The Crown Down

Is It a Buyer's or Seller's Market? Current Housing Trends in Central Virginia (Richmond, Henrico, Chesterfield)

When it comes to real estate, the question on everyone’s mind is always the same: Is now a good time to buy or sell? I hear it all the time whether it's in my first time homebuyer's class at the Richmond Library on the first saturday of the month (shamless plug, right!?), or when i'm hanging out with friends and family. Trust me.... somebody always does and somebody always will ask me the question. In Central Virginia—especially in Richmond, Henrico, and Chesterfield—the answer depends on a mix of local trends and national influences. Let’s break down what’s happening in our market right now, and what it means for buyers and sellers alike.

Buyer’s Market vs. Seller’s Market: What’s the Difference?

Now, before we get into who is controlling the market, let's make sure you know the what i'm talking about. If I do my job right, you'll leave with more understanding then before you clicked this link, so let's do a quick breakdwon.

Picture a bustling farmers’ market: if there are lots of apples and only a few shoppers, buyers have the upper hand—they can pick and choose, and maybe even negotiate the price down. That’s a buyer’s market. But if apples are scarce and shoppers are everywhere, sellers can raise prices and sell quickly—a seller’s market.

Central Virginia at a Glance: The Latest Numbers

As of mid-2025, Richmond, Henrico, and Chesterfield are still leaning toward a seller’s market, though there are hints of change. Here’s what the latest data shows:

• Inventory: Homes for sale remain limited, with months of inventory hovering around 1.5 to 2 months—well below the 6-month mark that signals a balanced market.
• Home Prices: Median sale prices in Richmond and surrounding counties have continued to rise, though the pace has slowed compared to the pandemic boom. Sellers are still seeing strong offers, especially for move-in-ready homes.
• Days on Market: Properties are spending a bit more time on the market—averaging 20-30 days—but well-priced homes can still go under contract in just a week.
• Buyer Demand: There’s steady competition, but slightly less frenzy than in previous years. Some buyers are pausing due to higher mortgage rates.

What’s Shaping the Market Right Now?

Several current events and trends are impacting Central Virginia’s housing scene:

• Interest Rates: Mortgage rates remain above 6%, making affordability a top concern for buyers. Some are waiting for rates to drop, while others are adjusting their budgets.
• Economic Shifts: Job growth in Richmond’s tech and healthcare sectors is drawing new residents, keeping demand strong even as some buyers step back.
• New Construction: Builders are adding homes, but not fast enough to close the gap in inventory. Supply chain issues continue to slow progress.
• Local Policy: Recent zoning changes in Henrico aim to encourage more affordable housing, which could shift the landscape in coming years.

So, Who Has the Advantage?

Right now, sellers in Richmond, Henrico, and Chesterfield still have the edge, thanks to low inventory and steady demand. However, buyers will find less competition than last year, and more opportunities to negotiate as days on market increase. If you’re thinking of making a move, staying informed and working with a local expert can help you navigate these shifting tides.

The Central Virginia market is dynamic, and the story is still unfolding. Whether you’re buying, selling, or just watching, keeping an eye on these trends will help you make the smartest move.

The Crown Down

Antwane Brooks

Crown Realty Rva

crownrealtyrva@gmail.com

804-933-0391