The Richmond metro real estate market—including Henrico, Hanover, Chesterfield, and the City of Richmond—showed a dynamic mix of trends in March 2026 compared to March 2025. While home prices across the region generally remained strong or continued to rise, inventory levels tightened in several areas, and buyer activity stayed active despite some shifts in pace. We’re seeing a market that is still competitive, with steady demand and evolving conditions depending on the locality. Some areas experienced quicker sales and increased contracts, while others showed slightly longer days on market, signaling a more balanced environment than the rapid pace of recent years. Overall, the Richmond region continues to be a desirable and active market as we head into the spring season.

CITY OF RICHMOND MARKET STATS

March 2026 brought a mix of price growth and shifting market dynamics to the Richmond, VA real estate market compared to March 2025. The average sales price rose significantly to $527,480, up from $452,345 last year, reflecting continued demand and upward pressure on home values. However, total homes sold dipped slightly to 214 from 233, while inventory also tightened, with 314 homes for sale compared to 345 a year ago. New listings decreased modestly to 308 from 327, yet buyer activity remained strong, as evidenced by 298 homes going under contract—an increase from 260 in March 2025. Homes are taking just a bit longer to secure a contract, averaging 31 days compared to 28 days last year, suggesting a market that is still competitive but beginning to show signs of balancing.

CHESTERFIELD COUNTY MARKET STATS

The Chesterfield County, VA real estate market showed steady growth and strong buyer activity in March 2026 compared to March 2025. The average sales price increased modestly to $471,559 from $461,294, indicating continued appreciation in home values. Sales activity surged, with 475 homes sold versus 362 last year, while inventory tightened to 608 homes for sale compared to 734 in March 2025. New listings edged up slightly to 605, and pending activity remained robust with 597 homes going under contract, up from 491 a year ago. Homes also moved a bit faster, averaging 39 days on market compared to 41 days last year, pointing to a competitive and active spring market.

HENRICO COUNTY MARKET STATS

The Henrico County, VA real estate market in March 2026 showed a mix of slight price adjustments and steady activity compared to March 2025. The average sales price dipped slightly to $466,950 from $469,178, while the number of homes sold also edged down to 288 from 295. Inventory tightened, with 394 homes for sale compared to 441 last year, and new listings decreased modestly to 445 from 463. Despite these shifts, buyer demand remained strong, with 433 homes going under contract—up from 416 a year ago. Homes are taking just a bit longer to go under contract, averaging 27 days compared to 25 days last year, indicating a market that remains competitive with a touch more breathing room for buyers.

HANOVER COUNTY MARKET STATS

The Hanover County, VA real estate market saw notable growth and shifting pace in March 2026 compared to March 2025. The average sales price climbed to $528,353 from $500,677, reflecting continued appreciation in home values. Sales activity also increased slightly, with 107 homes sold compared to 100 last year, while inventory dipped to 222 homes for sale from 236. New listings rose to 172, and buyer demand strengthened significantly, with 153 homes going under contract versus 113 a year ago. Homes are taking longer to go under contract—averaging 50 days compared to just 26 days last year—suggesting a market that remains active but with a more measured pace for buyers and sellers.

Curious about what these trends mean for you? Be sure to check back each month for the latest market updates and insights. If you’re wondering what your home might be worth in today’s market—or if you’re thinking about buying and want guidance on how to navigate current conditions—I’d love to help. Reach out anytime to start the conversation and create a plan that works for your goals.