Published October 4, 2026 in Market Update

Richmond listings are getting more selective on price

By Jen Orth, RVA Realtor

Real estate, City of Richmond

These numbers cover the three months ending July 31, 2026, paired with what Realtor.com reported through September 30, 2026.

Here is the tension in this market right now. The Real Estate Data Aggregator counted 722 homes for sale across the City of Richmond in that period, down 7.1% from a year before. Fewer homes to choose from usually gives sellers the upper hand. But Realtor.com reported that 21.3% of Richmond metro listings took a price cut in September 2026. That is nearly 1 in 5 listings softening on price, even as supply shrinks.

Realtor.com also put the Richmond metro median home price at $439,925 in September 2026. That is the backdrop against which those price cuts are happening.

What explains that tension? New listings were nearly flat. The Real Estate Data Aggregator counted 1,407 new listings citywide, down just 0.1% from a year ago. Buyers had almost the same number of fresh choices as last year. When new supply keeps coming but overall inventory shrinks, the homes that linger tend to be the ones priced past what buyers will pay.

Price still decides everything , and it reads differently by neighborhood

Look at ZIP 23221, which covers the Fan and Museum District area. The Real Estate Data Aggregator found homes there averaged 107% of list price, and 66.3% sold above asking. Inventory fell 12.5%. That is a place where pricing right, or even a little under, still draws real competition.

Then look at ZIP 23234, in the Southside. Days on market there rose 6 days from a year ago, to 24 days. The median sale price slipped 1.5%, to $335,000. The share of homes selling above list fell 6.5 points. Supply dropped 28.8%, yet homes are taking longer and selling softer. That is what a price-sensitive pocket looks like inside a tight city.

ZIP 23225 covers the Forest Hill and Westover Hills corridor. The Richmond Times Dispatch reported on October 4, 2026 that the Forest Hill neighborhood alone has approximately 700 architecturally diverse homes. The Real Estate Data Aggregator counted a median sale price of $435,000 there, with 50.9% of homes selling above list and a median of just 9 days on market.

Rates added pressure at the top

Realtor.com reported that mortgage rates topped 7% for the first time since January 2025, as of September 30, 2026. That matters for sellers in the upper price ranges. A buyer stretching to $700,000 in the Fan carries a meaningfully higher monthly payment at 7% than they did when rates were lower. It narrows the pool. Pricing even a little high can mean sitting.

The Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026. Richmond's citywide sales were up 3.5% in the same window, so the local market is moving. But movement does not mean every price works.

A note on renting versus buying right now

Realtor.com reported the median asking rent in Richmond was $1,527 in August 2026, down 1.9% from a year before. Rents are softening a little. That is partly why a 190-unit apartment building is planned for Shockoe Bottom, according to the Richmond Times Dispatch on October 3, 2026. More rental supply is coming to the city even as for-sale inventory stays tight.

What this means if you own a home in Richmond

Supply is genuinely tight. The city had 7.1% fewer homes for sale than a year ago, according to the Real Estate Data Aggregator. That is real. But tight supply does not protect a home that is priced past what the data supports. The listings that cut prices in September, per Realtor.com, are proof of that.

The ZIPs that are moving fastest, like 23221 and 23225, share one thing: homes there are selling at or above list, quickly. The Real Estate Data Aggregator found that in ZIP 23225, 67.6% of homes went under contract within two weeks. In ZIP 23221, it was 62%. Those numbers come from homes priced where buyers are ready to move.

What this means if you are buying in Richmond

This is an interesting market right now, depending on where you are searching. In some ZIPs, you will still compete. In others, you have more time and a little more room. The Realtor.com price-cut data suggests some sellers are adjusting. That is worth knowing before you make an offer.

One honest note: pending sales citywide were down 1.7% from a year ago, per the Real Estate Data Aggregator. Not a collapse, but a signal that buyers are being deliberate. At 7% rates, that makes sense.

One more thing worth saying: a ZIP code is a wide net. One street can read very differently from the numbers above. A home off Patterson in 23221 and one off Forest Hill Avenue in 23225 are both in tight ZIPs, but they are not the same sale. If you want to know where your specific address lands, that is exactly the kind of question worth asking.