It’s one of the questions I’m asked most often: “How’s the housing market these days?” The answer depends on where you’re looking. Nationally, the market has begun to moderate.
Homes are no longer selling at the lightning-fast pace we experienced a few years ago. Days on market have lengthened in many areas, buyers have become more selective, and inventory has increased, giving purchasers more choices. Across much of the country, conditions have shifted toward a buyer’s market.
To put that into perspective, a fellow Sotheby’s International Realty Real Estate Advisor in New Mexico recently shared that their office of approximately 150 agents currently has about 500 active listings. During the entire month of June, those agents collectively conducted just 20 showings, a remarkable contrast to what we’re experiencing here in Richmond.
Richmond continues to tell a very different story.
Our market remains one of the most competitive in the nation, currently ranked fourth nationally. Demand continues to outpace supply and multiple-offer scenarios are still quite common, especially in sought-after areas such as the River Road corridor.
In today’s market, preparation makes all the difference. For buyers, that means securing mortgage pre-approval or proof of funds and working with an experienced and trusted advisor who can help craft a compelling offer. Beyond price, terms such as flexible closing dates, limited contingencies, and a thoughtful negotiation strategy often make the difference between winning and losing a home.
While higher interest rates have changed affordability conversations, inventory remains exceptionally limited at just 2.2 months of supply, well below what is considered a balanced market. That continued shortage of available homes has helped support property values throughout the Richmond region. The long-term benefits of homeownership remain just as compelling today as ever.
According to the Richmond Association of REALTORS®, the average price per square foot has steadily appreciated:
- June 2022: $196 per sq. ft.
- June 2024: $215 per sq. ft.
- June 2026: $231 per sq. ft.
That’s an 18% increase in average price per square foot over the past four years, and appreciation within the River Road corridor has been even stronger.
Submitted photo
A home is more than simply a place to live, it’s often one of the most meaningful investments a family will make. While ownership comes with responsibilities such as maintenance, taxes, and insurance, it also offers the opportunity to build equity, enjoy potential tax advantages, and create long-term financial stability.
That sentiment is echoed nationally. A recent 2026 Gallup survey once again ranked real estate as Americans’ preferred long-term investment:
- Real Estate: 38%
- Stocks & Mutual Funds: 20%
- Gold: 18%
- Savings Accounts & CDs: 12%
- Bonds: 4%
- Cryptocurrency: 2%
For those considering purchasing a home or expanding their real estate portfolio, Richmond continues to offer an exceptional combination of market stability, strong demand, and long-term appreciation. While every market experiences cycles, history consistently reminds us that time in the market has proven to be far more valuable than trying to perfectly time the market.
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