Latest Local Real Estate Market Data for Richmond, Henrico, Chesterfield, Hanover, New Kent & Hampton Roads
"As a local agent who works in these communities every day, I know that market headlines only tell part of the story. The real picture comes from the data: what is selling, where it is selling, and how fast. I put this report together so you can see exactly where things stand in the communities I know best."
-- Shannon Russell, MRP
The mid-August 2026 real estate market across Central Virginia and Hampton Roads continues to tell a story of steady, measured growth. After years of pandemic-era volatility, the market has settled into a rhythm that feels more sustainable for everyone involved. Inventory is expanding in most communities, price appreciation has moderated to healthy levels, and buyers who felt locked out a year or two ago now have genuine options to explore.
I compile this data from the Central Virginia Multiple Listing Service (CVR MLS), the Real Estate Information Network (REIN) for Hampton Roads, county-level market reports, and trusted sources including Redfin, Zillow, and Movoto. Every figure below reflects the most current available data as of August 2026. Let me walk you through what I am seeing.
How is the Richmond metro market performing right now?
Across the greater Richmond metropolitan area -- encompassing Richmond City, Henrico County, Chesterfield County, and Hanover County -- the median single-family home price sits at approximately $435,000. That represents year-over-year appreciation of roughly 2.5 to 3 percent, a pace that is healthy and sustainable. Homeowners continue to build equity, and buyers can enter the market with confidence that prices are not inflated by speculative pressure.
The average home across the metro is going under contract in about 20 to 30 days. That is a slight deceleration from the frantic pace of the past few years, but it is still brisk by historical standards. What matters more is that buyers now have time to think. They can tour multiple homes, compare options, and make offers without the pressure of a ticking clock.
Months of supply across the metro has risen to roughly 1.4 to 1.8 months. That remains a seller's market -- a balanced market is typically 4 to 6 months of supply -- but it is a meaningful improvement from the sub-one-month supply that defined 2023 and 2024. For buyers, that extra inventory translates directly into less competition and more negotiating room.
County-by-county: Where the data stands this week
Every community has its own market rhythm. Here is how each county in my service area is performing based on the latest numbers.
Richmond City
Richmond City's market continues to attract a broad mix of buyers -- young professionals, downsizers, investors, and families who want walkability and urban energy. The median sale price is approximately $385,000 to $404,000, with homes typically going under contract in about 22 days. Active inventory has grown roughly 18 percent year-over-year, giving city buyers noticeably more choices than they had in the recent past.
The Fan, Museum District, Church Hill, and Manchester remain the most sought-after neighborhoods. Well-priced homes in these areas still attract multiple offers in the first week. The James River trail system, expanding dining scene, and cultural amenities make the city a compelling place to live that holds its value well over time.
Henrico County
Henrico remains the engine of the Richmond market. The average home value is approximately $402,000 to $421,500, with year-over-year appreciation of about 1.8 to 4.9 percent depending on the specific area. In high-demand pockets like Short Pump and the West End, median prices for single-family homes run closer to $520,000.
Speed continues to define Henrico. Well-priced homes in desirable subdivisions go under contract in 9 to 18 days, and the sale-to-list price ratio remains above 99 percent. Months of supply sits at roughly 1.9 months. For buyers, preparation is everything -- have your pre-approval ready, know your priorities, and be ready to move when the right home comes on the market. For military families relocating to the Richmond area, Henrico offers some of the best school districts and most convenient commutes in the region.
Chesterfield County
Chesterfield continues to lead the region in inventory growth, making it the most buyer-friendly market in the metro right now. The median sale price ranges from approximately $370,000 to $415,000, with steady year-over-year appreciation of about 2.5 percent. Active listings have grown to roughly 1,300 homes, a roughly 10 percent increase compared to last year.
The county now sits at approximately 2.1 to 2.7 months of supply, the highest in the Richmond metro. Homes are averaging about 19 to 22 days on market. Popular subdivisions like Brandermill, Woodlake, and the Midlothian corridor remain strong draws for families seeking good schools and more home for their dollar. If you have been waiting on the sidelines to buy, Chesterfield is the place to focus your search.
Hanover County
Hanover commands the highest median price among the surrounding counties, with a median of approximately $448,000 to $485,000, reflecting roughly 3.6 to 5.1 percent year-over-year appreciation. The school system is the primary draw, and the rural-suburban character appeals to buyers who want space without sacrificing a manageable commute to downtown Richmond.
Homes in Hanover currently average about 22 to 30 days on market. The Mechanicsville corridor offers more affordable entry points, with median prices in the $320,000 to $400,000 range. New construction continues to expand here, giving buyers additional options. For military families assigned to Fort Gregg-Adams or the Peninsula bases, Hanover offers excellent quality of life with reasonable driving times.
New Kent County
New Kent remains one of the fastest-evolving markets I track. The median sale price is approximately $400,000 to $460,000, with year-over-year appreciation of roughly 3 to 3.6 percent. New construction is the primary story, with several active communities drawing military families assigned to the Peninsula bases and remote workers seeking acreage.
Homes in New Kent average 36 to 46 days on market, a longer timeline that reflects the mix of custom builds and estate lots in the inventory. Active listings have grown substantially -- new listings were up roughly 36 percent earlier this year -- and months of supply now sits at approximately 3.6 to 4.0 months. That is the most balanced supply level in the region. The homeownership rate in New Kent stands at 92.6 percent, among the highest in the state.
Prince George, Hopewell, Petersburg & the Tri-Cities
The area surrounding Fort Gregg-Adams continues to offer some of the most affordable housing in the region. Prince George County and the cities of Hopewell and Petersburg provide excellent options for military families and first-time buyers looking to stretch their purchasing power. The market here moves at a more measured pace than inner-ring suburbs, giving buyers time to explore their options while staying close to the base.
I am seeing particular interest from families assigned to Fort Gregg-Adams who want to buy rather than rent, especially with VA loan benefits making zero-down purchases accessible. The Appomattox River waterfront, growing dining scene in Old Towne Petersburg, and expanding trail systems add lifestyle value that many families appreciate.
How is the Hampton Roads market evolving this summer?
Across the Hampton Roads region -- encompassing Newport News, Hampton, Williamsburg, Virginia Beach, Norfolk, and Chesapeake -- the defining trend this year has been the steady expansion of inventory. The regional median sales price is approximately $370,000 to $395,000, with year-over-year appreciation of about 1.5 to 5.3 percent depending on the specific city and property type.
Active listings across Hampton Roads have grown to roughly 5,700 homes, the most inventory buyers have seen in this region since before the pandemic. Pending sales are up 14.7 percent year-over-year, signaling that active buyers are taking advantage of the additional options. Days on market have risen to an average of 19 to 33 days, and months of supply has climbed to about 2.7 months, up from 2.3 months a year ago.
Newport News
Newport News remains one of the most accessible markets in the entire region. The median sale price is approximately $307,000 to $325,000, with a median price per square foot around $190. Homes here typically sell in about 28 to 31 days. For military families assigned to Fort Eustis, the Newport News Shipyard, or Langley Air Force Base, this area offers excellent value and convenient commutes.
I am seeing strong demand from first-time buyers in Newport News, where the combination of affordable pricing, VA loan eligibility, and proximity to base amenities makes homeownership achievable. The city's investment in waterfront redevelopment and new retail continues to improve the quality of life for residents.
James City County & Williamsburg
The Williamsburg corridor continues to command a premium, with median prices around $465,000 to $485,000. Top-rated schools, the historic Colonial Williamsburg area, and proximity to both Peninsula military installations and Richmond keep this market consistently strong. This area is especially popular with military retirees and officers stationed at Fort Eustis, NWS Yorktown, and Langley Air Force Base who prioritize school quality and overall quality of life.
Months of supply here is roughly 4 to 5 months, making it one of the more balanced submarkets in the region. That gives buyers genuine room to tour multiple properties and negotiate. For families who value historic character, excellent schools, and a vibrant cultural scene, Williamsburg and James City County are hard to beat.
Virginia Beach
Virginia Beach commands the highest price point in the Hampton Roads region, with a median sale price around $405,000 to $425,000, up roughly 5.2 percent year-over-year. The market here is driven by oceanfront lifestyle demand, a strong employment base anchored by the military, and limited developable land. Homes are spending about 25 to 32 days on market.
For military families assigned to NAS Oceana, JEB Little Creek, or Naval Station Norfolk, Virginia Beach offers a broad range of options from beachside condos to family homes in established subdivisions. The key is knowing which neighborhoods match your budget and commute needs -- and getting pre-approved before you start looking in this competitive market.
What are the biggest trends shaping our market?
Looking across all the data I have compiled, here are the trends I am discussing most often with clients right now:
1. Inventory Is Growing Steadily Across Most Communities
From Chesterfield's 10 percent inventory jump to Hampton Roads' broader supply expansion, the story is consistent: more homes are available now than at any point in the last three years. That is real relief for buyers who have felt priced out or exhausted by multiple-offer situations. For sellers, it means your home needs to stand out -- pricing, condition, and marketing matter more now than they did during the frenzy.
2. Price Growth Has Normalized to a Healthy Range
After years of double-digit annual appreciation, the market has settled into a sustainable 2 to 5 percent growth rate. That is positive for everyone. Homeowners continue building equity at a healthy pace, and buyers can enter the market without worrying about buying at a speculative peak. Steady, sustainable growth is the hallmark of a well-functioning housing market.
3. Homes Are Taking Longer to Sell -- And That Is a Good Thing
In virtually every county, homes are spending an extra week or two on the market compared to the pandemic years. That extra time signals a functioning market where buyers can make thoughtful decisions and complete proper inspections. Sellers who price correctly still see great results -- homes priced at market value are still going under contract quickly. The market no longer rewards overpricing or skipping basic preparation.
4. Military Relocation Demand Provides Year-Round Stability
Virginia's concentration of military installations -- from Fort Gregg-Adams and Joint Base Langley-Eustis to Naval Station Norfolk, NAS Oceana, and NWS Yorktown -- generates consistent demand that stabilizes our market through economic cycles. The summer PCS season amplifies this demand, especially in Hampton Roads and communities near the Peninsula bases like New Kent, James City County, and Williamsburg. As an MRP-certified agent, I work with military families every week, and I see how the VA loan remains one of the most powerful home financing tools available -- zero down payment, no private mortgage insurance, and competitive interest rates.
5. Mortgage Rates Are Shaping Buyer Strategy
While rates have moderated from their 2023 highs, they remain above the historic lows of the pandemic era. This has prompted a recalibration: buyers are budgeting more carefully, and sellers are adjusting their expectations accordingly. The buyers active in this market are serious and motivated, which means offers that come together tend to stick. For VA-eligible buyers, the ability to finance with no down payment helps offset the impact of higher rates on monthly payments.
How does this data apply to your specific situation?
market statistics are valuable, but their real power comes from understanding what they mean for you, in your specific neighborhood, at your specific price point, and with your specific timeline. A first-time buyer looking at starter homes in Chesterfield will have a completely different experience from a military family with PCS orders searching in New Kent, or a long-time Henrico homeowner considering whether to sell now or wait another year.
That is why every number I share here comes with this offer: I provide a free, no-obligation personalized market analysis for any home buyer or seller in the communities I serve. I will pull the most recent comparable sales from your target neighborhood, show you exactly what is happening, and give you honest, local guidance about your next step. No pressure, no gimmicks -- just real data from someone who knows these communities inside and out.
Let Me Research Your Neighborhood
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 specific community. Call, email, or schedule a time to talk.
Data sourced from Central Virginia Multiple Listing Service (CVR MLS), Real Estate Information Network (REIN) for Hampton Roads, county-level real estate market reports for Richmond City, Henrico County, Chesterfield County, Hanover County, New Kent County, and the Hampton Roads region. Additional data from Redfin Housing Market Data, Zillow Home Value Index, and Movoto market trends. 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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