Richmond Housing Market

Anyone hoping to buy a home in Richmond faced higher prices this summer as the typical home hit a record $430,000 in June. At the same time, buyers had more choices as inventory grew across the region.

Home sales in Richmond rose 8.7% in June compared to the same month last year. The increase marked the fifth straight month of annual gains after the market began the year with a slight decline.

Richmond outpaced the national market, where home sales rose 6.1%. Nearby housing markets generally moved higher as well. Sales in Raleigh jumped 12.3% from a year earlier, while Washington, D.C., posted a more modest 4.2% increase.

For buyers and sellers alike, the continued rise in sales suggested that demand remained healthy even as affordability challenges persisted.

Home shoppers in Richmond had more homes to choose from in June. Roughly 4,231 homes were listed for sale, up 10.4% compared to a year ago.

The increase marked the fourth straight month of annual inventory growth. That followed four consecutive months when the number of available homes had declined.

Single-family homes drove much of the increase. Listings for that home type rose by 342 homes, an 11% gain. Condo inventory climbed nearly 25%, giving buyers in that segment noticeably more choices. Townhome listings, however, slipped by 2%.

Nationally, inventory rose 4.2% from a year earlier. National listings have now increased annually for 29 straight months.

Richmond home prices continued to move higher in June. The median home price reached a record high of $430,000, up 2.4% from a year earlier and marking the sixth straight month of annual price growth.

Single-family home prices climbed $19,500, or 4.5%, to $454,500. Condo prices rose even faster, increasing 9.2% to $372,000. Not every segment saw gains in Richmond. Townhome prices fell by $15,000, or 3.9%, bringing the median price to $370,000.

For now, Richmond is a market where buyers have more options than a year ago, but record-high prices make affordability a challenge.

The median home sale price in Richmond increased by 2.4% compared to the same time last year, while the national median price rose by 1.5%.

Richmond median home prices rose by $10,000 year over year on a nominal basis in June to $430,000. Meanwhile, the national median home price increased by $6,000 to $401,000.

Richmond was the 21st highest-priced housing market among the top 40 largest markets last month. The Richmond median home price of $430,000 was 7.2% above the national median home price. Richmond's median home price in June is the highest observed price for any month in the market.

The median price of Richmond single-family homes rose by $19,550 over the past year to $454,500, while the median townhome price declined by 3.9%, and the median condo price rose by 9.2%.

The number of homes for sale in Richmond increased by 10.4% in June compared to the same time last year, while national homes for sale rose by 4.2%.

Richmond homes for sale rose by 400 year over year in June to 4,231 homes for sale. Richmond ranked 13th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in June.

Richmond homes for sale were below their pre-pandemic levels in the month of June. Richmond homes for sale were 30.7% below the June 2019 total of 6,101.

Richmond single-family homes for sale grew by 11.0% to 3,459 in June. In comparison, townhomes for sale fell by 2.0% to 434, and condos for sale increased by 24.7% to 338.

The number of home sales in Richmond increased by 8.7% in June compared to the same time last year, while national home sales rose by 6.1%.

Richmond home sales increased by 152 year over year on a nominal basis in June to 1,906. For context, 1,754 sales closed in Richmond in June 2025.

Richmond ranked 14th for the annual change in home sales out of the top 40 U.S. markets in June on a percentage basis. This year's June increase of 8.7% compares to the 11.4% year over year increase in June 2025.

Richmond single-family sales increased by 6.6% in June to 1,568. In comparison, townhome sales rose by 36.7% to 231, and condo sales fell by 6.1% to 107.

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 June 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.