September 22, 2026 Market Update: The Latest Data for Richmond, Henrico, Chesterfield, Hanover, New Kent & Hampton Roads
"Every week I sit down with the newest numbers so my clients never have to guess what the market is doing. This week the story is a good one for buyers in Central Virginia: Richmond is leading the entire state in home sales growth, prices are steady, and inventory keeps giving families more to choose from. Here is the latest researched data I have as of September 22, what changed this week, and what it means for your next move."
- Shannon Russell, MRP
What is the Virginia real estate market doing right now? The short answer: prices are steady and still climbing at a modest, single-digit pace across most of the region, active inventory keeps growing, and homes are selling at a more predictable pace than we saw in the boom years. Richmond posted the fastest sales growth of any major market in Virginia during the first half of 2026, while Hampton Roads continues to see some of the strongest year-over-year price appreciation in the state, especially on the Peninsula. It is a healthy, balanced market, with real differences from one county to the next.
The figures below are compiled from the Central Virginia Multiple Listing Service (CVR MLS), the Real Estate Information Network (REIN) for Hampton Roads, the Federal Reserve Bank of St. Louis (FRED), the Richmond Association of REALTORS, the Virginia Realtors association, and trusted research sources including Redfin Housing Market Data, the Zillow Home Value Index, and Freddie Mac's weekly mortgage survey. Every statistic reflects the most current complete data available as of September 2026, and I will flag the reporting window alongside each figure so you know exactly what you are looking at. Let me walk you through the communities you care about most.
Greater Richmond Metro: Steady Prices and the Fastest Sales Growth in Virginia
The big headline out of Central Virginia this month belongs to sales. According to Virginia Realtors data reported this summer, the Richmond metro logged 7,018 home sales in the first half of 2026, up about 9 percent from the same period a year earlier and the fastest sales growth of any major housing market in Virginia. That kind of activity, with roughly 580 more homes changing hands than in H1 2025, tells you buyers are out there and acting, not waiting.
Prices have stayed steady alongside that volume. The metro-wide median home price sits around $415,000 to $418,000 in the most recent reporting, up roughly 4.2 percent year-over-year from about $401,000 a year ago. Median days on market for the metro come in around 37 days in the latest data, and active inventory has climbed to roughly 3,278 listings in the August reading, up about 18 percent year-over-year by Realtor.com's count via FRED. Translate that into months of supply and the region is sitting near the two-month mark, a far more balanced position than the sub-two-month conditions that defined the early 2020s.
One number every buyer and seller should know this week: mortgage rates. Freddie Mac's weekly survey put the average 30-year fixed rate at 6.95 percent in the week ending September 17, 2026, the highest reading since early 2025 and up from about 6.35 percent a year ago. It is a modest climb, not a dramatic one, but it is a reminder that getting pre-approved and locking a rate sooner rather than later can save real money over the life of a loan.
The September 22 Snapshot at a Glance
Every community has its own market personality. Here is the freshest researched data I have for each area I serve, with the most current complete numbers available.
| Community | Median Price (Latest Data) | Days on Market | Inventory Snapshot |
|---|---|---|---|
| Richmond City | ~$405,000 H1 median, flat YoY | ~37 to 39 days | ~1,200 active listings |
| Henrico County | ~$405,000 H1 median, steady | ~18 to 21 days | ~1.9 months of supply |
| Chesterfield County | ~$430,000 H1 median, up 2.2% YoY | ~21 days | ~640 active, widest selection |
| Hanover County | ~$480,000 H1 median, up 4.3% YoY | ~22 to 24 days | Top-rated schools, steady demand |
| New Kent County | ZHVI ~$429,000, up ~3.6% YoY | ~36 to 42 days | Virginia's fastest-growing county |
| Hampton Roads Region | ~$425,000 to $430,000 metro range | ~23 to 35 days | Active listings up ~4 to 6% YoY |
| Newport News | ~$309,000, up 10.5% YoY | ~31 days | Fast-appreciating Peninsula value |
| Virginia Beach | ~$430,000, up 7.4% YoY | ~23 days | Steady demand on the Southside |
Figures vary modestly by source and reporting window. County medians reflect first-half 2026 sale data from Virginia Realtors; metro medians, days on market, and inventory reflect the most recent complete tracking from Redfin, FRED, Realtor.com, CVR MLS, and REIN as of September 2026. See the notes at the end of this post for the full list of sources.
Community by Community: What the Numbers Feel Like on the Ground
Richmond City
Richmond City's first-half 2026 median sale price came in around $405,000, essentially flat year-over-year, which is exactly what a balanced urban market looks like after a few frenetic years. Homes are taking roughly 37 to 39 days to sell, with about 1,200 active listings, and the city keeps drawing young professionals, downsizers, and families who want walkability and downtown energy. Neighborhoods like The Fan, the Museum District, Church Hill, and Jackson Ward still command strong interest, and roughly a fifth to a quarter of area listings have seen at least one price reduction, which means there is real negotiation room in many ranges now. If you have been waiting for a calmer moment to buy in the city, this fall is shaping up to be it.
Henrico County
Henrico continues to be one of the busiest and most balanced markets in the region. Its H1 2026 countywide median is around $405,000, steady year-over-year, though recent weekly tracking in high-demand pockets like Short Pump, Glen Allen, and the West End runs meaningfully higher, with single-family homes there regularly priced in the $500,000-plus range. Homes countywide are averaging about 18 to 21 days on market with roughly 1.9 months of supply, which tells you well-priced homes still move quickly while buyers have more breathing room than they have had in years. The Varina district in the east continues to offer some of Henrico's best value, with larger lots and quiet streets minutes from downtown Richmond.
Chesterfield County
Chesterfield is where buyers have the most to choose from, and the data backs it up. The county's H1 2026 median sale price is around $430,000, up about 2.2 percent year-over-year, with sales up a strong 12.5 percent, the most of any major Richmond-area county. Countywide reports show roughly 640 active listings, about 21 days on market, around 2.4 months of supply, and a near-perfect 99.6 percent list-to-sale ratio. Communities like Brandermill, Woodlake, and the Midlothian corridor remain favorites for families who want well-regarded schools and more home for the dollar, and sellers who price realistically are still seeing timely results.
Hanover County
Hanover commands the highest median among the inner-ring counties, with an H1 2026 figure around $480,000, up about 4.3 percent year-over-year, and sales up about 5.5 percent. Homes average roughly three weeks on market, and the county's excellent school system and larger lots continue to drive family relocations. The Mechanicsville side of the county offers more accessible entry points, with many listings in the $320,000 to $400,000 range, which makes Hanover a strong fit for buyers who want top schools without sacrificing value. Builders here are also offering meaningful incentives right now, which I will cover in the trends below.
New Kent County
New Kent remains one of the most exciting stories in the entire region. It is Virginia's fastest-growing county, with population up about 21.5 percent since 2020, and the market reflects that momentum. Zillow's Home Value Index puts the typical New Kent home around $429,000, up about 3.6 percent year-over-year, and new-home construction is the biggest single driver, with active communities still drawing military families assigned to the Peninsula bases, remote workers, and anyone seeking acreage and newer homes. The listing mix, which includes custom builds and estate lots, naturally takes longer to go pending, often 36 to 42 days, so the pace here is a little different from the inner-ring counties. If you want space and room to breathe, New Kent deserves a hard look.
Prince George, Hopewell, Petersburg and the Tri-Cities
The area surrounding Fort Gregg-Adams continues to offer some of the most affordable housing in the entire region. Prince George County, along with Hopewell and Petersburg, gives military families and first-time buyers real purchasing power while staying close to the installation. The market here moves at a more measured pace than the inner ring, which means buyers have time to explore and negotiate, and consistent demand from the military presence keeps the market healthy. For families with fall PCS orders, this area represents one of the strongest values in my entire service territory.
Hampton Roads: Steady Gains, More Listings, and Fast-Moving Detached Homes
Across the water, the Hampton Roads region continues to show healthy appreciation. Redfin data puts the Virginia Beach median sale price around $430,000, up about 7.4 percent year-over-year over the three months ending in July, while Realtor.com and USA Today data place the broader metro median listing price in the $425,000 to $430,000 range. Region-wide, homes are selling in about 23 to 35 days depending on the submarket, and active inventory has climbed roughly 4 to 6 percent year-over-year, with REIN reporting the region around 6,100 to 6,300 active listings. That inventory growth is the single best gift of this market for buyers: real choices, at more reasonable paces.
One trend worth knowing: detached homes on the Southside are still achieving 97.9 to 99.3 percent of list price in recent reporting, while attached homes tend to take longer and offer more leverage for buyers. If you are flexible on home type, there is negotiating room in the townhome and condo market, while well-priced single-family homes still need a ready, pre-approved buyer.
Newport News and the Peninsula
Newport News remains one of the fastest-appreciating markets in the region, with a median around $309,000, up about 10.5 percent year-over-year, and homes typically selling in about 31 days, actually faster than a year ago when the average ran closer to 39. That combination of strong value and proximity to Fort Eustis, Newport News Shipyard, and Joint Base Langley-Eustis makes it a favorite for military families and first-time buyers alike. Hampton is right behind at approximately $300,000, up about 3.4 percent, with homes selling in about 28 days.
Virginia Beach, Norfolk and the Southside
On the Southside, Virginia Beach leads the region in both price and pace, with a median around $430,000 and homes selling in about 23 days. Norfolk's median sits around $325,600, up about 3.4 percent year-over-year, with homes taking roughly 29 days. For families assigned to Naval Station Norfolk, JEB Little Creek, or NAS Oceana, the Southside cities offer the most convenient commutes without crossing the bridge-tunnels, and they remain some of the most sought-after locations in all of Hampton Roads.
What Changed This Week: Five Things to Watch
1. Richmond Is Now the Fastest-Growing Sales Market in Virginia
Virginia Realtors data shows the Richmond metro logged 7,018 sales in the first half of 2026, up about 9 percent year-over-year, the strongest sales growth of any major market in the state. That tells me demand is real and durable, not a flash in the pan. Buyers who have been sitting on the sidelines are stepping in, and sellers are seeing steady foot traffic when they price in line with recent comparable sales.
2. Price Growth Has Settled Into a Steady, Single-Digit Groove
The metro median is up about 4.2 percent year-over-year, with county medians ranging from essentially flat in Richmond City and Henrico to a 4.3 percent climb in Hanover. Hampton Roads is climbing a little faster, with Newport News up 10.5 percent and Virginia Beach up 7.4 percent. If you are waiting for prices to crash before buying, the data does not point that way; it points toward steady, sustainable appreciation that rewards getting in sooner rather than later.
3. Inventory Growth Is Giving Buyers Their Best Choices in Years
Active listings across the Richmond metro reached roughly 3,278 in the August reading, up about 18 percent year-over-year, and Hampton Roads has climbed 4 to 6 percent, with about 2.4 months of supply in Chesterfield alone. Buyers who remember the multiple-offer marathons of 2021 through 2023 are finding a very different experience this fall: time to compare, room to negotiate, and far less pressure to waive contingencies.
4. Days on Market Is More Predictable, and Pacing Differs by Home Type
The metro median days on market is around 37, with fast-moving pockets like Henrico closer to three weeks and detached Southside homes in Virginia Beach still achieving 97.9 to 99.3 percent of list price. Attached homes, by contrast, are taking longer and showing more price flexibility. Knowing which segment you are shopping in changes your strategy completely, which is exactly where a local agent's daily market feel matters.
5. Rates at 6.95%, Plus Builder Incentives, Make Fall Planning Smart
The 30-year fixed rate hit 6.95 percent in the week ending September 17, the highest since early 2025, so locking sooner rather than later matters. At the same time, builders across Glen Allen, Chesterfield, and Hanover are offering meaningful incentives, often $15,000 to $25,000 in rate buydowns or upgrades, and fall PCS season means more military families are making relocation decisions right now. The combination makes this a smart moment to get pre-approved and see exactly where you stand.
What Do the Numbers Mean for Your Situation?
Market data is most useful when we apply it to your specific circumstances. A first-time buyer comparing townhomes in Chesterfield will see a very different market than a military family with fall PCS orders searching near Fort Gregg-Adams, or a longtime Henrico homeowner deciding whether to list before the holidays. Timing, home type, price range, and neighborhood all change what the numbers mean for you.
That is why I offer a free, no-obligation personalized market analysis for anyone buying or selling in the communities I serve. I will pull the most recent comparable sales from your specific neighborhood, walk you through what the data says, and give you honest, straightforward guidance about your options. No pressure and no gimmicks, just real, local information 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 the Central Virginia Multiple Listing Service (CVR MLS), the Real Estate Information Network (REIN) for Hampton Roads, the Federal Reserve Bank of St. Louis (FRED, series MEDDAYONMAR40060 and ACTLISCOU40060), the Richmond Association of REALTORS, the Virginia Realtors association, Freddie Mac's Primary Mortgage Market Survey, Redfin Housing Market Data, the Zillow Home Value Index, and county-level real estate reports for Richmond City, Henrico County, Chesterfield County, Hanover County, New Kent County, and the Hampton Roads region. County medians reflect first-half 2026 reporting; metro figures reflect the most recent complete trailing windows available as of September 22, 2026, and are subject to revision. Data varies modestly by source and geography. This information is provided for general 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 the 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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