Sales Are Rising in Richmond, But the Inventory Shortage Keeps the Pressure on Buyers

Richmond is entering the spring real estate market with home sales up compared to last year, but that doesn’t mean supply can keep up with eager buyers. With the number of houses on the market in Richmond decreasing, the pressure is on local buyers who are struggling to find homes to buy. 

In our experience, when this happens, it causes confusion for both homeowners and homebuyers. It’s because, typically, an increase in sales means a better opportunity for buyers to negotiate, but that’s not what’s happening in Richmond due to the lower inventory.

Let’s explore what’s happening in Richmond and how both buyers and sellers need to adjust their mindsets and strategies.

Richmond Home Sales Are Climbing in 2026

We already know that 2022 and 2023 were slow-selling periods for Richmond. According to the Richmond Association of Realtors, the market started to stabilize in 2025.

What the numbers tell us about the Richmond Market:

2026 is already off to a strong start compared to last year. According to the latest data available from the Richmond Association of Realtors, pending sales are up 11.7% this February compared to February 2025, and up 14% year to date for single-family homes. Closed sales are also increasing in the same time period by 10.1% this February compared to last, and up 4.1% year to date for single-family homes.

What stands out is that, despite increases in pending sales in both periods, median sale prices rose only slightly. We see a 1.3% increase this February compared to last February, and a 2.5% year-to-date increase.

While these numbers are promising, fierce competition remains a challenge for Richmond homebuyers. At the same time, slower price growth and increased activity are starting to create some opportunities for buyers.

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Is Declining Inventory A Cause For Concern in Virginia?

Inventory levels for February are down 14.8% year-over-year for single-family homes. Considering the nation is seeing an increase in inventory of 4.9% over the same period, buyers should be concerned.

Typically, when we’re deciding whether a housing market is “healthy” in Virginia, we want to see at least 5 or 6 months of supply. However, we haven’t seen those types of numbers in more than five years. Currently, there’s less than a month’s supply in Virginia.

This is something we need to consider when we talk about Virginia’s housing market: the decline in inventory is a concern for buyers while offering some benefits to sellers. However, when we consider the increase in sales prices in Richmond, we know we’re still looking at a healthy market.

What Does Richmond’s Increased Sales Price Mean For The Market?

With the slight increase in Richmond’s median sales prices, the market is still well ahead of the national average of .2%. Among the 40 largest U.S. markets, Richmond’s annual price growth rate ranks 12th, indicating a strong market despite limited inventory.

With the median sales price for a single-family home in metro Richmond in February 2026 at $420,515, we expect spring to be a strong season for inventory movement.

What We’re Watching Out For Here At House Buyers

The spring market is just beginning, and as temperatures start to ramp up, so do sales, according to the state realtors association. All of the signs are leading us to believe there’s going to be a much busier spring market this year.

We know it’s still very much a seller’s market in Richmond, but we think, based on recent sales activity and a slower price growth, that we’re going to see some positive momentum for buyers.

Here at House Buyers of America, we’re keeping an eye on the local Richmond market, as well as the nation as a whole, to fully understand the real estate landscape. 

Mortgage rates surged over 6% after briefly dropping for the first time since 2022, and recently passed legislation is making waves in the industry, but one thing remains true: people are always going to be buying and selling homes.