Are Richmond Homes Still Moving Fast? Sifting Through August's Market Metrics

f you've been wondering whether Richmond's real estate market is still moving at lightning speed, the August 2025 numbers tell a fascinating story. After diving deep into the latest data from Chesterfield, Hanover, Henrico, and Richmond City, here's what we discovered about how fast homes are really selling right now.

The Quick Answer: Yes, But With Some Changes

Richmond homes are absolutely still moving fast, but the market is showing signs of evolution rather than the frenzied pace we saw in previous years. Single-family homes are spending an average of 21 days on the market in August 2025: exactly the same as August 2024. However, when we look at the year-to-date numbers, we see days on market have increased from 22 days in 2024 to 24 days in 2025.

That might sound like homes are slowing down, but let's put this in perspective. In most markets across the country, 24 days on market would still be considered lightning fast. We're talking about properties that list on a Monday and often have contracts by the following week.

Single-Family Homes: The Market Leaders

Single-family homes continue to dominate Richmond's fast-moving market. In August 2025, we saw 929 closed sales compared to 891 in August 2024: that's a solid 4.3% increase. Even more impressive, pending sales are up 1.7% year-to-date, showing that buyer demand remains strong despite economic uncertainties.

The median sales price for single-family homes hit $433,250 in August 2025, up 3.2% from the previous year's $420,000. This steady price appreciation shows the market isn't overheating, but it's definitely not cooling off either. Year-to-date, we're seeing a healthy 3.0% price increase with the median sitting at $435,000.

Here's what really tells the story: homes are still selling very close to asking price. While buyers aren't quite as aggressive as they were in 2024 (when homes sold for 100.9% of list price), properties are still commanding 99.6% of their asking price in August 2025.

The Condo and Townhome Surge

If you think single-family homes are moving fast, take a look at what's happening in the condo and townhome market. Closed sales jumped 10.7% in August 2025 compared to the previous year, with 258 units sold versus 233. Year-to-date numbers show even stronger growth at 5.7%.

However, this market segment is showing more signs of normalization. Days on market increased from 29 days in August 2024 to 33 days in August 2025. While this represents a 13.8% increase, 33 days is still incredibly fast in the grand scheme of real estate markets.

Inventory Tells the Real Story

One of the most significant changes we're seeing is in inventory levels. Single-family home inventory increased slightly by 0.9% to 1,541 homes, while months supply of inventory remained steady at 1.8 months. This is still well below the 6-month supply that typically indicates a balanced market.

The real story is in condos and townhomes, where inventory jumped 33.2% to 638 units, and months supply increased by 26.1% to 2.9 months. This increased supply is giving buyers more options and a bit more breathing room in their decision-making process.

What This Means for Buyers

If you're a buyer in today's Richmond market, you're in a better position than you were a year ago, but you still need to move quickly. The fact that homes are taking 2-3 more days to sell might not sound like much, but it can make all the difference in your ability to secure a property without engaging in bidding wars.

The slight decrease in the percentage of list price received: from 101.5% year-to-date in 2024 to 100.5% in 2025 for single-family homes: suggests sellers are becoming more realistic with their pricing, and buyers have a bit more negotiating power.

For condo and townhome buyers, the increased inventory is particularly good news. With 33.2% more options available, you can be more selective and aren't forced to make split-second decisions on the first property you see.

What This Means for Sellers

Sellers are still in a strong position, but the days of listing a property on Friday and having multiple offers by Sunday are becoming less common. This doesn't mean your home won't sell quickly: it just means you need to price it right from the start.

The data shows that properly priced homes are still selling close to asking price and within a reasonable timeframe. However, with slightly more inventory available, buyers have options, which means your home needs to stand out in terms of condition, pricing, and presentation.

The New Listings Trend

Here's an interesting dynamic: while single-family new listings decreased by 6.8% in August 2025 compared to 2024, year-to-date new listings are actually up 5.8%. This suggests that sellers are being more strategic about when they list their properties.

For condos and townhomes, new listings are up significantly: 3.6% in August and a whopping 17.0% year-to-date. This increased supply is contributing to the more balanced market conditions in this segment.

Regional Variations Matter

Remember, these numbers represent the combined Richmond Metro area including Chesterfield, Hanover, Henrico, and Richmond City. Within this region, you'll find variations in how quickly homes sell based on price point, location, and property type.

Properties in highly desirable school districts or walkable neighborhoods might still sell in under two weeks, while homes requiring significant updates or located in less popular areas might take the full 21-24 days or longer.

Looking Ahead: What These Trends Suggest

The August 2025 numbers suggest Richmond's market is maturing. We're moving from a market where speed was everything to one where strategy matters more. Homes are still selling quickly by national standards, but buyers and sellers both have a bit more time to make informed decisions.

This evolution is healthy for the long-term stability of our local market. While rapid appreciation and lightning-fast sales can feel exciting, sustainable growth and reasonable transaction timelines benefit everyone involved.

The Bottom Line

Are Richmond homes still moving fast? Absolutely. Twenty-one to twenty-four days on market is still considered a hot seller's market by any measure. However, the market is showing signs of becoming more balanced, which is good news for both buyers and sellers.

Buyers get a bit more time to make decisions and slightly more negotiating power. Sellers still enjoy quick sales and strong prices, but need to be more strategic about pricing and presentation. And for those of us in the real estate industry, it means we can focus more on finding the right match between buyer and property rather than just managing bidding wars.

The Richmond market remains one of the most dynamic in Virginia, and these August numbers confirm that while the pace might be slightly more measured than in previous years, homes are definitely still moving fast.

If you're considering buying or selling in the Richmond area, the current market conditions present opportunities for both sides of the transaction. The key is working with someone who understands these nuanced market trends and can help you navigate them successfully.