City of Richmond housing market, September 2026: more sales, fewer new listings

The City of Richmond’s median sale price in September 2026 was $385,000, up 1.8% from a year ago, but price was the quiet part of the month. Closed sales rose 13.4% to 186 while new listings fell 17% to 303.

That gap is the story: more people closing, fewer fresh homes arriving to replace them.

What does the September snapshot look like?

Here are the headline figures for the City of Richmond, with changes against September 2025.

Measure	September 2026	vs a year ago
Median sale price	$385,000	+1.8%
Closed sales	186	+13.4%
Median days on market	9	-14.3%
Months of supply	2.6	-3.7%

Prices are medians of closed sales. Months of supply is based on active listings and the recent pace of sales.

Why did sales rise when new listings fell?

Closed sales are the result of listings that came on the market weeks or months earlier, so a 13.4% rise in closings can sit alongside a 17% drop in new listings in the same month. The two numbers are measuring different moments in the pipeline.

What the data shows is that choice is not growing. Active listings at the end of the month were 560, down 1.9% from a year ago, and months of supply slipped 3.7% to 2.6.

One reading is that the pool of homes for sale is thinning slightly. If September’s new-listing pace continues, selection could stay limited for a while, though one month does not set a trend.

How often did homes sell above the list price?

Nearly half. 46.2% of September’s 186 closed sales went for more than the list price, and the median sale-to-list price ratio was 100.0%. That ratio compares the sale price with the final list price, so a home that had a price cut before selling is measured against the lower number.

An above-list sale does not prove there were multiple offers. Sometimes a seller prices a little low on purpose, and sometimes a buyer simply bids up for a home they love. The share of sales with a price reduction was 21.5%, down 32.2% from a year ago, which may mean fewer sellers had to adjust after listing. It does not prove they priced correctly.

Seller concessions showed up in 29% of sales, down 20.8% from a year ago. That is a share of all closings, not a promise any individual buyer will get help with closing costs.

What does it mean for a buyer or a seller?

This section is interpretation, not data.

If you’re buying: with a median of 9 days, a home that is priced right and shows well can be gone before the second weekend. Get your financing in order before you tour, and have a clear idea of your top price. Talk to a lender about what an offer above list would mean for your appraisal exposure.

If you’re selling: the city’s numbers favor sellers who price from recent comparable sales rather than from hope. Median price per square foot was $268.90, up 7.6% from a year ago, while the median price rose only 1.8%. The mix of homes that sold can explain that gap, so a citywide figure should not replace a comparison of homes like yours.

What should I watch next?

Three things. First, whether new listings recover; a 17% year-over-year decline cannot last forever without squeezing choice further. Second, whether months of supply climbs from 2.6, since more supply shifts leverage toward buyers. Third, whether the share of sales above list stays near 46%. Months of supply describes active listings, while the above-list share describes closed sales, so watch them separately.

My read: I’d expect a market that stays competitive for well-priced homes in the city, and slower for anything overpriced. I would not predict a price move in either direction from one month of data.

What should I do next?

If you’re deciding whether to buy or list in the city, ask for a short comparison of recent sales on your street or in your price range, not the citywide figures alone. Contact us and Daniel Keeton will help you apply this to your plans.

Source: Keeton & Co analysis of CVR MLS data, September 2026. Data through October 3, 2026. Prices are medians of closed sales; days on market, price ratios and shares describe closed sales (n=186 for most figures). Months of supply and active listings describe homes for sale at month end. Year-ago changes are relative percent changes. Full figures are on the City of Richmond market page.