November 2022 to November 2025

If you’re watching the City of Richmond housing market and wondering where things stand, a look at the November trends over the past four years tells a clear story:  the market is still moving, but it’s no longer the frenzy we saw a few years ago.

Here’s what buyers and sellers should know.

New Listings & Buyer Demand

New listings in Richmond have steadily declined, dropping from 266 homes in November 2023 to 189  in November 2025.  Despite fewer homes coming on the market, buyer demand remains consistent.  Pending sales increased from 153 in 2022 to 176 in 2025, showing that motivated buyers are still active.

Takeaway:

Homes that are priced well and presented properly are still attracting attention!

Sale Price vs List Price

Even as the market has cooled, sellers are still achieving strong results:

• 2022:  99.6%
• 2023:  102.4%
• 2024:  101.3%
• 2025:  100.1%

While bidding wars have eased since 2023, homes are still selling right around list price – a sign of a healthy market.

Showings and Time on Market

Buyer urgency has softened:

• Showings per listing dropped from around 6 in 2022-2023 to 4.8 in 2025
• Average days on market increased to 26 days in 2025 (up from 18 days in 2023)

Translation:

Buyers have more time to make decisions, and sellers need smart pricing and strong marketing to stand out.

Closed Sales & Pricing Trends

Closed sales declined from 204 homes in November 2022 to 171 in 2025, reflecting fewer listings and a more selective buyer pool.

Average sales prices tell an interesting story:

• 2022:  $453,611
• 2023:  $459,304
• 2024:  $531,247
• 2025:  $458,010

After peaking in 2024, prices normalized a bit in 2025, but remain higher than 2022 – a positive sign for long term homeowners.

Inventory and Market Balance

Active listings increased significantly, from 328 in 2022 to 448 in 2025.  Months of inventory rose to 2.1 months, compared to just 1.3 months in 2022.

Bottom line: 

Richmond is still competitive, but buyers finally have more options – and sellers must be strategic.

What This Means For You

Sellers:  Pricing, condition and professional marketing matter more than ever.

Buyers:  More inventory and less pressure create new opportunities.

Whether you’re planning to buy, sell or simply want to understand what these number mean for your neighborhood, local data is key to making confident decisions!

Have questions about the City of Richmond real estate market?  I’m always happy to help!