Richmond Metro Housing Market Update – July 2025
If you’ve been keeping an eye on the housing market in Richmond, Henrico, Chesterfield, Hanover, and the surrounding areas, the latest numbers from the Central Virginia Regional MLS (CVRMLS) paint a clear picture: the market is still active, but it’s shifting in ways that matter to both buyers and sellers.
Single-Family Homes
The single-family home market remains strong:
Closed Sales: 1,013 homes sold in July, a 2.4% increase compared to last year. Pending Sales: 970 homes went under contract, up nearly 14%, showing that demand isn’t letting up. New Listings: 1,191, just a small uptick, meaning choices for buyers are improving but not drastically.
Prices continue to rise, with the median home now selling for $450,000, a 4.7% increase over last year. The average price is even higher, topping $530,000.
For sellers: Homes are still commanding strong prices, often near list price, but the pace has slowed. With average days on market rising to 22 days (up from 19 last year), you may need to be a little more patient and realistic on pricing.
For buyers: More listings and slightly longer market times mean you may have a little more breathing room than in the past few years. Competition is still strong, but you no longer have to feel like every home is a lightning-round auction.
Condos & Townhomes
The attached-home market is seeing a different trend:
Closed Sales: 260, up 19% from last July. Pending Sales: 263, up 20.6%. New Listings: 353, a big jump of nearly 20% year-over-year.
The big story here is pricing. The median condo/townhome price dropped to $374,950, down 3.7% from last year. Inventory is also way up, with 627 homes available—a 34% increase.
For sellers: You’ll likely face more competition from other listings. Buyers have choices, so it’s important to make your home stand out—whether that’s through pricing, presentation, or updates.
For buyers: This is a sweet spot. For years, attached homes were getting snapped up just as fast as single-family houses. Now, with more inventory and prices dipping slightly, you finally have leverage. If you’ve been considering a condo or townhome, this may be your moment.
Big Picture Takeaways
The single-family market is still hot — prices are rising, and contracts are strong. Sellers are in good shape, but buyers now have a little more time to think before writing offers. Condos and townhomes are rebalancing — with more listings and softer prices, buyers here have the upper hand for the first time in a while. The market is shifting from frantic to steady — which may actually be healthier for everyone. Buyers get more choice, and sellers who price smartly still get great results.
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Meet Your Local Guide: Mr. Williamsburg
I’ve built my reputation on being a local ambassador first and a Realtor second. Known as Mr. Williamsburg, I’ve made it my mission to help people fall in love not just with a house, but with the lifestyle of Greater Williamsburg, Richmond, and Hampton Roads.
Whether you’re buying, selling, or just curious about the market, I’ll give you honest advice and a clear picture of what these numbers mean for you.
Want to know the value of your home in today’s market? Click here to find out.
Thinking about buying in Richmond or Williamsburg? From city condos to family-friendly suburbs, I can help you find the community that feels like home.
You can call or text me anytime at 757-254-8136 or email me at John@MrWilliamsburg.com.
Warmly,
John Womeldorf
A.K.A. Mr. Williamsburg