CENTRAL VIRGINIA
Market Snap Shot

This report covers residential real estate activity in Chesterfield, Hanover, Henrico, and Richmond City. Percent changes are calculated using rounded figures.​

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U.S. sales of existing homes were cooler than usual in the second quarter of 2025, as economic uncertainty and persistent affordability challenges continued to suppress market activity. Average 30-year mortgage rates fluctuated between 6.5% and 7% during the spring, while home prices continued to rise in many areas—diminishing purchasing power and prompting many prospective homebuyers to remain on the sidelines until affordability improves.

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New Listings Increased 10.6 percent for Single Family and 23.9 percent for Condo/Town.

Pending Sales increased 7.1 percent for Single Family and 12.3 percent for Condo/Town.

Inventory increased 5.8 percent for Single Family and 38.4 percent for Condo/Town.

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Median Sales Price increased 2.3 percent to $445,000 for Single Family and remained flat at $374,084 for Condo/Town. Days on Market decreased 4.8 percent for Single Family but increased 13.8 percent for Condo/Town. Months Supply of Inventory remained flat for Single Family but increased 27.3 percent for Condo/Town properties.

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Nationally, inventory has increased significantly compared to the same period last year. According to Realtor.com, the number of homes for sale recently surpassed 1 million units for the first time since winter 2019, giving buyers a wider selection of properties to choose from. Homes are now taking nearly a week longer to sell on average than they did a year ago, and price reductions are becoming more common as sellers adjust their expectations and the market shifts toward a more balanced state.