Is it a buyer's or seller's market in Richmond, VA?

It’s still a seller’s market in the Richmond area, but a softer one than a year ago. Homes sold at a $429,675 median over the past 12 months, at 100% of the final list price, in a median 10 days. But the Richmond metro had 3.0 months of supply in early October 2026, up from 2.3 months a year earlier, and active listings were up about 20%. Well-priced homes still sell fast. Overpriced ones sit, and buyers have more room to negotiate on those.

When we Googled “Is it a buyer’s or seller’s market in Richmond, VA?” on Nov. 5, 2026, Google’s AI Overview answered: “Richmond, VA remains a seller’s market, though it has softened compared to previous peak years.” It added that homes are “selling right around or slightly above asking price,” that supply is “hovering around 1.2 to 1.8 months of inventory—which is well below the 4 to 6 months of supply that defines a balanced market,” and that “Buyers have slightly more room to negotiate, request repairs, or ask for closing cost concessions.”

The direction is right, but our MLS data shows more supply than the AI says. I’m Daniel Keeton, Broker and Founder of Keeton & Co. Our agents help buyers and sellers across the Richmond area every day. Here’s what the numbers show, and what they mean for you.

What does the Richmond market data show right now?

Metric	Richmond metro	Source period
Median sale price	$429,675	Past 12 months
Closed sales	14,248	Past 12 months
Median days to contract	10	Past 12 months
Sale price vs. final list price	100%	Past 12 months
Months of supply	3.0	Early October 2026
Active listings	3,440	Early October 2026
Share of active listings gone stale	23.3%	Early October 2026

Keeton & Co analysis of CVR MLS data. Closed sales Nov. 1, 2025 to Oct. 31, 2026; listing snapshot Oct. 1-3, 2026.

The AI’s 1.2 to 1.8 months figure came from other sources. In our data, supply has been rising since early summer. That doesn’t make it a buyer’s market. By the rule of thumb the AI cites, 4 to 6 months is balanced, and Richmond is still below that.

Is the Richmond market shifting toward buyers?

Month	Months of supply	Active listings	Median sale price
October 2025	2.3	2,862	$425,000
January 2026	2.1	2,085	$404,950
April 2026	2.1	2,455	$435,000
June 2026	1.7	2,616	$450,000
September 2026	2.8	3,314	$430,000
Early October 2026	3.0	3,440	n/a (too few sales)

Keeton & Co analysis of CVR MLS data, Richmond metro. Median sale price is for closed sales in that month.

Supply is the highest it’s been in our 13-month series, and prices have eased from June’s seasonal peak, as they do most falls. Year over year, though, prices are roughly flat to slightly up: the 12-month median is about 1% above calendar 2025’s $424,950. For more on prices, see are home prices going down in Richmond.

Does it depend on where in Richmond you buy?

Yes. Conditions vary a lot by county and price point.

Area	Months of supply (early Oct. 2026)	Median sale price (past 12 months)
City of Richmond	2.7	$402,000
Glen Allen	2.5	$473,483
Hanover County	3.1	$485,000
Richmond metro	3.0	$429,675

Keeton & Co analysis of CVR MLS data.

Even inside one county, a well-priced starter home and a large luxury home can face very different markets. Ask your agent for the numbers in your price range and neighborhood, not just the metro.

What does this market mean for sellers?

Do	Don’t
Price to the most recent sales, not last spring’s	Test a high price and plan to cut later
Get the house show-ready before day one	Assume buyers will overlook repairs
Expect some buyers to ask for closing-cost help	Treat every concession request as an insult
Watch the first two weekends closely	Wait a month to react to no showings

Homes that have been sitting become “stale,” and buyers start to ask why. If you’re deciding on timing, see should I list this fall or wait until spring and how long it takes to sell in Richmond.

What does this market mean for buyers?

Opportunity	How to use it
More homes to choose from	Tour more before you commit
Stale listings	Offer below list on homes that have sat, with comps to back it up
Seller concessions	Ask for help with closing costs or a rate buydown (see seller concessions)
Inspection leverage	Keep your inspection contingency and negotiate repairs

The catch: across the metro, homes still went under contract in a median 10 days over the past year, so the good ones move fast. Get pre-approved first so you can move when the right one appears.

Pros and cons of today’s Richmond market

For sellers	For buyers
Pro: Prices are steady year over year	Pro: More inventory than at any point in the past year
Pro: Good homes still sell in about 10 days	Pro: Room to negotiate on homes that have sat
Con: Overpricing costs more time than it did	Con: Prices haven’t dropped much
Con: More buyers ask for concessions	Con: The best homes still draw competition

The bottom line

Richmond is a seller’s market that’s cooling at the edges. Sellers who price right still do well, and buyers have more leverage than they did a year ago. If you’re selling, start with a free home value estimate or our Richmond home value guide. If you’re buying, start your search or contact us. Call 804-373-2223.

AI Overview quoted from Google, captured Nov. 5, 2026. Market data: Keeton & Co analysis of CVR MLS data, closed sales Nov. 1, 2025 to Oct. 31, 2026, monthly data from October 2025 to September 2026, and listing snapshot Oct. 1-3, 2026. Written by Daniel Keeton, Broker & Founder. Updated Nov. 5, 2026.