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Richmond Housing Market

By Nick Leverett

Richmond home sales jump sharply amid rising inventory

Home sales in Richmond rose 10.4% in April compared to April of last year, the third-highest percentage increase in the country. The increase in transactions came amid rising inventory in the Virginia capital, even as prices increased more than twice as quickly locally as the national benchmark.

Transactions in Richmond continue to exceed last year’s pace

In April, closings in Richmond were up 10.4% year over year. The gain was the third month in a row of double-digit increases for Richmond compared to the prior year. Nationally, home sales were only up 0.6% year over year. Among the top 40 U.S. markets, only San Francisco and Salt Lake City experienced larger percentage increases.

The 1,596 home sales in Richmond in April were the highest monthly total since last July. As part of the spring season, April is often one of the busiest home-buying months of the year.

Richmond inventory increases again

Active listings in Richmond rose 10.1% in April compared to the same month last year, while nationwide active listings rose by 6.3%. Richmond’s increase was the 17th-highest among the top 40 markets in the country.

The number of active listings increased across home types in Richmond. Single-family homes had the smallest percentage increase at 6.5%, but because that is the most common home type, it was the largest numerical increase, at 199. Townhome listings were up by 53, or 10.5%. Condo listings rose by 129, by far the largest percentage increase at 55.6%.

The increase in listings continues to be a trend for Richmond. The number of homes for sale in the Richmond has risen on a year-over-year basis for 27 consecutive months.

Home prices in Richmond rise more quickly than the national average

Richmond’s median home price rose 4.5%, or $18,163, year over year in April. That far outpaced the national increase of 1.7%, or $6,500. The increase was Richmond’s fourth month in a row, following two months of year-over-year monthly decreases to end 2025.

Single-family and condo prices both rose in Richmond, at 6.4% and 6.2%, respectively. Meanwhile, townhome prices ticked down 3.3%.


KPI summary panel showing Richmond’s median sale price of $418,163, 4,169 active listings, and 1,596 home sales.
Richmond’s housing market had a median sale price of $418,163 with 4,169 active listings and 1,596 sales in April.


Richmond Sale Prices

The median home sale price in Richmond increased by 4.5% compared to the same time last year, while the national median price rose by 1.7%.

Richmond ranks eighth for annual median price change among the top 40 US markets

Richmond median home prices rose by $18,162 year over year on a nominal basis in April to $418,163. Meanwhile, the national median home price increased by $6,500 to $390,000.

Richmond's median home price is above the nation's

Richmond was the 20th highest-priced housing market among the top 40 largest markets last month. The Richmond median home price of $418,163 was 7.2% above the national median home price. Richmond's median home price in April compares to the market's peak of $420,000 recorded in July of 2025.

Richmond single-family prices increase

The median price of Richmond single-family homes rose $26,000 over the past year to $432,500, while the median townhome price declined 3.3%, and the median condo price rose 6.2%.


KPI panel showing Richmond with a median sale price of $418,163, annual growth of 4.5%, and a $18,163 increase, outperforming national price and growth benchmarks.
Richmond’s median sale price reached $418,163, rising 4.5% annually, well above the 1.7% U.S. increase and eighth nationally for growth.


Bar chart showing Richmond sale prices rising from roughly $240,000 in 2018 to over $400,000 in 2026, highlighting sustained long-term growth.
Sale prices climbed to just above $400,000 in 2026, nearly doubling since 2018.


Area chart showing Richmond's annual sale price growth peaking near 20% in 2021, moderating to 4.5% in 2026.
Annual price growth slowed to 4.5% in 2026 from pandemic-era peaks near 20%, indicating normalization amid still-positive appreciation.


A bar chart of April annual price changes shows Richmond increasing by 4.5% in 2026, well below the 2021 peak of 14.5%.
April price growth measured 4.5% in 2026, down from the 2021 peak of 14.5% but reflecting steady appreciation.


Horizontal bar chart comparing markets shows Richmond’s median sale price of $418,163, ranking mid-tier and below nearby Raleigh at $445,000 in April.
At $418,163, Richmond’s median sale price ranked in the mid-tier nationally, trailing Raleigh at $445,000 but exceeding several similarly sized and Midwest markets.


Bar chart ranks Richmond at 4.5% annual price growth, placing it in the upper tier compared to many markets with weaker or negative growth.
Richmond’s 4.5% annual gain ranked in the upper tier nationally, outperforming many large markets with flat or declining price growth.


KPI panel shows Richmond’s single-family home price of $432,500 rising 6.4%, townhome price of $382,000 falling 3.3%, and condo price of $345,000 rising 6.2%.
Single-family and condo prices posted gains of 6.4% and 6.2%, respectively, while townhome prices declined 3.3%, reflecting uneven performance across home types.


Bar charts show single-family prices of $432,500 with 6.4% growth, townhomes of $382,000 with declining growth, and condos of $345,000 rising 6.2%.
Single-family homes in Richmond were the most expensive at $432,500 with 6.4% annual growth, while condo prices rose 6.2% and townhome prices declined, signaling divergence across home types.


Richmond Inventory

The number of active listings in Richmond increased by 10.1% in April compared to the same time last year, while national active listings rose by 6.3%.

Richmond's inventory of homes for sale increases

Richmond active listings rose by 381 year over year in April to 4,169 active listings. Richmond ranked 17th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in April.

Richmond active listings are below their pre-pandemic levels

Richmond active listings were below their pre-pandemic levels in the month of April. Richmond active listings were 29.3% below the April 2019 total of 5,900.

Richmond single-family inventory grows

Richmond single-family active listings grew by 6.5% to 3,251 in April. In comparison, townhome active listings rose by 10.5% to 557, and condo active listings increased by 55.6% to 361.


KPI panel showing Richmond active listings at 4,169, rising 10.1% annually with a 381-unit increase, outpacing national inventory growth.
Richmond’s active listings reached 4,169, up 10.1% annually, exceeding the 6.3% growth rate in the U.S. and ranking 17th nationally for expansion.


Bar chart showing Richmond active listings declining from over 6,000 in 2019 to around 3,000, then rebounding above 4,000 by 2026.
Inventory rebounded to above 4,000 in 2026 after earlier declines, which signaled a gradual shift toward increased supply.


Area chart showing Richmond listings falling as much as 35% in 2021, then rising to around 10% growth in 2026.
Annual inventory growth reached approximately 10% in 2026 following sharp pandemic-driven declines, which indicated a sustained increase in available supply.


Bar chart of April changes shows Richmond active listings increasing 10.1% in 2026 after declines exceeding 20% in 2021.
Active listings rose 10.1% in April 2026, the third April in a row of annual increases.


Horizontal bar chart ranks Richmond with 4,169 listings, above only two San Francisco Bay area markets among the top 40 U.S. markets.
With 4,169 listings, Richmond ranked 38th out of the top 40 U.S. markets, which reflected its smaller but growing inventory base.


Bar chart shows Richmond inventory growth at 10.1%, placing mid-tier among markets, below leaders exceeding 20% annual gains.
Richmond’s 10.1% inventory growth ranked mid-tier, trailing top markets above 20% but it outperformed many with lower gains or declines.


The KPI panel shows single-family listings of 3,251, up 6.5%; townhome listings of 557, up 10.5%; and condo listings of 361, up 55.6%.
All home types posted increases, led by condo inventory rising 55.6%, followed by townhomes at 10.5% and single-family homes at 6.5%.


Bar charts showing single-family listings at 3,251 with 6.5% growth, townhomes at 557, up 10.5%, and condos at 361, up 55.6%.
Condo supply expanded fastest at 55.6%, while townhomes rose 10.5% and single-family listings increased 6.5%, signaling broad-based inventory growth.


Richmond Home Sales

The number of home sales in Richmond increased by 10.4% in April compared to the same time last year, while national home sales rose by 0.6%.

Richmond home sales increase

Richmond home sales increased by 150 year over year on a nominal basis in April to 1,596. For context, 1,446 sales closed in Richmond in April 2025.

Richmond's annual home sales activity change ranks third nationally

Richmond ranked third for the annual change in home sales out of the top 40 U.S. markets in April on a percentage basis. This year's April increase of 10.4% compares to the 0.3% year over year decrease in April 2025.

Single-family sales in Richmond are higher than a year ago

Richmond single-family sales increased by 9.9% in April to 1,319. In comparison, townhome sales fell by 3.1% to 158, and condo sales rose by 43.4% to 119.


KPI panel showing Richmond home sales of 1,596, annual growth of 10.4%, and an increase of 150, significantly outperforming minimal national growth.
Richmond recorded 1,596 home sales, up 10.4% annually, far exceeding the 0.6% U.S. increase and ranking third nationally for growth.


Bar chart showing Richmond home sales peaking near 2,400 in 2021 and rising recently to almost 1,600 in April 2026.
Home sales rose to nearly 1,600 in April 2026, well below the 2021 peak of nearly 2,400, but above recent lows.


Area chart showing Richmond home sales growth exceeding 20% in 2021, declining sharply in 2022, then recovering to about 10% in 2026.
Annual sales growth reached about 10% in April 2026, signaling continued recovery following sharp declines in 2022 and 2023.


Bar chart showing Richmond April home sales growth at 10.4% in 2026, following prior volatility.
April home sales increased 10.4% in 2026, rebounding strongly from a 0.3% decline in 2025.


Horizontal bar chart ranks Richmond with 1,596 sales, near the bottom among top U.S. markets.
At 1,596 sales, Richmond ranked the fourth lowest among the 40 largest U.S. markets, reflecting a smaller but active housing market.


Bar chart showing Richmond home sales growth at 10.4%, ranking third in the country, below San Francisco and Salt Lake City but above most markets.
Richmond’s 10.4% growth ranked third among the top 40 U.S. markets, trailing leaders like San Francisco at 16.8% but outperforming most metros.


KPI panel showing single-family sales of 1,319, up 9.9%; townhome sales of 158, down 3.1%; and condo sales of 119, up 43.4%.
Single-family sales increased 9.9%, and condo sales rose 43.4%, offsetting a 3.1% decline in townhome transactions.


Bar charts showing single-family sales of 1,319, up 9.9%; townhome sales of 158, down 3.1%; and condo sales of 119, up 43.4%.
Condo sales increased 43.4%, which easily outpaced single-family growth of 9.9%, while townhome sales declined, showing diverging segment performance.


For questions and commentary about this report:

Nick Leverett, Director of Market Analytics at CoStar and Homes.com, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Nick Leverett

Director of Market Analytics

Homes.com

nleverett@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Richmond during April 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.

Writer
Nick Leverett

Nick Leverett is the Director of Market Analytics at CoStar and Homes.com. Nick analyzes data and trends to provide insight into the commercial and residential real estate markets in Raleigh, Durham, Richmond, and the Piedmont Triad. On the residential side, he provides insights into home prices, inventory levels, and rental conditions. Nick’s 20 years of real estate experience include leading the market research team at the real estate investment firm Dilweg, where his research informed decisions on over $380 million in acquisitions, and advising clients on commercial real estate transactions as a practicing attorney. Nick is a regular speaker at key industry events, and his research and analysis have been featured in numerous media outlets, including The News & Observer, the Triangle Business Journal, and Axios Richmond. Nick holds a Juris Doctor from Washington & Lee University School of Law and a Master of Business Administration from Tulane University.

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