Richmond & Hampton Roads July 2026 Real Estate Market Data: What the Numbers Actually Reveal
"I spend my days in the trenches of this market — writing offers, touring homes, and reading MLS data for every community I serve. When I sit down to write a market update, I do not want to repeat the same surface-level stats you can find anywhere. I want to give you the numbers that actually matter, the context behind them, and the practical advice that comes from working with buyers and sellers across Richmond, Hampton Roads, and every county in between — every single day."
— Shannon Russell, MRP
We are now in the heart of summer, and the Richmond and Hampton Roads real estate markets are sending some of the clearest signals they have sent all year. Inventory is climbing in most communities. Price appreciation is settling into a sustainable rhythm. And the differences between one county and the next are more pronounced than they have been in a long time.
If you are a buyer trying to decide between Chesterfield and Hanover, a seller wondering whether now is the right time to list, or a military family trying to make sense of the market before your report date — this is the update you have been waiting for. I have pulled together the freshest data from the Central Virginia Regional Multiple Listing Service (CVRMLS), Hampton Roads Association of Realtors reports, Redfin market insights, and my own day-to-day experience in the field. Here is what the numbers are telling us heading into the second half of 2026.
The Richmond Metro at a Glance: What Does the Summer Market Actually Look Like?
The Richmond metropolitan area — encompassing Richmond City, Henrico, Chesterfield, and Hanover counties — continues to perform at a level that reflects genuine confidence in our communities. The median sale price for single-family homes across the metro sits at approximately $375,000 to $435,000, depending on the specific county and time frame. That range is not a sign of instability — it is a sign that our metro offers real diversity of price points, from accessible starter homes to premium estate properties.
What matters more to me than any single median number is the health of the market underneath it. Homes across the metro are selling at roughly 100% of list price, which tells you buyers and sellers are meeting on reasonable terms — no wild bidding wars, but no fire sales either. That is exactly what a healthy market looks like.
Average days on market across the metro have settled into the 19 to 29 day range — longer than the frenzied sub-two-week pace of 2022 and 2023, but well below historical norms. For context, a "balanced" market historically sees homes sitting for 45 to 60 days. We are not there yet. The market still moves fast, just not at the breakneck speed that left so many buyers feeling exhausted.
Inventory remains the story everyone is watching. Months of supply across the metro hover between 1.6 and 2.4 months, depending on the community. That is still below the 4-to-6-month range that signals a truly balanced market, but the direction is unmistakable: we are trending toward more options for buyers than we have had in years.
County-by-County Data: Where Are Prices Headed in the Communities I Serve?
This is the section my clients care about most, and honestly, it is the section I enjoy writing the most. Every county in my service area has its own rhythm, its own buyer profile, and its own pricing dynamics. Here is the latest data for each community, with the context you need to make sense of it.
Chesterfield County
Chesterfield remains one of the strongest performing counties in the metro, and the latest data confirms it. The median sale price sits at approximately $370,000, reflecting steady year-over-year appreciation of about 2.5%. Active inventory has climbed to roughly 780 listings, up 10.2% compared to last year — welcome news for buyers who have struggled with limited selection in popular subdivisions.
Homes in Chesterfield are selling in an average of 22 days, with well-priced properties in Brandermill, Wooded Creek, and Foxcroft moving much faster. Months of supply currently sit at 2.7 months — up from last year but still firmly in seller's market territory. For buyers, the expanding inventory means you finally have choices. For sellers, the data is clear: homes that are priced right and presented well are still moving quickly. Homes that are overpriced are sitting — and every day a listing sits costs you leverage.
Henrico County
Henrico continues to be the most diverse housing market in the metro, and that diversity is what makes it such a strong indicator of overall market health. The median sale price currently sits at approximately $379,000, with active inventory hovering around 580 to 600 listings. Average days on market have extended to roughly 25 to 36 days, though that number tells only part of the story.
The real dynamic in Henrico right now is a split market. Homes priced under $500,000 — where first-time buyers, young families, and relocating military personnel are most active — continue to move quickly, often within two weeks. Properties priced above $550,000, however, are sitting noticeably longer than they did earlier this year. Months of supply for the county sit at approximately 1.8 months. For buyers, the message is clear: Henrico offers some of the best value in the metro at the entry and middle price points. For sellers in the upper bracket, pricing strategy and professional presentation are non-negotiable.
Hanover County
Hanover County has undergone a notable shift in recent months, and the data captures it clearly. Median home prices have climbed to approximately $473,000 to $485,000, reflecting the county's growing appeal among buyers seeking larger lots, strong schools, and a quieter pace without sacrificing proximity to the metro. That price increase is partially driven by the mix of homes selling — more higher-end properties are closing, which pushes the median upward even as individual home values appreciate at a moderate pace.
The most significant change in Hanover is days on market, which have increased to approximately 30 days, up from just 15 days at the same point last year. That is a meaningful shift. It tells me that buyers are being more selective, and that the inventory that is available is not moving as quickly as it once did. Active inventory remains relatively tight at roughly 289 units, partly because Hanover homeowners tend to hold onto their properties. New construction along the Mechanicsville corridor and Route 301 has been the bright spot, adding much-needed supply for buyers who want modern finishes and energy-efficient homes. For military families heading to Fort Gregg-Adams, Hanover continues to offer excellent value — particularly for families who want acreage and strong Hanover County Public Schools.
New Kent County
New Kent is the community I watch closest for emerging trends, because it is the one changing the fastest. Median home prices currently sit at approximately $435,000, with price per square foot rising nearly 10% year-over-year to roughly $221 per square foot. That is a strong indicator that buyers are willing to pay a premium for the space, privacy, and lifestyle that New Kent offers.
The inventory story in New Kent is the most dramatic in our region. Active listings have surged to approximately 157 homes, representing a 28.7% increase compared to last year. Months of supply have climbed to 4.0 months — the closest any community in my service area has come to a truly balanced market. Days on market average 42 days, longer than the inner-ring suburbs, but that partly reflects New Kent's mix of larger custom-built homes and estate lots, which naturally take more time to find the right buyer.
If you are a buyer looking for space and modern construction within a manageable commute to Fort Eustis or the Yorktown installations, New Kent is one of the best opportunities in the region right now. The expanded inventory means you have real choices — something that would have been unthinkable two years ago. For sellers, the takeaway is that the market is more balanced here than in neighboring communities, which means pricing and presentation matter even more.
Richmond City
Richmond City's market continues to show its characteristic energy. The median sale price sits at approximately $390,000, reflecting healthy year-over-year appreciation driven by demand in walkable, amenity-rich neighborhoods. The city offers incredible diversity: Church Hill's historic charm, The Fan's tree-lined streets, Scott's Addition's brewery scene, and Manchester's rapid revitalization each create distinct micro-markets.
Days on market for well-priced city properties average around 19 days, and demand remains particularly strong in the $300,000 to $400,000 range where first-time buyers and young professionals are most active. If you are considering Richmond City, know that desirable listings still attract competition — especially in neighborhoods with walkable access to restaurants, cultural venues, and the James River trail system. Preparation is everything in this market.
Hampton Roads: What the Latest Data Shows for Buyers and Sellers Across the Water
Hampton Roads tells a distinct story from Richmond, and understanding the difference is essential — especially for military families who may be choosing between installations on both sides of the James River. The regional median sales price reached approximately $368,000 to $375,000, hitting record highs earlier this year before settling slightly as more inventory came online.
The biggest shift in Hampton Roads is inventory growth — and it is significant. Active listings across the region have climbed to roughly 5,600 to 5,700 homes, representing a year-over-year increase of approximately 18% to 22%. After years of ultra-tight supply, buyers in Hampton Roads now have more choices and more room to negotiate than they have had since before the pandemic. Months of supply have reached approximately 2.56 months, trending toward balance.
Days on market across Hampton Roads average 22 to 25 days, up slightly from the sub-two-week timelines that were common in 2022 and 2023. This is still fast by historical standards, but the shift creates genuine opportunity for buyers who were previously priced out or exhausted by the competition.
Within Hampton Roads, pricing varies widely by community. Newport News remains one of the most accessible markets in the region, with a median around $307,000 to $315,000 — ideal for first-time buyers or families watching their BAH carefully. James City County and the Williamsburg corridor command premium pricing near $485,000, reflecting top-rated school districts and proximity to Colonial Williamsburg. James City County has seen sales volume jump an impressive 40.8% year-over-year, signaling strong buyer confidence in that market. Hampton and the Southside cities continue to offer a range of price points that can accommodate nearly any budget.
Six Market Trends That Are Shaping the Second Half of 2026
Beyond the headline numbers, here are the underlying trends I believe every buyer and seller in our market should understand heading into the fall:
1. Inventory Is Expanding — But Not Everywhere
The single biggest story in our market right now is the expansion of active inventory. New Kent has seen a nearly 29% jump in active listings. Hampton Roads is up 18% to 22%. Chesterfield is up over 10%. But Hanover remains relatively tight, and the most desirable neighborhoods in Henrico still see homes going under contract within days of listing. The experience of shopping for a home depends heavily on where you are looking — and that is exactly why working with an agent who knows these communities at the street level matters.
2. Price Appreciation Is Normalizing Into Sustainable Growth
After the explosive gains of 2021 through 2023, when Richmond-area home prices jumped by roughly 50% over four years, appreciation has settled into a sustainable low-to-mid single-digit pace. Chesterfield is up about 2.5%. Hanover prices have shifted based on mix. New Kent's price per square foot is up nearly 10%. This normalization is healthy for everyone — sellers still build equity steadily, and buyers are not facing the double-digit annual increases that made homeownership feel like a moving target.
3. New Construction Is Adding Real Supply to Tight Markets
Builders have been active across the region, and new construction is playing a meaningful role in expanding inventory — particularly in Hanover, New Kent, and the Chesterfield corridor. Several builders are offering rate buydowns, closing cost incentives, and design credits that can make new construction competitive with resale when you factor in the total monthly payment. For buyers frustrated by limited resale inventory, new construction deserves serious consideration.
4. PCS Season Is Creating Urgent Demand in Family-Friendly Neighborhoods
July is peak PCS season, and the impact on our market is real. Military families arriving at Fort Gregg-Adams, Joint Base Langley-Eustis, Naval Station Norfolk, and NAS Oceana are actively searching — and many need to make fast decisions because their report dates are fixed. This seasonal surge creates extra competition in neighborhoods near military installations, particularly in Chesterfield, Henrico, and Hanover. Sellers in school-adjacent locations should know: the next two months are your window. Buyers, the expanded inventory this year gives you a real advantage compared to previous PCS seasons — but you still need to come prepared.
5. The Upper Price Bracket Is Cooling While the Middle Market Stays Hot
One of the most notable shifts I am tracking is a growing divide between price brackets. Homes priced above $550,000 — particularly in Henrico and Chesterfield — are sitting longer than they did earlier this year. Meanwhile, homes in the $300,000 to $500,000 range continue to move quickly. This tells me buyer demand is strongest where first-time buyers, young families, and relocating military personnel are most active. If you are listing a higher-end property, pricing strategy and presentation are critical. If you are a buyer in that upper bracket, you may find more room to negotiate than you expected.
6. New Kent Is Emerging as a Legitimate Alternative to Inner-Ring Suburbs
With months of supply reaching 4.0 — the closest any community in my service area has come to a balanced market — New Kent is quietly becoming one of the most interesting markets in the region. Buyers are recognizing the value proposition: modern construction, larger lots, and a rural lifestyle within a reasonable commute to both Richmond and the Peninsula. The 28.7% surge in active inventory means buyers have real choices here for the first time in years. I expect New Kent to continue tightening through the rest of 2026 as builders complete their communities and demand grows.
What Should You Do With This Data?
Market data is only useful when it translates into action. Here is my practical advice, depending on where you sit:
If You Are Buying This Summer
You have more options than you have had in years — especially in Hampton Roads where inventory has surged 18% to 22%, and in New Kent where active listings are up nearly 29%. That said, well-priced homes in popular Chesterfield and Henrico neighborhoods still move within two weeks. The key is preparation: get your pre-approval in order, define your must-haves versus nice-to-haves, and be ready to act when the right property appears. The slightly slower pace compared to 2022–2023 gives you room to be more deliberate — use that advantage wisely.
If You Are Selling This Summer
The market is still on your side in most communities — list-to-sale ratios near 100%, inventory well below historical norms, and strong buyer demand from PCS families. But the margin for error is smaller than it was two years ago. Overpriced listings are sitting, and every extra week on the market costs you leverage. Professional photography, thoughtful staging, and competitive pricing from day one make the difference between selling in the first weekend and lingering. If you are in a family-friendly neighborhood near a school or military installation, the next two months are your best window — PCS families are actively searching and ready to move.
If You Are a Military Family Relocating
The expanded inventory this summer is genuinely good news for PCS families. You have more options than you did last year, and the slightly slower pace gives you a better chance of finding the right home without making a hasty decision under deadline pressure. My advice: start your search before you arrive in Virginia. I can set you up with listings, virtual tours, and neighborhood comparisons so that when you land, you are ready to tour the homes that truly fit your family's needs. As an MRP-certified agent, this is exactly what I specialize in — and I would be honored to help you navigate it.
If You Are a First-Time Buyer Watching the Market
This may be the most balanced market you have seen since you started looking. Inventory is up, competition is less intense, and there are genuine options across multiple communities — from Newport News at $307,000 to Hanover and Henrico at accessible price points. The key challenge remains mortgage rates, which are the wild card in every affordability calculation. My recommendation: do not try to time the market perfectly. A home you love at today's rate is almost always a better investment than waiting and watching prices climb. I work with several excellent local lenders who can walk you through your options, including Virginia Housing down payment assistance programs.
Quick Reference: July 2026 Key Numbers by Community
For a quick side-by-side comparison, here is a summary of the latest data across the communities I serve most:
Want a Personalized Market Analysis for Your Neighborhood?
The big-picture numbers are a great starting point, but your situation is unique. The market in Brandermill behaves differently from the market in Mechanicsville. A townhome in Newport News and a five-acre lot in New Kent are subject to completely different dynamics. That is why I offer a free, no-obligation market analysis tailored to your specific home, neighborhood, and timeline.
Whether you want to know what your home is worth in today's market, you are trying to decide between two Virginia communities, or you just received orders and need a plan — I am here to help you make sense of it all. I will pull the comps, walk you through the numbers, and give you honest, local advice. No pressure, no sugar-coating.
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Data sources: Central Virginia Multiple Listing Service (CVRMLS) year-to-date 2026 market indicators; Hampton Roads Association of Realtors / REIN MLS market reports; Redfin county-level market data for Henrico, Chesterfield, Hanover, New Kent, Newport News, and James City County; Virginia Business housing market analyses; Keel Custom Homes Richmond market reports. Statistics reflect the most recently available data as of publication date and are subject to revision. All data is presented for informational purposes and should not be considered a guarantee of future performance.
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.
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