Richmond & Hampton Roads Real Estate: What the Latest Numbers Actually Reveal
"I talk to buyers and sellers every single day, and the question I hear most is: What are the numbers telling us right now? Not what the national news says. Not what a headline from two months ago claimed. What is actually happening in the neighborhoods where my clients are buying and selling today. I pulled together the freshest data I could find — and broke it down county by county — so you can see exactly where things stand and make your next move with confidence."
— Shannon Russell, MRP
Every real estate market tells a story. The challenge is knowing which story to believe — because the national narrative rarely matches what is happening on the ground in your specific community. A home in Chesterfield behaves differently from a home in New Kent. A townhouse in Newport News is in a completely different market than a riverfront property in Charles City. And the only way to make smart decisions is to look at the actual data for the places you care about.
That is exactly what I have done here. I pulled the latest available numbers from the CVMLS, Redfin, regional brokerage reports, and Hampton Roads Association of Realtors data — and distilled it into what matters most. Whether you are buying, selling, or just trying to understand what your home is worth in today's market, this is the data you need to see.
The Richmond metro at a glance: What are the headline numbers?
Here is the snapshot that gives you the broadest picture of where the Richmond metropolitan area stands right now. These are the numbers I start with when I sit down with any client — buyer or seller — to talk strategy:
The metro-wide median single-family home sales price has settled around $430,000, reflecting steady but sustainable growth. Homes are still selling at or very near list price — a sign that well-priced properties continue to attract strong interest. Days on market have ticked up modestly to the 25-to-29-day range, up from the low-20s we saw during the tightest stretches, which signals a market that is slowly finding a healthier rhythm.
The most important number in that grid is months of supply. At roughly 2.0 months, we remain well below the 5-to-6-month threshold that defines a truly balanced market. That means we are still in seller-favoring territory overall — but the gap is narrowing, and buyers have more room to work with than they did 12 or 18 months ago.
County-by-county: Where the numbers stand right now
This is where the real insight lives. I have organized the data by the communities where I work most, so you can zero in on the area that matters to you. Each of these micro-markets behaves differently — and understanding those differences is the key to pricing a home correctly, crafting the right offer, or choosing the right neighborhood for your family.
Chesterfield County
Chesterfield remains one of the fastest-moving markets in the entire region. The year-to-date median sale price has risen to approximately $440,000, reflecting a 3.3% increase over last year — solid, sustainable growth. Inventory has expanded to about 2.7 months of supply, which is the highest it has been in two years and a welcome shift for buyers who have felt priced out. But the best homes in top school zones are still going under contract in 8 to 12 days, often during the first weekend. For sellers, that means pricing and presentation still matter enormously. For buyers, pre-approval is non-negotiable.
Henrico County
Henrico's median sale price sits between $414,000 and $433,000, reflecting the county's diverse housing stock — from established Near West End neighborhoods to growing communities in the eastern corridor. Active inventory has been increasing about 5% month-over-month, which is meaningful. School-adjacent neighborhoods remain in especially high demand. For military families relocating to the Richmond area, Henrico offers an outstanding combination of top-rated public schools, reasonable commutes to Fort Gregg-Adams, and strong long-term resale value. Homes here are selling in roughly 15 to 20 days, a touch slower than last year but still competitive.
Hanover County & Mechanicsville
Hanover continues to attract buyers who want more land, a quieter pace, and strong schools — all within a manageable commute to downtown Richmond or the Mechanicsville corridor. The market here mirrors the broader metro trend of steady appreciation with tight but slowly expanding inventory. New construction has been a particular bright spot, with builders adding inventory in several communities along the I-95 and Route 360 corridors. Homes typically spend 20 to 30 days on market. For families who want space and value without straying too far from amenities, Hanover strikes an excellent balance.
New Kent County
New Kent is one of the most dynamic — and most misunderstood — markets in our service area. The median home price ranges from roughly $435,000 to $489,000 depending on the source and property type, with homes taking an average of 35 to 46 days to sell. That longer timeline is not a red flag — it reflects New Kent's larger lots, newer construction, and more rural character that appeals to buyers willing to trade a slightly longer commute for space and quiet. Military families stationed at Joint Base Langley-Eustis or the Yorktown installations frequently find New Kent to be the perfect sweet spot. As a new construction specialist, I have been helping families navigate the builder communities popping up along the I-64 corridor here, and the options are better than ever.
West Point & Charles City
West Point and Charles City represent a unique segment of the market — charming, riverfront-oriented communities with a tight-knit feel and property types you will not find closer to the city. West Point's median listing price sits around $359,000 with homes averaging roughly 35 days on market. Charles City offers some of the most distinctive riverfront and acreage properties in the region. These communities are not for every buyer, but for those seeking a quieter lifestyle with waterfront access and historic character, they are well worth exploring.
Richmond City
Richmond City proper has seen a slight year-over-year price adjustment of about 1.2%, with median sale prices around $425,000. That is not a warning sign — it is actually a healthy sign of a market normalizing after several years of unsustainable acceleration. The city's diverse neighborhoods mean conditions vary block by block. Scott's Addition and the Fan remain highly competitive, while Southside and East End neighborhoods offer more value for buyers willing to look beyond the most trendy zip codes. Days on market run 23 to 30 days, consistent with the broader metro.
What does the Hampton Roads data show right now?
For military families getting orders to the Hampton Roads area — whether that is Naval Station Norfolk, NAS Oceana, Joint Base Langley-Eustis, or any of the Peninsula installations — the Hampton Roads numbers are some of the most encouraging we have seen in years for buyers. Here is what the latest data reveals:
The regional median sales price sits at approximately $365,000 — noticeably lower than the Richmond metro's ~$430,000, which reflects the different housing stock and commute patterns rather than a lack of demand. Homes are selling in a median of just 20 days, which tells you competition remains real despite the growing inventory.
The headline number here is the 6,372 active listings across the region. That is the most selection buyers have had in two years. After years of feeling pressured into rushed decisions, military families now have a real chance to tour multiple properties, compare neighborhoods, and find a home that genuinely fits — without feeling like they have to make an offer within hours of seeing it.
Within Hampton Roads, the pricing spectrum is wide and offers something for nearly every budget:
Five shifts I think matter most right now
Raw data is useful, but trends are what actually drive strategy. Here are the five shifts I am tracking most closely — and what they mean if you are thinking about making a move:
1. Inventory Is Growing — But Not Everywhere
Across both the Richmond and Hampton Roads metro areas, we are seeing more active listings than we have in two years. Hampton Roads has grown to over 6,300 active listings, and Chesterfield's supply has climbed to 2.7 months. But the growth is not uniform. Henrico and desirable pockets of Hanover remain tight. If you are shopping in a competitive micro-market, expanded regional inventory does not mean you can afford to wait on the best properties.
2. Price Appreciation Has Found a Sustainable Rhythm
The double-digit annual gains of 2021 and 2022 are firmly behind us. Price growth is settling into a more sustainable range — roughly 2% to 4.2% year-over-year depending on the community. Chesterfield's 3.3% YTD gain and James City County's 4.2% increase are healthy, grounded numbers that reflect genuine demand without speculative pressure. For buyers, this means homes are still gaining value but you are not facing runaway pricing. For sellers, it means pricing competitively matters more than ever — the days of automatic multiple offers are fading.
3. Days on Market Are Normalizing
The metro-wide average has moved from the low-20s to the 25-to-29-day range. That is not a sign of a weakening market — it is a sign of a normalizing one. Homes are sitting a few days longer, which translates into more breathing room for buyers to tour, compare, and make thoughtful decisions. In Chesterfield, well-priced homes still move in under two weeks. In New Kent, you may have 35 to 46 days. Understanding these micro-market timelines is exactly why working with an agent who knows each community makes such a difference.
4. New Construction Is a Real Option
Builders have been actively adding inventory across Hanover, New Kent, and parts of Chesterfield. New construction gives buyers the opportunity to customize a home and often comes with builder incentives — particularly valuable if you have a flexible timeline. As a new construction specialist, I walk families through the entire process from builder selection to final walk-through, and I can help you evaluate which communities offer the best long-term value for your budget and commute.
5. PCS Season Is Amplifying Competition Near Bases
Summer is historically peak PCS season, and that is especially true in Virginia with its concentration of military installations. Families arriving at Fort Gregg-Adams, Joint Base Langley-Eustis, Naval Station Norfolk, and NAS Oceana are actively searching, and competition for well-located homes near base is intensifying. If you are a seller in a military-adjacent community, this seasonal demand works in your favor. If you are a buyer relocating with orders, having an MRP-certified agent who understands your timeline and can coordinate around your report date is one of the most valuable resources you can have.
What these numbers mean for you — depending on your situation
If You Are a Buyer
The market is offering more balance than in recent years, but competition remains real — especially in Chesterfield and Henrico where desirable homes still move in under two weeks. Get pre-approved early, know your budget inside and out, and work with an agent who can alert you to new listings before they hit the public portals. In Hampton Roads, the growing inventory of over 6,300 listings is your friend, but the best properties still go quickly. VA loan buyers in particular have a significant advantage with zero-down-payment purchasing power.
If You Are a Seller
The data is still firmly on your side. With list-to-sale ratios near 100% and inventory well below historical norms in most communities, well-prepared homes are commanding strong prices. Chesterfield sellers in particular are seeing excellent results, with homes moving in 8 to 12 days. That said, buyers are more discerning than they were two years ago. Pricing strategy, professional photography, and thoughtful staging make the difference between sitting on the market and selling in the first weekend. If you are considering selling, summer is an excellent time to list — but start preparing now.
If You Are PCS-ing to Virginia
Welcome! Here is the most important thing I tell every military family: do not assume all of Central Virginia and Hampton Roads behave as one market. They do not. A home in Chesterfield may sell in nine days; a comparable property in New Kent might give you a full month to decide. The median price in Hampton Roads ($365,000) is noticeably lower than the Richmond metro (~$430,000), but that difference reflects different housing stock, commute patterns, and lifestyle options. Having an MRP-certified agent who knows both sides of the water — and can coordinate around your report date — is one of the most valuable resources you can have during a PCS.
If You Are a First-Time Buyer
Do not let the headlines scare you. Virginia offers programs and loan options — especially VA and FHA loans — that can make homeownership more accessible than you think. With VA loans, eligible military buyers can purchase with zero down payment and competitive rates. Communities like Newport News, with a median around $307,000, offer particularly strong value for first-time buyers. The key is getting pre-approved, understanding your comfort zone, and having an agent who will guide you without pressure. I have helped many first-time buyers close on their first home, and it is one of the most rewarding parts of what I do.
What I am watching heading into the second half of 2026
Markets do not stand still, and here are a few things I am paying close attention to as we move through the rest of the summer and into fall:
- Mortgage rate movements — Even small shifts in rates can change monthly payments by hundreds of dollars. I keep a close eye on rate trends and share updates with my clients regularly. If rates ease, expect buyer activity to pick up noticeably.
- Whether inventory growth sustains through fall — The expansion to over 6,300 active listings in Hampton Roads and 2.7 months of supply in Chesterfield is meaningful. If that trend continues through the summer, military families relocating to the area will have even more options and potentially more negotiating power.
- New construction starts in New Kent and Hanover — Builders are adding inventory in these communities, and builder incentives can be a significant advantage for buyers who are flexible on timeline and finishes. I am tracking several new communities that could be strong options for relocating families.
- The fall transition — Summer is historically the busiest time in our market. After Labor Day, activity typically slows and the dynamic shifts — which can be advantageous for either side depending on your situation. If you are on the fence, the next 60 to 90 days represent a critical window.
The fundamentals supporting our Virginia markets — a strong military presence, steady job growth, excellent schools, and a high quality of life — remain solid. These communities are not flash-in-the-pan markets. They are places where families put down roots, build equity, and build lives. That is not changing.
Ready for a Personalized Market Analysis?
The numbers I have shared here give you the big picture, but your situation is unique. Maybe you want to know what your home is worth in today's market. Maybe you are trying to decide between Chesterfield and Hanover. Maybe you just received orders and need to move fast. Whatever your situation, a conversation is the best place to start.
I offer 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. No pressure, no gimmicks. Just honest, local expertise from someone who lives and works in these communities every day.
Get Your Free Market Analysis Today
Personalized data for your home, your neighborhood, and your goals. Whether you are buying, selling, or relocating — I am here to help.
Data sources: Central Virginia Multiple Listing Service (CVMLS) market indicators; Redfin housing market data for New Kent, Chesterfield, Henrico, Richmond City, West Point, and James City County; Hampton Roads Association of Realtors market summaries; Movoto West Point market data; regional brokerage market analyses. Statistics reflect the most recent available data as of June 2026 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"
Explore More Guides & Resources
Navigating the Virginia market? Let's connect today.
Whether you are buying your first home, selling for top dollar, or relocating with the military, I provide the local market expertise and personal attention you deserve.