Richmond VA Real Estate Market Update – July 2025

July 2025 Richmond VA Real Estate Market

Richmond VA real estate market July 2025

The Richmond VA real estate market July 2025 has been full of movement, and if you’re buying or selling, there are some important shifts to be aware of compared to July 2024. Let’s take a closer look at the numbers and what they mean for you.

Prices Are Still Rising

The average sales price across our area continued to climb in July 2025 compared to last year. Even with the market showing signs of slowing, home values are holding strong, which is good news for sellers who have built equity.

More Homes Hitting the Market

We saw an increase in new listings as well as the number of active homes for sale. That means buyers have more options to choose from, which can sometimes ease competition. Still, demand remains high enough that sellers are in a favorable position.

Contracts Up, Closings Mixed

The number of homes that went under contract in July increased over last year, showing buyers are still active and motivated. Closings, however, told a more mixed story: Henrico and Chesterfield Counties saw more homes close than last July, while Hanover County and the City of Richmond experienced a dip.

Days on Market Are Up

Homes are taking a bit longer to sell compared to July 2024. The average number of showings per listing also dropped, and the sales price-to-list price ratio slipped slightly. In other words, homes aren’t always selling as quickly, nor quite as close to asking price, as they were a year ago.

Inventory Is Growing – But Still Low

The months’ supply of inventory in July ticked up slightly, sitting around 2 months. While that’s more than we saw last year, it’s still far below the 4–6 months needed for a balanced market. Sellers still have the upper hand overall.

What This Means for Sellers

If you’re selling, you may not see quite as many showings or offers as last year. Some sellers are covering part of the buyer’s closing costs or helping with buyer agent compensation to get their homes sold. Pricing competitively and presenting your home well remain key.

What This Means for Buyers

For buyers, this market is still competitive. Multiple offers haven’t disappeared—they just aren’t as frequent. Even with a bit more breathing room, it’s still very much a sellers’ market, so you’ll want to make your offer as strong as possible when you find the right home.

Bottom Line

The Richmond real estate market in July 2025 is showing signs of cooling slightly compared to the frenzy of last year, but sellers are still in the driver’s seat. Whether you’re planning to buy or sell, it’s important to have a clear strategy and a trusted professional by your side to navigate the changes.