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 was in a state of flux in the first quarter of 2025. Sales of existing homes hit a 10-month high in January before dropping in February, only to rise again in March. Home prices are increasing in most parts of the country, and mortgage rates have stayed between 6.5% and 7%, leading many homebuyers to postpone their purchase in hopes that rates will fall later this year.

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New Listings Increased 1.6  percent for Single Family and increased 9.3 percent for Condo/Town Homes.

Pending Sales decreased 1.8 percent for Single Family and increased 2.1 percent for Condo/Town Homes.

Inventory decreased 5.3 percent for Single Family and increased 30.2 percent for Condo/Town Homes.

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Median Sales Price increased 3.8 percent to $415,000 for Single Family and 1.1 percent to $371,382 for Condo/Town. Days on Market increased 18.5 percent for Single Family and 17.6 percent for Condo/Town. Months Supply of Inventory decreased 7.7 percent for Single Family but increased 27.8 percent for Condo/Town.

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Inventory has continued to grow nationwide, with the total number of homes for sale up considerably from the same period last year. Buyer demand has softened, and properties are spending more time on the market as a result, forcing some sellers to slash prices as they adjust to changing market conditions. Although housing costs are up nationally, price growth is moderating, and with inventory at its highest level in years, buyers may face less competition and have more options in the months ahead.