Mid-Summer 2026 Richmond & Hampton Roads Market Update: What the Latest Numbers Mean for Buyers and Sellers
"When families sit down with me to talk about buying or selling, the first question is almost always the same: 'What is the market actually doing?' The national headlines can only tell you so much. What matters is what is happening in your specific community — the street you are driving down, the school zone you are looking at, the county where your next home will be. Here is a mid-summer snapshot of what I am seeing across the communities I serve."
— Shannon Russell, MRP
The real estate market across Richmond, its surrounding counties, and the Hampton Roads region is telling a story of steady moderation — and that is good news for nearly everyone. After several years of record-fast sales, double-digit price jumps, and inventory so tight it felt like there were never enough homes to go around, the market is settling into a rhythm that feels healthier and more sustainable.
The data I have pulled together below comes from the Central Virginia Multiple Listing Service, county-level market reports, Redfin, Zillow, and regional housing analyses. These are the numbers I look at every week to guide my clients, and I want to share them with you so you can make informed decisions too.
Greater Richmond: Steady Prices and Growing Inventory
Across the greater Richmond area — encompassing Richmond City, Henrico, Chesterfield, and Hanover — the median single-family home price sits at approximately $435,000. That represents healthy annual appreciation of roughly 2.5 to 3 percent, a pace that lets homeowners build equity without the speculative froth that can make a market risky.
Homes across the metro are averaging about 25 to 29 days on market. That is a slight increase compared to a year ago, and it reflects a market that is still competitive but no longer frantic. In practical terms, that means buyers have a little more time to think through their decisions, and sellers still see strong results when they price realistically and present their homes well.
The most encouraging number to me is inventory. Active listings have been climbing steadily, and the metro's months of supply has risen to roughly 1.2 to 1.6 months. That is still a seller's market by any standard — a balanced market is typically 4 to 6 months of supply — but it is a meaningful improvement from the sub-one-month levels we lived with through much of 2023 and 2024. Buyers now have more options, and that alone makes the experience less stressful.
County-by-County: Where the Numbers Stand Right Now
Each community in my service area has its own market rhythm. Understanding the differences between them is one of the most valuable things I can offer my clients. Here is what the data shows for each county as of mid-summer 2026.
Henrico County
Henrico continues to be the most active market in the region, with the widest variety of homes — from condos and townhomes in the eastern corridor to executive homes in the West End. The average home value is approximately $402,000, up roughly 1.8 percent year-over-year. In the Short Pump area (23233), median prices for single-family homes run closer to $520,000.
What stands out most about Henrico is its speed. Well-priced homes in desirable subdivisions are going under contract in 9 to 20 days, and the median sale-to-list price ratio is 102.2 percent, meaning homes are selling above asking price on average. The median price per square foot has climbed to roughly $242, up about 4 percent from last year. With only about 304 active listings in the county as of late 2025, demand continues to outpace supply. For buyers, the key is preparation — pre-approval, a clear list of priorities, and readiness to act. For sellers, the market rewards homes that are priced competitively and show beautifully from day one.
Chesterfield County
Chesterfield is the market I am most excited about for buyers right now. The median sale price sits at approximately $370,000 to $415,000, depending on the specific area, with steady year-over-year appreciation of about 2.5 percent. But the big story here is inventory: Chesterfield now has roughly 780 active homes on the market, a 10.2 percent increase compared to last year.
That inventory growth translates into real choice. The county now sits at approximately 2.7 months of supply, the highest in the metro. Homes are averaging about 22 days on market, and the median price per square foot is around $216. Popular subdivisions like Brandermill, Woodlake, and the Midlothian corridor still see strong demand, but buyers who have been waiting on the sidelines now have significantly more options than they did a year ago. The countywide residential assessments rose 5 percent from 2024 to 2025, reflecting a return to more normal, sustainable growth.
Hanover County
Hanover commands the highest median price point among the surrounding counties, with a median of approximately $485,000, up 3.6 percent year-over-year. The median price per square foot is $229, up 4.1 percent from the prior year. Families are drawn here for the excellent school system, larger lot sizes, and quieter lifestyle — and they are willing to pay a premium for it.
Homes in Hanover are selling after an average of 30 days on market, up from about 15 days a year ago. That doubling of days on market is one of the more notable shifts in the region, and it signals that Hanover is becoming slightly more buyer-friendly than it has been in recent years. Over the trailing twelve months, roughly 2,141 residential properties have sold in the county. For military families considering Fort Gregg-Adams or the Peninsula bases, Hanover offers excellent schools and a rural-suburban feel while keeping commuting times reasonable.
New Kent County
New Kent is one of the fastest-changing markets I track. The median sale price is approximately $435,000 to $460,000, with year-over-year appreciation of roughly 3.6 percent. According to the county's 2026 Reassessment Report, 2025 was described as an "exceptional year" with moderate growth driven by low inventory and consistent demand. The average sale price reached $491,772 in 2025, up from $434,271 in the 2024 reassessment.
New construction is the primary driver here. Buyers — particularly military families assigned to the Peninsula bases and remote workers — are drawn to the combination of acreage, newer homes, and a more peaceful lifestyle. Homes are averaging 35 to 45 days on market, longer than the inner-ring suburbs, partly because the market includes a significant share of custom-built homes and estate lots. The homeownership rate stands at an impressive 92.6 percent, one of the highest in the state. Inventory conditions improved notably in late 2025 and early 2026, with months of supply increasing from 3.4 to 4.0 months. That gives buyers more breathing room in a community that offers tremendous value.
Richmond City
The city of Richmond itself continues to attract a diverse mix of buyers — young professionals, downsizers, investors, and families who prioritize walkability and urban energy. The median sale price in the city is approximately $404,000, reflecting the broader metro trend. Inventory remains tight in the city's most desirable neighborhoods — The Fan, Museum District, Church Hill, and Manchester — where well-priced homes still attract multiple offers within the first week.
What I appreciate about the Richmond City market is its resilience and character. Each neighborhood has its own architectural personality and community feel, and that variety keeps the market healthy. For buyers who want walkability, historic charm, and access to the James River trail system, the city remains a compelling option that holds its value well over time.
Hampton Roads: A Market in Transition
The Hampton Roads region — covering the Peninsula cities of Newport News, Hampton, and Williamsburg, as well as the Southside cities of Virginia Beach, Norfolk, and Chesapeake — is experiencing its own unique shift. For military families, this region is particularly important because of the concentration of bases: Fort Eustis, Langley Air Force Base, Naval Station Norfolk, NAS Oceana, and JEB Little Creek, among others.
The regional median sales price reached a record high of approximately $370,000 to $375,000 earlier this year before settling slightly as more inventory entered the market. The defining trend for Hampton Roads in 2026 is the 17 to 18 percent increase in active listings compared to last year, with over 5,700 homes now available across the region. This is the most inventory buyers have seen since before the pandemic, and it is reshaping the market dynamics.
Days on market across the region have risen to an average of 23 to 33 days, depending on the specific city and price point. While still fast compared to historical norms, this is a noticeable deceleration from the frantic pace of 2022 through 2024. The months of supply has climbed to about 2.74 months, up from 2.28 months a year ago, trending gradually toward a more balanced market.
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 a combination of oceanfront lifestyle demand, a strong employment base anchored by the military, and limited developable land. Homes in Virginia Beach 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, though prices have climbed significantly in recent years.
Newport News
Newport News remains one of the most accessible markets in the entire region. The median sale price is approximately $307,000, up 2.7 percent year-over-year, and the median price per square foot sits at $190. Homes typically sell in about 35 days and receive an average of about 2 offers. For military families assigned to Fort Eustis, the Newport News Shipyard, or Langley AFB, Newport News provides a cost-effective option with manageable commute times.
James City County and Williamsburg
The Williamsburg corridor continues to command a premium, with median prices approaching $485,000. Top-rated school districts, the historic Colonial Williamsburg area, and proximity to both the Peninsula's 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 want an excellent school system and a higher quality of life.
Four Trends That Matter for Your Next Move
Looking across all the data, here are the trends I am discussing most often with clients right now:
Inventory Is Growing Across the Board
From Chesterfield's 10 percent inventory jump to Hampton Roads' 17 percent surge, 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 than they did a year ago.
Price Growth Is Normalizing
After years of double-digit appreciation, the market is settling into a healthy 2 to 4 percent annual growth rate. This is good news for everyone: homeowners continue to build equity, and buyers can enter the market without worrying they are buying at the top of a speculative bubble. Steady, sustainable growth is the hallmark of a healthy housing market.
Days on Market Are Lengthening — That Is Healthy
In nearly every community, homes are taking a week or two longer to sell than they did during the peak frenzy years. That extra time is actually a sign of a functioning market. Buyers can make more thoughtful decisions. Sellers who price correctly still sell quickly, but the market no longer rewards overpricing or skipping basic preparation.
Military Demand Remains a Powerful Anchor
Virginia's military installations generate consistent, year-round demand that stabilizes our market through economic cycles. The summer PCS season amplifies this demand, especially in Hampton Roads and communities within commuting distance of the Peninsula bases like New Kent and James City County. As an MRP-certified agent, I work with military families every week, and I see how their needs shape the market. The VA loan remains one of the most powerful home financing tools available — zero down payment, no private mortgage insurance, and competitive interest rates.
What Do These Numbers Mean for You?
Market data is only useful when it helps you make a decision. If you are reading this and wondering how these numbers apply to your specific situation, the honest answer is: it depends on where you are looking, what price range you are in, and what your timeline looks like.
A first-time buyer shopping for a starter home in Chesterfield will have a very different experience from a military family with PCS orders looking in New Kent, or a homeowner in Henrico's West End considering whether to sell now or wait another year. Generalized data can point you in the right direction, but a personalized market analysis is what gives you real clarity.
That is why I offer a free, no-obligation market analysis for any home buyer or seller in the communities I serve. I will pull the latest comparable sales, show you what is happening in your specific neighborhood, and give you honest, local guidance about your next step. No pressure, no obligation — 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 verified at time of publication from Central Virginia Multiple Listing Service (CVRMLS), Redfin Housing Market Data, Zillow Home Value Index, county-level real estate market reports for Richmond City, Henrico County, Chesterfield County, Hanover County, New Kent County, and the Real Estate Information Network (REIN) for Hampton Roads. 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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