What is a seller concession, and should I ask for one when buying in Virginia?

A seller concession is an amount the seller agrees, in the contract, to put toward the buyer’s closing costs. Buyers can negotiate for one, and sellers can offer one, and in September 2026 about 45 of every 100 Richmond-area closings included one.

That figure can make concessions sound routine. Whether one is right for your offer is a different question.

How does a seller concession work?

You and the seller agree on a purchase price, and the contract also says the seller will pay a stated amount toward your costs at settlement. The money is a credit on the closing statement; it doesn’t go to you directly.

The credit can often go to things like lender fees, title charges, prepaid taxes or insurance, or a rate buy-down. What it can cover, and how much, is set by your loan program, so confirm with your lender before writing the offer. In Virginia, the contract and your lender’s rules control, not a general custom.

Think of it as the seller moving money from one pocket to another: the seller nets less at the closing table, and you bring less cash.

How common are concessions in the Richmond area?

In September 2026, 44.7% of closed sales in the Richmond metro included seller concessions, based on 1,024 sales, down 8.6% from a year ago. The share varied across places we track:

Area (September 2026)	Share with seller concessions	Closed sales	vs a year ago
Richmond metro	44.7%	1,024	-8.6%
City of Richmond	29%	186	-20.8%
Henrico County	43.8%	308	+5%
Chesterfield County	58.2%	373	-4.4%

Those are shares of all closed sales, not the average credit or a promise to any single buyer. The data doesn’t say how large the concessions were.

Should I ask for one?

It depends on what is limiting you. If cash to close is the constraint, a concession can help. If your monthly payment is the constraint, a lower price may help more, since it reduces the loan itself.

One way to read the table is that concessions are less common in the City of Richmond, where homes had a median of 9 days on market, and more common in Chesterfield County. That is an interpretation, and a county share doesn’t tell you what one seller will accept.

This is interpretation. Ask your lender to compare a price reduction against a credit for your situation, and talk to a Virginia real estate attorney or lender about the contract language.

What does it mean for sellers?

A concession lowers what you net, and so does a price reduction, but they work differently: a price cut changes the sale price, while a concession leaves the price where it is and changes what you take home. Compare net sheets under each, not just the headline price.

If you’re selling, ask your agent to show you the net at full price with a credit and at a lower price without one.

What should I do next?

If you’re about to write an offer, we can walk through a concession and a price cut side by side for your specific home and loan. Contact us or visit our buying page, and see Daniel Keeton.

Source: Keeton & Co analysis of CVR MLS data, September 2026, data through October 3, 2026. Concession shares describe closed sales in each area and overlap, so they are not added together; year-ago changes are relative percent changes. Full figures are on the Richmond metro market page. This is general information, not legal or lending advice.