Richmond Has More Homes for Sale. So Why Aren't Prices Falling?
More homes for sale. Fewer transactions closing. Buyers having more choices. You might expect that combination to push home prices lower, but that's not what September's Richmond-area housing numbers are showing.
According to a Richmond metro market report using Central Virginia Regional MLS data, the median closed-sale price reached $430,000 in September, up 2.9% from a year earlier. Meanwhile, active listings increased 16.5%, and closed sales declined 7.8%.
So, what's going on?
A Closer Look at Richmond's Housing Market
Richmond Metro — September 2026 | Result | Change from 2025 |
Median closed-sale price | $430,000 | +2.9% |
Active listings | 3,314 | +16.5% |
Closed sales | 1,025 | −7.8% |
Months of housing supply | 2.8 | +0.5 months |
Median days on market | 12 | −1 day |
More inventory and fewer sales don't automatically translate into declining home values.
Despite the increase in available homes, inventory remains relatively limited. At 2.8 months of supply, Richmond is still generally considered a seller-favorable market.
While fewer transactions are closing, the median time on market for homes that sold was just 12 days. That's hardly a market where buyers have stopped buying.
Buyers Have More Choices, But They're Still Paying for the Right Homes
Here's another interesting number. In September, the median home sold for 100% of its final asking price, and approximately 37% of closed sales were above the final asking price.
That doesn't mean every property is receiving multiple offers or selling quickly. It does suggest that appropriately priced, desirable properties continue to attract buyers, even as overall transaction volume slows.
There's also an important distinction between the median sales price and the value of an individual home. A rising median doesn't mean every property appreciated by the same percentage. The types of homes selling can influence the median, and conditions can vary significantly by neighborhood and price range.
What Does This Mean for Buyers and Sellers?
For buyers: More available homes provide additional choices and potentially more time to evaluate your options. But assuming every seller is willing to negotiate aggressively could mean missing an otherwise good opportunity.
For sellers: Pricing still matters. More competing listings mean buyers have alternatives, and an unrealistic asking price can cause a home to be overlooked.
The takeaway isn't that buyers should rush or sellers should worry. It's that the market is becoming more nuanced, and the details of each transaction matter. Location, condition, price range, and the seller's circumstances can influence the opportunities available.
Thinking About Investment Properties?
These market conditions also create an interesting conversation for people considering rental properties. More inventory means more properties to evaluate, but finding a property at an attractive price doesn't necessarily make it a good investment.
Rental income, financing costs, maintenance, vacancy, reserves, and the amount of cash invested all affect the numbers. Understanding how those pieces fit together is essential before making an offer.
That's why we're hosting a small, interactive workshop:
Evaluating Investment Properties
Thursday, October 22 | 5:30–6:45 PM
5300 Hickory Park Drive, Glen Allen
We'll work through a potential investment property, examine expenses investors sometimes overlook, discuss financing, and answer one question together: Would you buy it?
Register here: https://luma.com/cz0mnv58
The Bottom Line
Richmond's housing market isn't telling us that prices are collapsing or that buyers have disappeared. It's showing us that more choices and slower overall sales can coexist with continued price growth.
More inventory changes the conversation. It doesn't eliminate competition.
For buyers, that means recognizing opportunities without assuming every home is a bargain. For sellers, it means understanding that yesterday's pricing strategy may not work as well today.
The broader market numbers help us understand the trends, but they don't tell the entire story of an individual property.
The real opportunity comes from understanding what's happening in the market—and knowing how to use that information when making your next move.
Paul Cantor
Cantor Team Home Loans
TrustMor Mortgage Company
NMLS #49523 | Equal Housing Lender
Source: September 2026 Richmond Metro housing market report, based on Central Virginia Regional MLS data.
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