January Richmond Housing Market Update

A Look at Local Trends as the New Year Begins

As the new year gets underway, the Richmond-area housing market is settling into a familiar winter pattern. January often brings a slower pace, giving buyers and sellers time to reassess goals, review market conditions, and plan next steps for the months ahead.

While pricing softened slightly, overall activity in Richmond remained steady. Here’s a closer look at how the local market performed as we entered 2026.

Richmond saw a modest shift in pricing paired with consistent transaction activity.

The average home value in the Richmond area came in at $169,496, reflecting a 6.83% decrease compared to the previous period. Seasonal price adjustments are common this time of year, particularly as fewer listings and buyers are active during the winter months.

Despite the pricing shift, 114 homes closed, marking a 0.88% increase in closings. This suggests that buyer interest remains present, even as market conditions adjust.

Homes are also spending more time on the market. Days on market increased to 95, up 19 days, giving buyers additional time to evaluate options and negotiate thoughtfully.

What This Means for Buyers

For buyers, the current Richmond market offers several advantages:

Slightly lower average home values may improve affordability
Increased days on market can reduce pressure to make rushed decisions
Steady closings indicate continued opportunities across price ranges

Buyers who are prepared and pre-approved may find favorable conditions as inventory cycles through the winter months.

What This Means for Sellers

Sellers should take note of the changing pace:

Homes may take longer to sell compared to peak seasons
Strategic pricing is especially important in the current environment
Proper presentation and marketing can help listings stand out

Working with a knowledgeable local agent can help sellers position their homes effectively and navigate shifting buyer expectations.

Looking Ahead

As winter progresses, Richmond’s housing market is expected to remain measured but active. Seasonal trends typically give way to increased movement heading into spring, when both buyer demand and listing activity tend to rise.

Whether you’re planning to buy, sell, or simply keep an eye on the market, staying informed is key to making confident real estate decisions.

If you’d like to discuss what these trends mean for your specific situation, a local Coldwell Banker Lingle agent is ready to help.