Richmond & Hampton Roads Market Update: What the Latest Numbers Mean for You
"One of the most common questions I hear from buyers, sellers, and relocating military families is: What is the market doing right now? It is a great question — and the answer changes block by block, county by county. Here is what the latest data tells us about the communities I serve, and what it means for your next move."
— Shannon Russell, MRP
Whether you are a first-time buyer eyeing your first townhouse in Chesterfield, a military family PCS-ing to the Hampton Roads area, or a seller wondering if now is the right time to list — the numbers matter. I have been tracking the Richmond and Hampton Roads markets closely, and I want to share what the latest statistics reveal about where we stand heading into mid-2026.
The short version: our Virginia markets remain healthy, demand is steady, and values continue to appreciate — but the pace and dynamics vary meaningfully from one community to the next. Let's break it down.
What is the current median home price in Richmond, Virginia?
The Richmond metropolitan area — which includes Richmond City, Henrico, Chesterfield, and Hanover — closed Q4 2025 with a median single-family home sales price of $429,950. That represents a market that has maintained healthy, sustainable appreciation even as the explosive gains of recent years have moderated into something more sustainable.
Here is what stands out to me as a local agent: homes across the metro are selling at approximately 100.1% of list price year-to-date, which tells you that well-priced properties are still commanding full value — and in many cases, more. Buyers are not overpaying wildly, but sellers who price competitively are not leaving money on the table either.
On the flip side, inventory remains the headline challenge. Months of supply across the metro declined by 14.3% through Q4 2025, and days on market ticked up just slightly — about 3.6% year-over-year. This means the market has loosened just enough to give buyers a bit more breathing room than the frenzied pace of 2021–2023, but it remains firmly in seller-favoring territory in most neighborhoods.
How do home prices differ between Chesterfield, Henrico, Hanover, and New Kent?
Not every community moves in lockstep, and this is where having a local agent who knows the neighborhoods — not just the metro averages — really makes a difference. Here is a closer look at the counties I work in most:
Chesterfield County
Chesterfield continues to be one of the most sought-after suburban markets in the region. The median sale price for single-family homes sits at approximately $385,000, and properties are moving fast — averaging just 8 to 9 days on the market. If you are a buyer looking in Chesterfield, preparation is everything: get your pre-approval lined up and be ready to act quickly when the right home hits. For sellers, this speed means well-staged, competitively priced homes are often under contract within the first weekend.
Henrico County
Henrico County median sale prices range from roughly $414,000 to $432,000, reflecting the county's diverse inventory — from established neighborhoods near the Near West End to growing communities in the eastern corridor. Days on market remain tight, often under 20 days, and buyer demand is especially strong in school-adjacent neighborhoods. If you are relocating to the Richmond area and want top-rated public schools with a reasonable commute, Henrico should be high on your list.
Hanover County
Hanover remains a favorite for buyers who want a bit 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: steady appreciation, limited new inventory, and homes that sell quickly when priced right. New construction activity has been a bright spot, with several builders adding inventory to meet demand.
New Kent County
New Kent is one of the fastest-evolving markets in our service area. The median home price came in at approximately $435,000 with homes averaging 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.
What should military families know about the Hampton Roads housing market?
Shifting east to the Hampton Roads region — which includes Newport News, James City County, Hampton, and the Southside cities — the picture is slightly different, and in many ways encouraging for buyers.
The regional median sales price was approximately $370,000, up roughly 5.6% year-over-year. Homes spent a median of 25 days on the market, and active inventory has grown to between 5,700 and 6,400 listings. That is a meaningful shift: after years of ultra-tight supply, buyers in Hampton Roads now have more options and a bit more negotiating leverage than they have had in recent memory.
For military families, this is especially welcome news. Whether you are reporting to Joint Base Langley-Eustis, Naval Station Norfolk, NAS Oceana, or any of the installations on the Peninsula, the increased inventory means you have a real chance to find the right home without feeling pressured into a rushed decision.
Within Hampton Roads, the pricing spectrum is wide. Newport News, for example, 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. Meanwhile, James City County and the Williamsburg corridor tend to command premium pricing, reflecting their desirable school districts, historic character, and proximity to Colonial Williamsburg.
Is now a good time to sell my home in Richmond?
I know that statistics can feel abstract, so let me translate this into practical takeaways based on what I am seeing in the field every day:
If You Are Buying
The market has offered a touch more balance than in recent years, but competition remains real — especially in Chesterfield and Henrico where desirable homes still move in under two weeks. My advice: 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 is your friend, but the best properties still go quickly.
If You Are Selling
The data is on your side. With list-to-sale ratios hovering near 100% across the metro and inventory still well below historical norms, well-prepared 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 sitting on the market and selling in the first weekend.
If You Are PCS-ing to Virginia
Welcome! One of the biggest mistakes military families make is assuming 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. Understanding these micro-market 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.
What should I watch for in the Virginia housing market next?
As we move deeper into 2026, I will be watching a few key indicators closely: mortgage rate trends, new construction starts in Hanover and New Kent, and whether the inventory expansion in Hampton Roads continues. The fundamentals supporting our Virginia markets — strong military presence, steady job growth, excellent schools, and quality of life — remain solid.
If there is one thing I have learned from years of working with families on both sides of the water, it is that the "right time" to buy or sell is different for everyone. It depends on your timeline, your budget, your family's needs, and your comfort level. That is where a conversation — not a headline — is the best place to start.
Ready for a Personalized Market Analysis?
The data I have shared here gives 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: Central Virginia Multiple Listing Service (CVMLS) Q4 2025 Quarterly Market Indicators; Redfin housing market data for New Kent and Chesterfield Counties; Hampton Roads Association of Realtors market reports; regional brokerage market analyses. 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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