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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The U.S. housing market showed modest improvement in the third quarter of 2025, despite ongoing affordability challenges and a limited supply of existing homes for sale. Mortgage rates began the summer in the mid-tohigh 6% range and gradually declined, helping to boost existing-home sales in July before activity leveled off in August. Some economists believe a combination of lower rates and increased inventory could support additional sales gains in the months ahead.

New Listings increased 4.4 percent for Single Family and 11.3 percent for Condo/Town. Pending Sales increased 4.7 percent for Single Family and 3.7 percent for Condo/Town. Inventory increased 4.4 percent for Single Family and 34.7 percent for Condo/Town.

Median Sales Price increased 3.5 percent to $439,950 for Single Family but decreased 4.3 percent to $365,000 for Condo/Town.

Days on Market increased 14.3 percent for Single Family and 19.4 percent for Condo/Town. Months Supply of Inventory increased 5.6 percent for Single Family and 25.0 percent for Condo/Town.

Nationally, active listings grew by double digits year-over-year in the third quarter, with the number of homes on the market reaching its highest level since May 2020, according to the National Association of REALTORS®. Although home prices remain elevated in many areas, the pace of growth has slowed, and homes are taking longer to sell than they did a year ago. Buyers entering the market this fall may benefit from increased inventory, greater negotiating power, and a less competitive landscape.