Richmond VA Real Estate: Low Inventory Drives Summer 2026

Richmond's housing market is heading into summer 2026 with more momentum than most people expected. Even as mortgage rates ticked back up to 6.51% in late May, buyers across the metro are still competing hard for a limited pool of homes. The numbers across every submarket are telling the same story. Here is what you need to know.

The Big Picture Across the Richmond Metro

Supply is the defining story. The Central Virginia region is sitting at just 1.4 months of housing inventory, far below the four to six months that characterizes a balanced market. Homes in the City of Richmond are going under contract in roughly 7 days, with a median sale price of $415,000, up 3% from a year ago. That kind of speed is not slowing down as we move into June.

Henrico County: Short Pump and Glen Allen Lead the Way

Henrico County homes are averaging about 6 days to pending, with an average home value of just over $401,000. The Short Pump and Glen Allen corridor is outperforming even those numbers, with prices up more than 10% year over year. Buyers targeting Henrico need to be ready to move quickly and make clean offers.

Chesterfield County: Steady Growth, More Room to Breathe

Chesterfield County is showing a 5.4% increase in median sale price, now sitting near $422,000. Homes here tend to spend a bit more time on market compared to the city and Henrico, which gives buyers a slightly more forgiving window to act. That said, desirable listings in established neighborhoods are still drawing strong offers and moving quickly.

Hanover County: Consistent and Competitive

Hanover County, including Mechanicsville, continues to attract buyers who want space and value close to the Richmond metro. Median prices in Hanover reached $485,000 in March, up 3.6% year over year. Mechanicsville is listed at a median of $499,000. The average days on market has stretched slightly compared to last year, which may open doors for prepared buyers.

What This Means for You

Sellers in this market are in a strong position. Pricing right and presenting well leads to fast results. Buyers need a clear strategy and an agent who knows the submarkets well enough to move with confidence.

Whether you are buying, selling, or just curious about your home's current value, visit brettbondarealestate.com and let us start a conversation. Richmond is a market worth understanding, and I am here to help you navigate it.