Richmond & Hampton Roads Real Estate Market Data: Late July 2026 Update
"As we move through the second half of July, I wanted to pull together the most current data available for the communities I serve — from Richmond and its surrounding counties to the Hampton Roads region. The story this month is one of steady rebalancing: more inventory, sustainable price growth, and real opportunities for both buyers and sellers who understand the local landscape."
— Shannon Russell, MRP
If you have been following the Virginia market this year, you know that the headline has been consistent: inventory is growing, prices are rising at a moderate pace, and the frantic competition of the past few years is giving way to a more thoughtful, balanced market. The late July data confirms that trend is continuing — and in some areas, accelerating.
I have compiled the latest available statistics from the Central Virginia Multiple Listing Service, county-level market reports, and regional real estate analyses so you can see exactly what is happening in each community. Let me walk you through the numbers and what they mean for your next move.
Richmond Metro: The Numbers at a Glance
The Richmond metropolitan area — covering Richmond City, Henrico, Chesterfield, and Hanover — continues to show a median single-family home price of approximately $435,000, reflecting sustainable year-over-year appreciation of roughly 2.3% to 3%. That is a healthy pace that builds equity without shutting out buyers.
What is more telling is the shift in days on market. Across the metro, the average home is spending about 25 days on market, up slightly from the spring. This is not a sign of cooling demand — it is a sign that buyers have more choices and are taking the time to make thoughtful decisions. Homes priced and presented well are still going under contract quickly, often in the first two weeks.
The inventory story continues to be the most important development. Active listings across the metro have climbed to approximately 1,247 homes, and months of supply sits at roughly 1.2 to 1.6 months in the most desirable areas. While still firmly in seller's market territory — a balanced market would be 4 to 6 months — the direction of travel is clear. More inventory is coming online, and that is good news for buyers.
Breaking Down the Numbers by County
The regional average tells one story, but the real insights come from drilling down into each community. Here is what the late July data reveals for the areas I serve most often.
Richmond City
Richmond City proper shows a median sale price of approximately $404,000, up about 4.3% year-over-year. The city's diverse neighborhoods continue to perform differently: the Fan and Museum District remain highly competitive, with well-priced homes often going under contract within two weeks, while Southside and East End neighborhoods offer more room for buyers to negotiate. Days on market average 24 to 30 days, giving buyers notably more time to weigh their options than they would have had a year ago. For buyers who value walkability, historic architecture, and access to the James River trail system, Richmond City offers compelling options across a range of price points.
Henrico County
Henrico remains the broadest market in the metro, with price points ranging from entry-level condos in the eastern corridor to executive homes in the West End and Short Pump area, where medians can reach $520,000. The county-wide average home value is approximately $402,000, up 1.8% year-over-year. What stands out about Henrico is speed: well-priced homes in desirable subdivisions are still going under contract in 13 to 20 days, and the median price per square foot has climbed to around $242, up about 4% from last year. For buyers, the key is preparation and pre-approval. For sellers, Henrico continues to reward homes that are priced competitively and presented well from day one. Military families often find Henrico's balance of school quality, commute times, and housing variety to be one of the best in the region.
Chesterfield County
Chesterfield continues to be one of the most dynamic markets in the region. The median sale price ranges from $370,000 to $415,000 depending on the neighborhood, reflecting steady appreciation of about 2.5% year-over-year. What is most notable is the inventory story: Chesterfield now has roughly 780 active homes on the market, a 10.2% increase compared to this time last year, with months of supply reaching approximately 2.7 months — the highest in the metro. For buyers, that translates into more options and a less pressured buying experience than in neighboring Henrico. Popular subdivisions like Brandermill, Woodlake, and communities in the Midlothian corridor still see strong demand, but the growing inventory is creating genuine opportunities, especially for first-time buyers and families watching their budget carefully.
Hanover County
Hanover commands the highest price point among the surrounding counties, with a median single-family home price of approximately $454,000 to $485,000, up about 3.6% year-over-year. The median price per square foot is $229, reflecting the county's larger lots and more spacious homes. Homes are selling after an average of 30 days on market, which is typical for a market dominated by family homes and estate properties. Over the trailing twelve months, approximately 2,141 residential properties have sold in the county. New construction along the I-95 and Route 360 corridors continues to add inventory, giving buyers options in a county where existing homeowners tend to stay put for the long term. For military families considering Fort Gregg-Adams, Hanover offers excellent schools and a quieter lifestyle with a manageable commute.
New Kent County
New Kent continues to be the community I watch most closely for emerging trends, because it is changing the fastest. The median home price sits at approximately $433,000 to $460,000, with year-over-year appreciation of roughly 3.6%. New construction is the driving force here, as buyers — particularly military families and remote workers — are drawn to the combination of acreage, newer homes, and a more rural lifestyle. Days on market average 35 to 45 days, longer than the inner-ring suburbs, reflecting the county's mix of custom-built homes and estate lots. With a homeownership rate of 92.6%, New Kent has one of the highest rates in the state. For families willing to trade a slightly longer commute for space and peace, this is one of the best values in the region. Military families stationed at Joint Base Langley-Eustis or the Yorktown installations frequently find New Kent to be the perfect middle ground.
Hampton Roads: Record Prices, Expanding Inventory
The Hampton Roads region tells a different story from Richmond, and one that is especially relevant for military families receiving orders to the area's many installations.
The regional median sales price reached approximately $395,000 in June 2026 — a record high for the region — up from $375,000 in May. That represents meaningful appreciation, but the big story is inventory. Active listings across the region have climbed to roughly 5,400 to 5,700 homes, representing a year-over-year increase of about 17% to 18%. After years of historically tight supply, this is the most inventory buyers have seen since before the pandemic.
The median days on market across the region is roughly 19 to 21 days, with months of supply sitting at approximately 2.7 months — still a seller's market, but moving in the right direction for buyers. The list-to-sale ratio remains strong at roughly 99.3% to 99.5%, meaning homes that are priced right are still commanding close to their asking price.
Four Trends Shaping the Virginia Market Right Now
Beyond the individual numbers, here are the patterns I am seeing most clearly as I work with buyers and sellers across both the Richmond metro and Hampton Roads:
1. Inventory Is Growing Unevenly — and That Creates Opportunity
The most important trend is not that inventory is growing — it is that it is growing unevenly. Chesterfield's 2.7 months of supply gives buyers real leverage, while Henrico's sub-2-month supply means competition remains intense. In Hampton Roads, the 17–18% inventory growth is a game-changer for military families, while in New Kent, the 3+ months of supply creates a buyer-friendly environment that simply does not exist in Virginia Beach or the West End. Understanding these differences at the county level — and even at the neighborhood level — is the key to making a smart move.
2. Price Appreciation Has Settled Into a Sustainable Range
After the double-digit gains of 2021–2023, the 2% to 5% annual appreciation we are seeing now is actually healthy. 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. And for homeowners, the steady appreciation means that waiting for the "perfect" market peak is less important than making a move that fits your life.
3. Days on Market Are Lengthening — But Not for the Right Homes
Across the metro, the average days on market has crept up by a week or two compared to the peak frenzy years. But here is the nuance: homes that are priced correctly, staged well, and marketed effectively are still selling in under two weeks in most communities. The homes that are sitting are often overpriced or need significant updates. This is a market that rewards preparation and penalizes overpricing. For sellers, that means investing in professional photography, thoughtful staging, and a data-driven pricing strategy from day one.
4. Military Demand Provides Year-Round Stability
Virginia's military installations — Fort Gregg-Adams, Joint Base Langley-Eustis, Naval Station Norfolk, NAS Oceana, and the Yorktown Naval Weapons Station — generate consistent, year-round demand for housing. The summer PCS season intensifies that demand, particularly in Hampton Roads and communities like New Kent and James City County that sit within commuting distance of the Peninsula bases. As an MRP-certified agent, I see this demand firsthand, and it is one of the reasons our regional market remains fundamentally strong even as national headlines fluctuate. Military families bring stability, and I am proud to help them find homes that work for their unique needs.
What These Numbers Mean for Your Next Move
If You Are Buying
This is the most favorable market for buyers in two years — but only if you know where to look. In Chesterfield and New Kent, the growing inventory gives you real options and negotiating room. In Henrico and the most desirable parts of Richmond City, the best homes still move fast, so preparation is everything. In Hampton Roads, the 17–18% inventory growth is genuinely expanding your choices, but the best-priced properties in Virginia Beach and James City County still attract multiple offers. My advice: get pre-approved, know your must-haves, and work with an agent who understands the micro-markets within each county. A strategy that works in Brandermill will not necessarily work in the Near West End.
If You Are Selling
The fundamentals are still on your side. List-to-sale ratios near 100% and months of supply well below 3 months in most communities mean that demand remains strong. But the margin for error has narrowed. With more inventory competing for buyer attention, pricing strategy is the single most important decision you will make. Price right from day one and you will still see strong activity and potentially multiple offers. Overprice and you risk watching your home sit while newer listings come and go. Professional photography, thoughtful staging, and a comprehensive marketing plan are no longer optional — they are what separates a quick sale at full value from a property that languishes on the market.
If You Are a Military Family with PCS Orders
Peak PCS season is here, and the expanded inventory across Hampton Roads and the Richmond region is giving military families something they have not had in years: real choices. Hampton Roads' 5,400+ active listings mean you can compare multiple homes and neighborhoods. New Kent's longer days on market mean you have time to make a well-informed decision rather than a rushed one. Even in fast-moving Henrico and Chesterfield, the pace has moderated enough that a well-prepared buyer can tour homes over a weekend rather than scrambling to see a property on the day it lists. My advice: get pre-approved before you arrive, work with an MRP-certified agent who knows both sides of the water, and take advantage of the expanded inventory to find a home that genuinely fits your family. Your BAH will go further in some communities than others, and I can help you understand exactly where your budget works best.
What I Am Watching for the Rest of Summer
Markets never sit still, and here are the key signals I am tracking as we head into August and beyond:
- Fall inventory patterns — Summer inventory always peaks in July and August. The real question is whether the elevated supply carries into September and October. If it does, we will be looking at a fundamentally different market than we have seen in recent years — one that favors buyers in a way they have not experienced since before the pandemic. If inventory contracts after Labor Day, the sellers' market dynamics will reassert themselves. I will update you as soon as the trend becomes clear.
- Mortgage rate movements — Rates continue to influence buyer behavior more than any other single factor. Even small shifts can change the monthly payment by hundreds of dollars and alter what buyers can afford. I work with several excellent local lenders who can help you understand your specific scenario and how it affects your purchasing power.
- New construction deliveries — Builders in Hanover, New Kent, and the Chesterfield corridor are on track for significant Q3 deliveries. These new homes are adding supply and creating options for buyers who want modern finishes, energy efficiency, and builder incentives like rate buydowns and closing cost credits.
- PCS cycle tail end — The peak PCS season runs through August. As orders are fulfilled and families settle in, the concentrated demand near military installations will ease. That could create opportunities for buyers willing to look in late August and early fall, when sellers who have not yet sold may be more motivated to negotiate.
Ready for a Personalized Market Analysis?
The research and statistics I have shared here give you the big picture across the Richmond metro, the surrounding counties, and Hampton Roads. But your situation is personal — it is about your family, your budget, your timeline, and the specific neighborhood that feels like home. A generic market report can only tell you so much. What you really need is a conversation about your market.
I offer a free, no-pressure market analysis tailored to your specific community and needs. I will pull real-time comparable sales, walk you through the numbers, discuss what the current inventory means for your price range, and help you build a clear plan — whether that means buying, selling, or simply getting informed before making a decision. No gimmicks, no obligation, just honest, local expertise from someone who lives and works in these communities every day.
Get Your Free Personalized Market Analysis
Real data for your neighborhood, your price range, and your specific goals. Whether you are buying, selling, relocating, or just exploring — I am here to help you make a confident decision.
Data sources: Central Virginia Multiple Listing Service (CVRMLS) market indicators for July 2026; REIN/Domus Analytics Hampton Roads market statistics; Redfin and Zillow housing market data; county-level real estate market reports for Richmond City, Henrico, Chesterfield, Hanover, New Kent, and Newport News. All figures represent the most recent available data as of late July 2026 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) & 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 the Hampton Roads area. Reach out directly for a personalized market analysis of your specific community.
Call Shannon at (804) 803-1080 or schedule a quick consultation
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