Richmond Housing Market

By Nick Leverett

Richmond home sales increase at country’s second-fastest pace even as prices rise

The number of home sales in Richmond increased by 10.4% in February compared to the same month last year, the second-highest increase among the nation’s top 40 markets, even as price growth here outpaced the national average.

Richmond’s home price appreciation outpaces national growth

The median home sale price in Richmond reached $395,000 in February, increasing by 2.6% compared to the same month last year while national prices rose just 0.2%.

Richmond active listings rise, but not as quickly as the national average

The number of active listings in Richmond increased by 10.5% in February on a year-over-year basis to 3,295, slightly less than the 14.2% inventory growth nationwide.

Richmond home sales increase, a contrast to the national sales decline

Richmond saw 1,092 completed home sales in February, a 10.4% increase compared to the same month last year. That was the second-highest increase in sales among the nation’s top 40 markets, trailing only Kansas City, while 32 large markets saw declines and home sales nationwide fell by 3.7%.


Horizontal bar chart ranking annual percent change in February home sales across U.S. markets, highlighting Richmond at 10.4%.
Richmond’s 10.4% year‑over‑year sales increase ranked second nationally, outperforming nearly all major U.S. markets.


Richmond Sale Prices

The median home sale price in Richmond increased by 2.6% in February compared to the same time last year, while national prices rose just 0.2%.

Richmond home sale price growth is outpacing the national average

Richmond median home prices rose by $10,000 year over year on a nominal basis in February. Richmond ranked ninth out of the top 40 U.S. markets for annual median home price appreciation on a percentage basis in February, rising 2.6%. St. Louis had the highest percentage price growth, as its median home sale price increased 8.1%.

Richmond condo prices skyrocket

Prices for Richmond condos rose $56,265 in the past year to $349,000, an annual increase of 19.2%. That increase was far above the 2.7% rise for detached home prices and the 0.2% decline in median townhome prices.

Richmond prices are slightly above that of the national average

Richmond was the 23rd-most expensive housing market in the country in February. The Richmond median home price of $395,000 was 5.1% above the national average of $375,885. While the median price in Richmond was slightly above the national benchmark, the market was more affordable than nearby regional markets such as Washington, D.C. ($565,000), Raleigh ($430,000), and Charlotte ($405,000).


Key indicator tiles comparing Richmond and U.S. sale prices, annual percent change, dollar change, and national rankings.
Richmond posted a 2.6% annual price gain, ranking 9th nationally for growth and 8th for dollar change.


Monthly bar chart showing Richmond sale prices from 2018 to 2026, rising to $395,000 in February 2026.
Richmond sale prices climbed to $395,000 in February 2026.


Area chart showing Richmond annual percent change in sale prices from 2018 to 2026, easing toward low single digits.
After double‑digit gains earlier in the decade, Richmond’s price changes cooled to low single‑digit increases and decreases in recent months.


Bar chart showing Richmond year-over-year percent change in February sale prices from 2018 through 2026.
February 2026 prices increased 2.6%, a slowdown from earlier peaks but still signaling continued positive momentum.


Horizontal bar chart comparing February sale prices across U.S. markets, with Richmond at $395,000 in February 2026.
With a median sale price of $395,000, Richmond is priced below high‑cost coastal markets but above many Midwest and Southern peers.


Horizontal bar chart ranking annual percent change in February home sale prices across U.S. markets, with Richmond up 2.6%.
Richmond’s 2.6% year‑over‑year increase ranked among the stronger price gains nationally, outperforming many large metros.


Dashboard showing Richmond sale prices by property type with annual percent and dollar growth values.
Detached home prices in Richmond reached $400,000, while condos surged $56,265 annually, highlighting uneven but resilient price growth by home type.


Side-by-side bar charts showing Richmond sale prices and annual percent change by property type in February 2026.
Richmond condos led in annual price growth at +19.2%, while detached homes rose 2.7% and attached prices declined by 0.2%.


Richmond Inventory

The number of active listings in Richmond increased by 10.5% in February compared to the same time last year, while national active listings rose 14.2%.

Richmond active listings growth is more modest than the national average

Richmond active listings rose by 314 year over year on a nominal basis in February to 3,295 active listings. Richmond’s 10.5% increase in February ranked 23rd out of the top 40 U.S. markets for the annual percentage increase in active listings. Regional competitor Raleigh experienced the steepest growth, with active listings rising 24.9% year over year.

Richmond active listings are still well below pre-pandemic levels

Richmond active listings rose over the past year, but the market’s total of 3,295 was still below the February 2020 total of 4,745. For context, Richmond active listings rose by 3.5% or 102 annually in February 2025.

Richmond condo listings increase meaningfully

Richmond condos led in terms of annual percentage growth in active listings in February, with an increase of 21.2%. In comparison, detached active listings rose by 7.2% to 2,523, and townhome active listings increased by 5.7% to 498.


Key indicator tiles showing Richmond and U.S. active listings, annual percent change, numeric change, and national rankings.
Richmond reported 3,295 active listings, up 10.5% year over year, ranking 23rd nationally for growth.


Monthly bar chart showing Richmond active listings from 2018 to 2026, showing 3,300 active listings in February 2026.
Active listings stabilized around 3,295 in early 2026, remaining well below pre‑pandemic highs but trending upward.


Area chart showing Richmond annual percent change in active listings from 2018 to 2026, turning positive near 10%.
After deep declines earlier in the decade, Richmond inventory growth rebounded, posting lowa 10.5% annual increase in February 2026.


Bar chart showing Richmond year-over-year percent change in February active listings from 2018 through 2026.
February 2026 saw a 10.5% increase in listings, continuing the post‑2023 recovery in housing supply.


Horizontal bar chart comparing February active listings across U.S. markets, with Richmond reporting 3,295 listings.
With 3,295 active listings, Richmond ranked below larger Sun Belt markets but above several high‑cost coastal metros.


Horizontal bar chart ranking annual percent change in February active listings across U.S. markets, highlighting Richmond at 10.5%.
Richmond’s 10.5% inventory growth placed it mid‑pack nationally, trailing well behind inventory increases in markets like Raleigh and Washington, DC.


Dashboard showing Richmond active listings by property type with counts, annual percent growth, and numeric changes.
Condo inventory in Richmond posted the highest year-over-year gains at 21.2%, while detached listings increased 7.2%, driving most overall supply gains, and townhome listings rose 5.7%.


Side-by-side bar charts showing Richmond active listings levels and annual growth rates by property type in February 2026.
Detached homes accounted for most listings (2,523), while condos posted the strongest growth at 21.2% annually.


Richmond Home Sales

The number of home sales in Richmond increased by 10.4% in February compared to the same month last year, the second-highest increase among the nation’s top 40 markets.

Richmond home sales increase while national sales decline

Richmond home sales increased by 103 year over year on a nominal basis in February to 1,092 sales, a 10.4% increase. Richmond ranked second for the annual increase in home sales out of the top 40 U.S. markets in February, both nominally and on a percentage basis. Nationally, home sales fell by 3.7%. Among the nation’s top 40 markets, 33 saw an annual decline in sales.

Richmond home sales growth rebounds from last February’s slowdown

This year’s increase represented a turnaround compared to last February, when home sales fell 15% year over year compared to February 2024.

Richmond condo sales nearly double over the past year

Richmond condo sales increased by 91.9% year over year in February to 71 total sales. In comparison, detached sales rose by 10.6 % to 900, and townhome active listings decreased by 12.3% to 121.


Key indicator tiles comparing Richmond and U.S. home sales, annual percent change, numeric change, and rankings.
Richmond posted 1,092 sales, up 10.4% annually, ranking 2nd nationally for both growth rate and net change.


Monthly bar chart showing Richmond home sales from 2018 to 2026.
Richmond home sales remain well below the 2021 peak, totaling just under 1,100 monthly sales in February 2026.


Area chart showing Richmond annual percent change in home sales from 2018 to 2026, showing 10.4% annual growth in February 2026.
After steep declines in 2022–2023, Richmond sales momentum has been mixed more recently, with 10.4% year-over-year growth in February 2026.


Bar chart showing Richmond year-over-year percent change in February home sales from 2018 through 2026.
February 2026 sales rose 10.4% year over year, rebounding sharply from the 15.0% decline recorded in February 2025.


Horizontal bar chart comparing February home sales across U.S. markets, with Richmond reporting 1,092 transactions.
With 1,092 February sales, Richmond ranked near the bottom among the top 40 markets nationally, trailing most larger Sun Belt and Midwest metros.


Horizontal bar chart ranking annual percent change in February home sales across U.S. markets, highlighting Richmond at 10.4%.
Richmond’s 10.4% year‑over‑year sales increase ranked second nationally, outperforming nearly all major U.S. markets.


Dashboard showing Richmond home sales by property type with sales totals, annual percent change, and numeric growth.
Sales gains were driven by detached homes (+10.6%) and condos (+91.9%), offsetting declines in attached transactions (-12.3%).


Side-by-side bar charts showing Richmond home sales counts and annual percent change by property type in February 2026.
Detached homes led with 900 sales and 10.6% growth, while condo sales surged 91.9% from a small base.


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 February 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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