July 17, 2026 | 4 min read
If you have heard that buyers finally have more homes to choose from in 2026, that is true—at least when looking at Virginia as a whole. But buyers in Richmond, Chesterfield, Henrico, and Hanover are still dealing with a much tighter market than the statewide headlines suggest.
The practical takeaway is not that Richmond suddenly became a buyer’s market. It is that today’s opportunities depend heavily on the location and type of home you are considering.
According to the May 2026 Virginia Home Sales Report, there were 25,871 active listings across the Commonwealth at the end of May. That was 2,271 more listings than one year earlier—a 9.6% increase.
That improvement matters. More inventory can give buyers a broader selection, reduce the pressure to make a decision after seeing only one or two homes, and create more situations where repairs, closing-cost assistance, or other terms may be negotiable.
Still, “more inventory” does not automatically mean “affordable inventory.” Virginia’s median sales price reached $452,060 in May, up 2.7% from the prior year. Buyers may have more choices, but the monthly payment still needs to work.
The latest Central Virginia Regional MLS quarterly report covers Richmond City plus Chesterfield, Henrico, and Hanover. Its second-quarter numbers tell a more competitive local story:
In other words, Virginia may have more homes available overall, but the Richmond metro still has too few single-family listings for the number of interested buyers. Well-priced homes in popular areas can still move quickly and attract strong offers.
Condos and townhomes are not overflowing with inventory either, but their second-quarter numbers suggest a somewhat different negotiating environment. The Richmond metro had 2.6 months of attached-home supply, compared with 1.6 months for single-family homes. Condos and townhomes also spent a median 40 days on the market, and sellers received an average of 98.6% of the original list price.
That does not make every condo or townhome a bargain. Buyers should review association fees, insurance requirements, and property eligibility carefully. But for someone who values location, a lower purchase price, or less exterior maintenance, attached housing may create options that are harder to find in the single-family market.
Inventory is only half of the story. Freddie Mac reported that the average 30-year fixed mortgage rate was 6.55% for the week ending July 16, 2026. That was lower than the 6.75% average from the same week one year earlier, but still high enough to keep monthly payments front and center for many households.
Freddie Mac’s figure is a national weekly average, not a quote for every borrower. An actual rate and payment can vary based on credit, loan program, down payment, property type, occupancy, points, and market movement.
The strongest strategy is to prepare for the market that exists in your price range—not the market described by a national headline.
Virginia’s improving inventory is encouraging, but Richmond-area buyers should not assume that competition has disappeared. The local market still rewards preparation, realistic budgeting, and a financing plan built before an offer is written.
Dream House Virginia can compare options across multiple lenders and help you understand how different loan structures affect your payment and cash needed to close. Start your home loan conversation before you find the house, so you are ready when the right opportunity appears.
This article is for general informational purposes only and is not a commitment to lend. Mortgage rates, program guidelines, and terms are subject to change. Individual eligibility and pricing vary.
