September 25, 2026 Market Data: The Latest Numbers for Richmond, Henrico, Chesterfield, Hanover, New Kent & Hampton Roads
"Mortgage rates crossed the 7 percent mark this week, and it is the single most important number in the Virginia market right now. I have spent the last few days walking families through what it means, whether they are buying, selling, or PCSing this fall. As of September 25, here is the latest researched data across Richmond, the surrounding counties, and Hampton Roads, 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 still climbing at a steady single-digit pace, inventory remains measurably healthier than a year ago in most communities, and the biggest headline this week is mortgage rates. Freddie Mac's latest survey put the average 30-year fixed rate at 7.03 percent for the week ending September 24, 2026, up from 6.95 percent the prior week and 6.30 percent a year earlier. Richmond's metro-wide median sits near $420,000 in the freshest sale-price readings, while Hampton Roads posted a regional median of $388,950 for August, up 5.1 percent year over year, with active listings up 7.2 percent across the water.
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), county-level real estate reports, 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 25, 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, Slower New Supply, and a Deeper Pool of Choices
The headline out of Central Virginia is still consistency. The metro-wide median sale price is around $420,000 in the most recent CVRMLS reading, up roughly 4 to 5 percent year over year, while the median listing price runs closer to $440,000 in the August reading from Realtor.com data via FRED. Homes are averaging about 24 days on market in the latest July and August windows, active inventory sits near 3,278 listings, and months of supply for single-family homes runs around 1.8 months. Buyers are finding real selection and real negotiating room compared with the frenzied conditions of 2021 through 2023.
The most notable shift in the freshest data is on the supply side. New listings in August totaled about 1,139, down roughly 8 percent from a year earlier, while pending sales eased about 10 percent and closed sales held essentially steady, up about half a percent. Slower fresh supply against an already deep inventory pool simply reinforces balance: more time to compare homes, fewer bidding wars, and more leverage on price and contingencies than buyers have had in years.
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 7.03 percent in the week ending September 24, 2026, the first reading above 7 percent so far this year and up from about 6.3 percent a year earlier. 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, and that seller-side moves like rate buydowns matter more this fall than they have in years.
The September 25 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 | ~$402,500, up 4.3% YoY | ~37 to 39 days | ~1,200 active listings |
| Henrico County | ~$408,000 median sold (July) | ~18 to 21 days | ~1.9 months of supply |
| Chesterfield County | ~$409,900, up 3.8% YoY | ~21 days | 2.4 months of supply, widest selection |
| Hanover County | ~$448,000, up 5.1% YoY | ~22 days | Top-rated schools, steady demand |
| New Kent County | ZHVI ~$433,000, up ~3.6% YoY | ~36 days to pending | New listings up ~36% YoY |
| Hampton Roads Region | ~$388,950, up 5.1% YoY (Aug) | ~27 days | 6,120 active listings, up 7.2% YoY |
| Newport News | ~$290K to $309K range, strong appreciation | ~31 days | Fast-appreciating Peninsula value |
| Virginia Beach | ~$430,000 (3 months to Aug) | ~23 days | Steady demand on the Southside |
Figures vary modestly by source and reporting window. City and county medians reflect the most recent complete monthly and trailing-window data from Redfin, CVR MLS, REIN, FRED, and the Zillow Home Value Index as of September 25, 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 most recent city-level median sale price came in around $402,500, up about 4.3 percent year over year, with homes taking roughly 37 to 39 days to sell and about 1,200 active listings. The city keeps drawing young professionals, downsizers, and families who want walkability and downtown energy, and neighborhoods like The Fan, the Museum District, Church Hill, and Jackson Ward still command strong interest. Well-priced homes in walkable spots near the James River and the Virginia Capital Trail often attract offers in the first week, but buyers with patience are finding more room in the broader city market than they have had in years.
Henrico County
Henrico continues to be one of the busiest and most balanced markets in the region. Its latest countywide median sold price sits around $408,000, with roughly 1.9 months of supply, and homes are averaging about 18 to 21 days on market. High-demand pockets like Short Pump, Glen Allen, and the West End run meaningfully higher, with many single-family homes priced in the $520,000-plus range, while the Varina district in the east offers some of Henrico's best value, with larger lots and quiet streets minutes from downtown Richmond. Well-priced homes still move quickly here, but buyers have more breathing room than they have had in years.
Chesterfield County
Chesterfield is where buyers have the most to choose from, and the data backs it up. The county's median sale price is around $409,900, up about 3.8 percent year over year, with roughly 21 days on market, about 2.4 months of supply, and a near-perfect 99.6 percent list-to-sale ratio. Chesterfield is also the fastest-growing county in Virginia by population, and communities like Brandermill, Woodlake, and the Midlothian corridor remain favorites for families who want well-regarded schools and more home for the dollar. If you are looking for where buyers have the most room to compare and negotiate, this is where I point them first.
Hanover County
Hanover commands the highest median among the inner-ring counties, at approximately $448,000, up about 5.1 percent year over year from roughly $426,300 a year ago, with homes averaging about 22 days on market. The county's excellent school system and larger lot sizes continue to be the primary drivers for 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 across the county are also offering real incentives this fall, 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, and the market reflects that momentum: the Zillow Home Value Index puts the typical New Kent home around $433,000, up about 3.6 percent year over year, and Redfin's median runs near $435,000. One of the freshest signals in this week's data is that new listings are up about 36 percent year over year, which means more choice than buyers have seen here in a long time. New construction is the biggest single driver, with active communities still drawing military families assigned to the Peninsula bases, remote workers, and anyone seeking acreage. The listing mix, which includes custom builds and estate lots, naturally takes longer to go pending, often about 36 days, so the pace here is a little different from the inner-ring counties. If you want space, newer homes, 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: More Listings, Steady Appreciation, and a Slower, Kinder Pace
Across the water, the numbers keep telling a strong story. REIN's August report puts the Hampton Roads median sale price at $388,950, up about 5.1 percent year over year, with a median of about 27 days on market and 6,120 active listings, up about 7.2 percent from a year ago. The region's median reached a record $395,000 in June, so August's figure, while slightly below that peak, represents a healthy settling rather than a slowdown. That growing inventory, combined with steady demand from the region's military bases, gives buyers the most balanced conditions they have seen in years.
Keep in mind that Hampton Roads is really two markets separated by the water. On the Peninsula, James City County posts one of the region's highest medians at roughly $510,500 in recent REIN data, while Newport News remains a standout value at roughly $290,000 to $309,000 depending on the reporting window, up more than 10 percent year over year in the most recent readings, with proximity to Fort Eustis, Newport News Shipyard, and Joint Base Langley-Eustis. On the Southside, Redfin data puts the Virginia Beach median around $430,000 over the three months ending in August, with homes selling in about 23 days, while Norfolk holds closer to $300,000 with roughly 29 to 32 days on market depending on the window.
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. For Peninsula posts, communities like New Kent, James City County, Williamsburg, and West Point keep the commute reasonable while stretching your housing dollar.
Five Notable Shifts in the Latest Data
1. Mortgage Rates Crossed the 7 Percent Mark This Week
Freddie Mac's average 30-year fixed rate hit 7.03 percent for the week ending September 24, the first reading above 7 percent so far this year, up from 6.95 percent the prior week and 6.30 percent a year earlier. That climb is a gentle one, not a dramatic spike, but it changes the math for buyers: locking a rate now, comparing lenders, and asking builders and sellers for rate buydowns or closing-cost credits all matter more this fall. VA loan borrowers should know their program still offers zero down payment, no private mortgage insurance, and rates that are often among the most competitive available.
2. Inventory Is Up Year Over Year Nearly Everywhere
REIN reported 6,120 active listings for August, up about 7.2 percent from a year earlier, the Richmond metro sits near 3,278 active listings in the August reading, and New Kent is seeing new listings up about 36 percent year over year. 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. The homes that are still going fast are the ones priced in line with recent comparable sales from day one.
3. Price Growth Has Settled Into a Steady, Single-Digit Groove
The Richmond metro median is up about 4 to 5 percent year over year, county medians range from $402,500 in the city to $448,000 in Hanover, and Hampton Roads is up 5.1 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, especially when rates are still in the 6 to 7 percent range.
4. New Construction Incentives Are Back in a Big Way
Builders across Hanover, Chesterfield, Henrico, Glen Allen, and New Kent are offering meaningful incentives this fall, often in the form of mortgage rate buydowns, closing-cost credits, or upgraded finishes. With rates at 7 percent, a temporary or permanent buydown can be worth tens of thousands of dollars over the life of a loan, and a good agent will put the builder's incentive sheet side by side with the actual purchase price so you can compare apples to apples. If new construction is on your list, this is a particularly good time to shop.
5. Military Demand Keeps Both Metros Durable Year Round
Virginia's bases generate consistent demand in every season, and the fall PCS cycle is in full swing. From Fort Gregg-Adams below Richmond to the many installations across Hampton Roads, families are moving in every month, which keeps the market healthy even as the calendar cools. As an MRP-certified agent, I work with military families every week, and the VA loan remains one of the most powerful financing tools available, with zero down payment, no private mortgage insurance, and competitive rates. Whether you are arriving on orders or preparing to move out of state, I help families navigate the process with confidence and clarity.
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, and the rate move this week makes a personalized look at your buying power more valuable than ever.
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. Metro figures reflect the most recent complete trailing windows available as of September 25, 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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