August 2026 Market Wrap for Richmond, Henrico, Chesterfield, Hanover, New Kent & Hampton Roads
"The Virginia real estate market continues to shift in ways that matter for anyone buying, selling, or relocating here. I look at the freshest data every week so my clients can make informed decisions, not guesses. Here is my latest research-based market wrap for the communities I serve."
-- Shannon Russell, MRP
If you have been following the Virginia housing market this year, you already know the headline: after years of breakneck pace and scarce inventory, the market is steadily normalizing. Homes are still selling briskly in most of the communities I serve, but buyers now have more choices, and sellers can no longer assume any price will stick. That is healthy. That is sustainable. And that is worth talking through with real numbers.
I compile this data from the Central Virginia Multiple Listing Service (CVR MLS), the Real Estate Information Network (REIN) for Hampton Roads, county-level reports, and trusted housing market sources. Every figure below is current as of August 2026. Here is what I am seeing.
Greater Richmond Metro at a Glance
Across the greater Richmond metro -- Richmond City, Henrico, Chesterfield, and Hanover -- the median single-family home price has settled around $435,000, reflecting steady year-over-year appreciation of roughly 2.5 to 3 percent. This moderate, sustainable growth is encouraging for homeowners building equity and for buyers who want confidence that they are not buying at a speculative peak.
The average home across the metro is going under contract in about 20 to 30 days. That is slightly longer than the blistering pace of the past couple of years, but it is hardly slow. The shift gives buyers breathing room to think through their offers, and it rewards sellers who price strategically and present their homes well.
Months of supply across the metro currently sits at roughly 1.4 to 1.8 months, still well below the 4 to 6 months of a balanced market but a meaningful improvement from the sub-one-month supply we saw through much of 2023 and 2024.
County-by-County: August 2026 Data
Every community has its own personality, its own price point, and its own pace. Here is what the data shows for each area I cover.
Richmond City
Richmond City continues to draw a diverse range of buyers -- young professionals, downsizers, investors, and families who prioritize walkability and city energy. The median sale price is approximately $385,000 to $404,000, depending on the neighborhood, with homes typically going under contract in about 22 days. Active inventory has climbed roughly 18 percent year-over-year, giving buyers noticeably more options than they had last summer.
Neighborhoods like The Fan, Museum District, Church Hill, and Manchester still see strong demand, and well-priced homes in these areas tend to draw multiple offers in the first week. The James River trail system, expanding restaurant scene, and cultural amenities make the city a compelling place to live that holds its value well.
Henrico County
Henrico remains the most competitive market in the Richmond area. 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.
What sets Henrico apart is its speed. 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 -- in many cases still slightly above asking. Months of supply sits at roughly 1.9 months, keeping it firmly in seller's market territory. Buyers should come pre-approved and ready to move. Sellers who price thoughtfully and stage their homes continue to see strong results.
Chesterfield County
Chesterfield continues to offer the most inventory of any county in the metro, making it an excellent place for buyers to explore. 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 in Chesterfield have grown to roughly 1,300 homes, a roughly 10 percent increase compared to a year ago. The county now sits at approximately 2.1 to 2.7 months of supply, the highest in the metro and the closest we have to a balanced market. Homes are averaging about 19 to 22 days on market. Popular subdivisions like Brandermill, Woodlake, and the Midlothian corridor continue to be strong draws for families, especially those looking for good schools and more home for their dollar.
Hanover County
Hanover commands the highest median price point among Richmond's 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 remains the primary draw for families, and the rural-suburban feel appeals to buyers who want space while keeping a manageable commute to downtown Richmond.
Homes in Hanover currently average about 22 to 30 days on market. The Mechanicsville side of the county offers more affordable entry points, with median prices in the $320,000 to $400,000 range. For military families assigned to Fort Gregg-Adams or the Peninsula bases, Hanover provides excellent quality of life with reasonable driving times to both.
New Kent County
New Kent continues to be 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 remains the primary story here, 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, partly because the inventory mix includes a significant share of custom builds and estate lots that naturally take longer to sell. 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, giving buyers here more breathing room than in most surrounding communities. 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.
Hampton Roads: Measured Growth and Growing Inventory
Across the Hampton Roads region -- including Newport News, Hampton, Williamsburg, Virginia Beach, Norfolk, and Chesapeake -- the defining trend this year has been the steady increase in active listings. 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.
The big number here is inventory: active listings across Hampton Roads have grown by roughly 5.8 percent compared to last year, with over 5,700 homes available as of the most recent data. This is the most inventory buyers have seen in this region since before the pandemic. 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. Pending sales are up 14.7 percent year-over-year, signaling that active buyers are taking advantage of the additional options.
Newport News
Newport News remains one of the most accessible markets in the entire Hampton Roads 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 AFB, this area offers excellent value and convenient commutes.
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 AFB 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.
Five Market Trends Worth Watching Right Now
1. Inventory Is Growing Across the Board
From Chesterfield's 10 percent jump to Hampton Roads' broader supply gains, the trend is clear: buyers have significantly more options than they did a year ago. This is real relief for frustrated buyers. For sellers, it means your home needs to stand out -- pricing, condition, and presentation matter more now than they did during the frenzy.
2. Price Growth Has Normalized to a Healthy Pace
After the double-digit jumps of 2021 through 2023, the market has settled into 2 to 5 percent annual growth. That is a positive development. Homeowners continue building equity, and buyers can enter the market without worrying about buying at a speculative peak.
3. Homes Are Taking a Little Longer to Sell, and That Is Normal
In nearly 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 sellers who price correctly still see great results.
4. Military Demand Provides Year-Round Stability
Virginia's military installations generate consistent demand that stabilizes our market through economic cycles. The summer PCS season amplifies this, especially in Hampton Roads and communities near the Peninsula bases. As an MRP-certified agent, I see every week how the VA loan remains one of the most powerful financing tools available -- zero down payment, no PMI, and competitive rates.
5. Mortgage Rates Continue to Shape Buyer Behavior
While rates have moderated from their 2023 highs, they remain above the historic lows of the pandemic era. This has created a recalibration: buyers are budgeting more carefully, and sellers are adjusting their expectations. The buyers active in this market are serious and motivated, which means offers that come together tend to stick.
How Does This Data Apply to Your 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. A first-time buyer looking at starter homes in Chesterfield will have a very different experience from a military family with PCS orders searching in New Kent, or a long-time Henrico homeowner deciding whether to list now or wait.
That is why I offer a free, no-obligation personalized market analysis for any 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 -- 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. 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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