampton Roads, the pricing spectrum is wide:
Newport News offers median home prices in the $270,000 to $315,000 range, making it one of the most accessible entry points in the region — ideal for first-time buyers or families watching their BAH carefully.
James City County saw median prices reach approximately $484,564 in early 2025, up 4.2% year-over-year, with some later months showing even stronger appreciation. Homes averaged about 35 days on market, reflecting the premium placed on its school districts, historic character, and proximity to Colonial Williamsburg.
What are the biggest shifts worth watching right now?
Beyond the raw numbers, three trends stand out to me as I work with buyers and sellers across both markets:
1. Inventory Is Growing — But Unevenly
Hampton Roads is seeing meaningful supply growth (up 22–24% year-over-year), while the Richmond metro actually saw months of supply decline by 14.3% through 2025. This means buyers in Richmond are still in a tighter market than their counterparts on the Peninsula. Understanding which side of the water you are on — and which county within that — matters enormously.
2. Days on Market Vary Dramatically by Neighborhood
A home in Henrico might go under contract in 15 days; a comparable property in New Kent could sit for six weeks. This is not because one market is "better" — it reflects inventory mix, buyer profiles, and local demand. Having an agent who knows these micro-markets is the difference between pricing your home right the first time and leaving money on the table.
3. Price Appreciation Is Stabilizing Into Something Sustainable
After the explosive gains of 2021–2023, the 2–5% annual appreciation we are seeing now is actually healthy. It means sellers are still building equity, and buyers are not facing the kind of runaway prices that shut first-timers out of the market. For military families relying on BAH, this stability makes it easier to plan with confidence.
What do these numbers mean for your next move?
If You Are Buying
In Richmond and its inner-ring suburbs (Henrico, Chesterfield, Hanover), preparation is still everything. Get pre-approved, know your budget, and be ready to move quickly when the right property appears. In Hampton Roads, the growing inventory is genuinely your friend — you have more options and a bit more room to breathe, but the best-priced properties still go fast. In either market, the data confirms that well-priced homes are selling at or above asking price, so a strong offer strategy matters.
If You Are Selling
The numbers are on your side. List-to-sale ratios hovering near 100% and months of supply well below 3 months in most counties means that competitively priced homes are commanding strong prices. That said, buyers are more discerning than they were two years ago. Pricing strategy, professional photography, and thoughtful staging make the difference between selling in the first weekend and sitting on the market. If you are in Henrico (15-day average DOM) or parts of Chesterfield, well-prepared listings are still attracting multiple offers.
If You Are PCS-ing to Virginia
Welcome! The data makes one thing crystal clear: all of Central Virginia and Hampton Roads do not behave as one market. A home in Newport News might be 30–40% less than a comparable property in James City County. Chesterfield could move in 36 days while New Kent gives you 42. Understanding these differences is exactly what I am here for — and it is why having an MRP-certified agent who knows both sides of the water is so valuable. I have lived all around these areas, and that firsthand knowledge makes all the difference.
Ready for a Personalized Market Analysis?
The research and statistics I have shared here give you the big picture, but your situation is unique. Whether you want to know what your home is worth in today's market, you are trying to decide between Chesterfield and Hanover, or you just received orders and need to move fast — I am here to help you make sense of it all.
Reach out directly for a free, no-obligation market analysis tailored to your neighborhood, price point, and timeline. I will pull the comps, walk you through the numbers, and help you make a confident decision — whether that means buying, selling, or simply getting informed.
Get Your Free Market Analysis Today
Personalized data for your home, your neighborhood, and your goals. No pressure, no obligation — just honest, local insight.
Data sources: Keel Custom Homes 2025 Full-Year Richmond Market Report (January 2026); Redfin housing market data for Henrico and Chesterfield Counties; CVMLS quarterly market indicators; REIN Hampton Roads Market Summaries (February, June, and October 2025); Virginia Business regional housing analysis; Property Focus Hanover County market overview; Rocket Homes and Redfin James City County market reports. Statistics reflect the most recent available data as of publication date and are subject to change.
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. Reach out directly for a personalized market analysis of your community.
Call Shannon today at (804) 803-1080 or click "Get in Touch"
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