Richmond & Hampton Roads Real Estate Market Update: What the Numbers Mean for You
"Whether you are buying your first home, selling for top dollar, or receiving PCS orders to Virginia, understanding the current market is the first step to making a confident move. Here is what the latest data tells us about Richmond, Henrico, Chesterfield, Hanover, New Kent, and Hampton Roads — and what it means for you."
— Shannon Russell, MRP
If you have been wondering whether now is the right time to buy or sell in the Richmond and Hampton Roads area, you are not alone. I hear that question every single day — from first-time buyers in Chesterfield, from military families arriving at Fort Gregg-Adams, from sellers in Hanover who have watched their home values climb over the past few years and want to know what their place is worth.
The good news is that the research data paints a clear picture, and I have compiled it all right here so you can see exactly what is happening in the communities I serve. No guessing, no national headlines that do not apply to Virginia — just local, community-by-community numbers.
The Richmond Metro at a Glance: 2025 Full-Year Data
Let me start with the big picture. The Richmond metropolitan area closed 2025 with a median single-family home sales price of $434,950, representing a 2.3% increase year-over-year. That steady, sustainable appreciation is exactly what a healthy market looks like — meaningful enough to build real equity, moderate enough to keep homeownership within reach.
Across the metro, homes sold at approximately 100.1% of list price, meaning well-priced properties are commanding their full asking price — and often drawing competitive offers. The median days on market for the full year was 25 days, with Q4 2025 averaging slightly longer at 29 days, a normal seasonal pattern.
Perhaps most telling: months of supply for single-family homes ended the year at approximately 1.2 months, down 14.3% year-over-year. In a balanced market, you would expect four to six months of supply. At 1.2 months, Richmond remains a firmly seller-favored market — though there are encouraging signs of growing inventory in certain areas, which we will get to shortly.
Community by Community: How Does Your Area Stack Up?
This is where the real story lives. A regional median price is useful, but it does not tell you why homes in Henrico sell in 15 days while properties in New Kent take six weeks. Knowing the differences between counties — and even between neighborhoods within those counties — is the difference between pricing your home right the first time and leaving money on the table.
Henrico County
Henrico shows a median sale price of approximately $419,000, holding nearly flat year-over-year. But the real headline here is speed — homes in Henrico are selling in an average of just 15 days, far faster than the metro average. Strong school districts, proximity to downtown Richmond, and a smart mix of established neighborhoods and newer developments keep demand intense. If you are targeting Henrico as a buyer, having your financing fully in place before you start touring is non-negotiable.
Chesterfield County
The median sale price in Chesterfield came in at approximately $407,000, with homes averaging about 36 days on market. That slightly longer timeline reflects Chesterfield's wide mix of housing stock — from established neighborhoods near Midlothian to newer communities in the southern corridor. Buyers looking in the most popular school zones should still expect competition, but there may be a bit more room to negotiate than there was a year ago. Sellers, the data confirms that well-prepared, competitively priced homes are still moving quickly.
Hanover County
Hanover recorded 2,141 residential properties sold in the trailing 12-month period through mid-2025, strong transaction volume for a county that offers a more rural-suburban blend. Median prices have tracked slightly below the broader metro, generally in the $370,000 to $395,000 range depending on the neighborhood and property type. New construction has been a meaningful contributor to inventory, and buyers who want acreage, newer homes, and a quieter pace — all within a reasonable commute to Mechanicsville or downtown Richmond — continue to find Hanover very attractive.
New Kent County
New Kent remains one of the most unique markets in our service area. The median home price sits at approximately $435,000, and homes average 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, and I have helped several families make that move successfully.
What About Hampton Roads? Good News for Military Families
For those of you with orders to Joint Base Langley-Eustis, Naval Station Norfolk, NAS Oceana, or any of the installations on the Peninsula, here is what the Hampton Roads data shows.
The regional median sales price was approximately $367,500 to $375,000 through mid-2025, representing roughly a 5% year-over-year increase. Homes spent a median of 22 to 30 days on market, slightly longer than the prior year. Most importantly, active inventory surged to approximately 5,600+ listings — a 22 to 24% jump year-over-year — bringing months of supply to around 2.5 to 2.7 months, up from just 1.7 months a year prior.
That growing inventory is genuinely encouraging. After years of feeling pressured into rushed decisions, buyers in Hampton Roads now have more options and a bit more breathing room than they have had in years. The pricing spectrum across the area is wide, which makes a local guide even more valuable:
Newport News 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.
James City County saw median prices reach approximately $484,564 in early 2025, up 4.2% year-over-year. Homes averaged about 35 days on market, reflecting the premium placed on its school districts, historic character, and proximity to Colonial Williamsburg.
Three Trends Every Virginia Buyer and Seller Should Watch
Beyond the raw numbers, these 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 — But Unevenly
Hampton Roads is seeing meaningful supply growth, up 22–24% year-over-year, while the Richmond metro actually saw months of supply decline by 14.3% through 2025. This means buyers in Richmond are still navigating a tighter market than their counterparts on the Peninsula. Understanding which side of the water you are on — and which county within that — matters enormously.
2. Days on Market Vary Dramatically by Neighborhood
A home in Henrico might go under contract in 15 days; a comparable property in New Kent could sit for six weeks. This is not because one market is "better" — it reflects inventory mix, buyer profiles, and local demand. Having an agent who knows these micro-markets is the difference between pricing your home right and leaving opportunity on the table.
3. Price Appreciation Is Stabilizing Into Something Sustainable
After the explosive gains of 2021–2023, the 2–5% 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.
What Do These Numbers Mean for Your Next Move?
If You Are Buying
In Richmond and its inner-ring suburbs (Henrico, Chesterfield, Hanover), preparation is still everything. Get pre-approved, know your budget, and be ready to move quickly when the right property appears. In Hampton Roads, the growing inventory is genuinely your friend — you have more options and a bit more room to breathe, but the best-priced properties still move fast. In either market, the data confirms that well-priced homes are selling at or above asking price, so a strong offer strategy matters.
If You Are Selling
The numbers are on your side. List-to-sale ratios near 100% and months of supply well below three months in most counties mean competitively priced 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 selling in the first weekend and sitting on the market. If you are in Henrico or parts of Chesterfield, well-prepared listings are still attracting multiple offers.
If You Are PCS-ing to Virginia
Welcome! The data makes one thing crystal clear: all of Central Virginia and Hampton Roads do not behave as one market. A home in Newport News might be 30–40% less than a comparable property in James City County. Chesterfield could move in 36 days while New Kent gives you 42. Understanding these differences is exactly what I am here for — and it is why having an MRP-certified agent who knows both sides of the water makes such a difference. I have lived all around these areas, and that firsthand knowledge is something I bring to every single client conversation.
Ready for a Personalized Market Analysis?
The research and statistics I have shared here give 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: Keel Custom Homes 2025 Full-Year Richmond Market Report (January 2026); Redfin housing market data for Henrico and Chesterfield Counties; CVMLS quarterly market indicators; REIN Hampton Roads Market Summaries (February, June, and October 2025); Virginia Business regional housing analysis; Property Focus Hanover County market overview; Rocket Homes and Redfin James City County market reports; Movoto New Kent County market trends. 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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