Are home prices going down in Richmond, VA?

No. Richmond home prices aren’t falling. The metro’s median sale price was $429,845 over the 12 months ending Oct. 31, 2026, up about 1.2% from $424,950 in calendar 2025. What has changed is the pace: inventory is up about 20% from a year ago, and fall prices have cooled from the June peak, which is normal seasonal behavior, not a crash.

Brave Search’s AI answer, captured Nov. 3, 2026 (Google’s AI Overview blocked our automated capture today), gets the big picture right: “Home prices in Richmond, VA are not going down in a broad sense; instead, the market is experiencing a cooling trend with moderate, steady appreciation rather than the double-digit spikes seen in previous years.” It adds that “Inventory has increased slightly, giving buyers more options.”

I’m Daniel Keeton, Broker and Founder of Keeton & Co. We closed 706 homes in the 12 months ending October 2026, so I watch these numbers every week. Here’s what our MLS data shows.

What is the median home price in Richmond right now?

Richmond metro	2025 (calendar year)	Past 12 months (Nov. 2025–Oct. 2026)	Change
Median sale price	$424,950	$429,845	+1.2%
Closed sales	14,149	14,234	+0.6%
Median days on market	10	10	Flat
Median price per sq. ft.	$226	$230	+1.8%
Sale-to-list price	100%	100%	Flat

Keeton & Co analysis of CVR MLS data, closed residential sales.

The AI answer quoted a range of $387,000 to $414,000 from various national sites. Those sites define “Richmond” differently, often just the city. Our number covers the whole metro.

Are prices dropping anywhere in the Richmond area?

Not on a 12-month basis. Every major locality we track is flat to slightly up:

Locality	2025 median	Past 12 months	Change
City of Richmond	$400,000	$402,000	+0.5%
Henrico County	$400,000	$405,000	+1.3%
Chesterfield County	$420,323	$425,000	+1.1%
Midlothian	$455,000	$459,940	+1.1%

What you will see are individual price cuts on homes that started too high. That’s sellers adjusting to buyers who have more choices, not values falling across the board.

Why do prices look lower this fall?

Because they always do. Monthly medians in the Richmond metro:

Month	Median sale price	Closed sales
October 2025	$425,000	1,284
January 2026	$404,950	780
April 2026	$435,000	1,366
June 2026 (peak)	$450,000	1,606
September 2026	$430,000	1,025

September’s median was about 4% below June’s, but still above October 2025’s. Bigger, more expensive homes tend to close in late spring and summer when families move, which pulls the summer median up. Comparing a fall month to a summer month is how “prices are falling” headlines get written.

Compare the same month year over year, or use the trailing 12 months. Anything else mixes up the seasons.

Is the Richmond market shifting toward buyers?

Slowly. Here’s the supply picture:

Inventory	October 2025	Oct. 3, 2026
Active listings	2,862	3,440
Months of supply	2.3	3.0

About 3 months of supply is still a seller-leaning market (6 months is often called balanced), but it’s the most choice buyers have had in a while. Homes are still selling at list price on median, so well-priced homes sell. Overpriced ones sit, then cut.

What should buyers do right now?

• Shop the stale listings. Homes that have sat 30+ days in the fall have the most negotiating room.
• Ask for concessions toward closing costs or a rate buydown instead of only a lower price.
• Don’t wait for a crash. The 12-month median is up, not down, and nothing in our data points to one.

Get fully pre-approved before you shop. In a market with more listings, the best homes still go to the buyer who’s ready.

What should sellers do right now?

If you…	Then…
Must sell this fall or winter	Price to the last 90 days of sales, not last spring’s
Can wait	Spring typically brings the highest prices and fastest sales
Already listed with no offers in 3 weeks	Your price is the problem; adjust once, decisively

Our guide to listing this fall or waiting until spring walks through that decision.

What could change the outlook?

Factor	Pushes prices up	Pushes prices down
Mortgage rates	Rates fall, buyers return	Rates rise, payments squeeze budgets
Inventory	New listings slow	Listings keep climbing past 4-5 months of supply
Jobs	Steady regional employment	Layoffs at major employers
New construction	Builders slow down	Builders offer big incentives

Why sell or buy with Keeton & Co in Richmond?

We’ve closed more than 4,200 homes all-time and have over 1,600 five-star Google reviews. RealTrends ranked Keeton & Co for 2025 with 718 sides and $295.32 million in volume.

• Pros: pricing based on live MLS data, a Glen Allen headquarters, and in-house listing and transaction coordination
• Trade-off: we focus on Central Virginia, so we’re not the call for a home outside our area

See the latest numbers on our Richmond market page and monthly Richmond market report, find out what your home is worth, or start your home search. Call 804-373-2223.

Market data: Keeton & Co analysis of CVR MLS data, Jan. 1, 2025 to Oct. 31, 2026, closed residential sales; inventory for October 2025 and as of Oct. 3, 2026. AI answer captured from Brave Search on Nov. 3, 2026. Written by Daniel Keeton, Broker & Founder. Updated Nov. 3, 2026.