Richmond’s housing supply is tight, with just 369 homes on the market and only 1.7 months of supply, indicating conditions that favor sellers. Pending sales reached 298 in March 2026, but that’s down 5.1% from last year, while new listings fell 16.27% year over year to 319, showing fewer fresh options for buyers.
Pricing has been moving up as inventory has thinned, with the typical home value at $414,500, up 3.62% from a year ago and 6.28% in the last month. Sellers are generally holding firm, as roughly 34.86% of homes sold above list and the average sale-to-list ratio is just over 1.00, while 28.73% of listings saw a price drop, suggesting some owners still need to adjust expectations.
Homes are selling more quickly month over month, with median days on market at 24, a 20% drop from the prior month even though it has doubled compared to a year ago. Looking ahead to April 2026, the typical home value is projected to edge up to $426,750 and the median list price to about $452,505, with inventory expected to remain tight at 362 homes. Compared with Henrico County’s typical value of $399,090, Richmond is somewhat higher, reinforcing its strong seller position. Buyers and sellers who want to navigate these shifting conditions can turn to Agent Pronto to connect with an experienced local agent who knows how to strategize in this market for both sides.
