Key Takeaways
- Prices are flat on Redfin: the City of Richmond's median sale price was $425,718 for the three months ending August 2026, down 1.0%. Zillow's ZHVI was $364,726, up 2.6%.
- The market is fast: the median Richmond house sold after 14 days on the market, down from 16, at 101.1% of list price (Redfin, August 2026).
- Sales rose: Redfin counted 857 Richmond sales in August 2026, up from 773 a year earlier.
- Assessments were frozen: the city planned a one-year reassessment freeze after its September 2025 notices, and the next notice is reported to cover two years of value change.
- The rate is $1.20 per $100: a house assessed at $350,000 would owe $4,200 a year, as an illustration.
The Richmond housing market 2026 numbers describe a fast market with a flat price. Redfin's figures for Richmond, Virginia show a 14-day median time on market and a median sale price within 1% of last year. Buyers are still paying list price or more for houses that show well.
Every Redfin and Zillow figure here covers the independent City of Richmond only, not Henrico or Chesterfield County. Each source is kept separate and labeled by month.
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Let's chatRichmond Housing Market 2026 at a Glance
Richmond ended the summer of 2026 with a flat median price, rising sales, and a faster pace than a year earlier. Redfin's Richmond page, titled "as of September," reports data for the three months ending August 2026 (Redfin, Richmond housing market, August 2026 data, read October 2026). The table covers the City of Richmond only.
| Metric (Redfin, August 2026) | City of Richmond | Change from a year earlier |
|---|---|---|
| Median sale price | $425,718 | Down 1.0% |
| Median days on market | 14 days | Down from 16 days |
| Sales in August | 857 | Up from 773 (up 10.9%) |
| Median sale price per sq. ft. | $259 | Up 3.2% |
| Sale-to-list ratio | 101.1% | Up 0.3 point |
| Sold above list price | 41.6% | Up 2.6 points |
| Listings with price drops | 29.0% | Down 0.41 point |
Redfin says Richmond's median sale price is 4% lower than the national average (Redfin, August 2026). The price per square foot rose 3.2% even as the median price slipped 1.0%.
Why do Redfin and Zillow show different Richmond prices?
They differ because Redfin reports what sold houses actually fetched, while Zillow models the value of every house in the city. Neither number is wrong, and they should never be averaged into one figure.
- Redfin, $425,718: the median price of Richmond sales over the three months ending August 2026, down 1.0% (Redfin, August 2026).
- Zillow ZHVI, $364,726: a modeled typical value for all Richmond houses, sold or not, on August 31, 2026. That is up 2.6% from $355,450 a year earlier (Zillow ZHVI, August 2026).
The gap of about $61,000 comes partly from mix. The houses that sell in one summer are not a cross-section of every house in the city. A seller should price against recent sales of similar houses nearby, not against either citywide number.
What does a 14-day market mean for a Richmond seller?
A 14-day market means a well-priced Richmond house usually finds a buyer within about two weeks of listing. Redfin's data for the three months ending August 2026 put the median at 14 days, down from 16 a year earlier (Redfin, August 2026).
Two other numbers show how much leverage sellers hold. The median sale closed at 101.1% of list price, and 41.6% of sales closed above list. Redfin gives Richmond a Compete Score of 86 out of 100 and rates the market "very competitive."
Redfin's Compete Score card says a typical house goes pending "in around 17 days." That counts a different event than the 14-day median, so the two do not conflict.
The clock stops at the contract, not at closing
Every one of these counts ends when a buyer signs. A financed buyer then needs a loan approval, an appraisal, and usually an inspection. A low appraisal or a long repair list can reopen the price after the contract is signed.
The softer signal is price drops. Redfin counted 29.0% of Richmond listings with a price cut in the period. Nearly three in ten listings needed a cut, even in a fast market.
Is it a good time to sell a house in Richmond?
For a house that shows well and is priced to recent sales, the August 2026 data favors the seller. Buyers paid list price or more on the median sale, and sales rose to 857 in August from 773 a year earlier (Redfin, August 2026).
A flat median price means a fast market rewards accurate pricing. This guide does not forecast where Richmond prices go next, and we found no city forecast we could cite.
If you need certainty
Some sellers, such as heirs settling an estate or owners with a move date, value a known date over the last dollar. For them, a fast listed market still carries risk after the contract:
- The buyer's loan can fall through.
- An appraisal can come in below the contract price.
- An inspection can turn into a repair request on an older house.
A cash offer removes the lender and the appraisal from that list. It usually trades some price for that certainty.
If you can wait
A seller with time and a house in good shape may net more by listing. Richmond's 101.1% sale-to-list ratio rewards clean, repaired houses priced to the block. Waiting still costs insurance, utilities, and tax.
The Assessment Freeze and Your Tax Bill
The City of Richmond planned a one-year freeze on reassessment after the notices it mailed in September 2025. The Richmonder reported that the city was freezing the process "to sync up its budgeting and assessment timelines" (The Richmonder, May 11, 2025). The same report said the next notices "will reflect two years' worth of change" in value.
Without new values, bills were expected to "stay the same for two cycles" at an unchanged rate (The Richmonder, September 16, 2025).
The last reassessment raised values citywide by an average of 5.74% (The Richmonder, September 2, 2025). NBC12 put the average at about 5.7% and confirmed the city "will freeze reassessments next year" (NBC12, September 3, 2025).
When the next notice arrives
The timing is less settled than it looks. The Richmonder reported in May 2025 that the next change "won't happen until May of 2027." In September 2025 it reported that new notices would not go out until early 2027.
The Assessor's own Forms page, read in October 2026, lists appeals for a "2027 real estate assessment." Office review ran from July 31 to August 31, 2026. Board of Equalization applications are accepted through November 30, 2026 (City of Richmond Assessor, Forms).
We did not find a city statement explaining the freeze. Check the most recent notice in your mail, and call the Assessor at (804) 646-7500 to confirm which values and deadlines apply.
What the $1.20 rate means in dollars
The City of Richmond taxes real estate at $1.20 per $100 of assessed value (City of Richmond Department of Finance, read October 2026). Bills come in two halves, due January 14 and June 14. A late half adds a 10% penalty, and 10% annual interest follows.
As an illustration, a house assessed at $350,000 would owe $4,200 a year, or $2,100 per half. At the current rate, every $10,000 change in assessed value moves the yearly bill by $120. The table compares the same illustrative house across the line.
| Where the house sits | Rate per $100 | Yearly tax on $350,000 (illustrative) |
|---|---|---|
| City of Richmond | $1.20 | $4,200 |
| Henrico County | $0.83 | $2,905 |
| Chesterfield County | $0.89 | $3,115 |
Henrico's rate comes from its approved tax rates page. Chesterfield's adopted FY2027 budget kept its rate at 89 cents (Chesterfield County, April 9, 2026). A county address also has a different assessor and collector, so the city's deadlines do not apply there.
If a half has already slipped, our guide to delinquent real estate taxes in Richmond covers the penalty, payment plans, and the city's tax sale program.
Richmond VA Home Prices 2026 by Neighborhood Tier
No source publishes a reliable 2026 median price for each Richmond neighborhood, so this guide gives none. The sources do show how 2025 assessments moved and which rules shape each area.
Church Hill and the East End
The East End includes some of the city's oldest blocks. Church Hill North, Union Hill, and St. John's Church are city Old and Historic Districts, where exterior changes need approval from the Commission of Architectural Review (City of Richmond, CAR). In Fulton, behind Rocketts Landing, 2025 assessments rose an average of 11.8% (The Richmonder, September 2025).
The Fan and Museum District
Monument Avenue, West Franklin Street, and West Grace Street appear on the city's list of Old and Historic Districts. Our guide to selling a house in a Richmond historic district explains what that review covers and what it does not.
Northside
Northside spans areas such as Highland Park, Ginter Park, and Bellevue. Highland Park "saw assessments rise faster than any other spot in the city" in 2025 (The Richmonder, September 2025). The Hermitage Road Old and Historic District sits on the city's CAR list as well.
Southside and Manchester
Southside neighborhoods bordering Highway 1 and Commerce Road saw 2025 assessments rise an average of 10.6% (The Richmonder, September 2025). Manchester sits along the James, where the city's south floodwall runs "from Goodes St. west to just west of the Manchester Bridge" (City of Richmond, Floodwall FAQs).
Older Houses and Flood Risk
Richmond's housing is old, and an older house can complicate a financed sale. Of 114,293 housing units in the city, 32,445, or 28.4%, were built in 1939 or earlier (U.S. Census Bureau, ACS 2020-2024, table B25034). About 71% were built before 1980.
The city notes that lead-based paint "was used in many homes built before 1978" (City of Richmond, Lead Poisoning Prevention). An older house can also turn up roof, wiring, or foundation items that a buyer's lender flags.
Flood maps changed in 2025
New FEMA flood maps for the City of Richmond took effect July 8, 2025, after City Council adopted them on June 2 (City of Richmond, June 2025). First Street data on Redfin counts 1,912 Richmond sites, about 5% of the total, as likely to be severely affected by flooding over 30 years. It rates the city's flood risk "Minor" (Redfin, First Street data, read October 2026).
The floodwall, completed in 1995, protects 150 acres of Shockoe Valley and 600 acres on the south side (City of Richmond, Floodwall FAQs). Check your address on the FEMA Flood Map Service Center, since a mapped flood zone can mean required insurance for a financed buyer.
Cash Sale Versus Listed Sale: The Timeline
A listed sale usually nets more on a Richmond house that shows well, and a cash sale trades some price for speed and certainty. Every dollar figure below is illustrative, based on a hypothetical $425,000 sale, and is not an offer from Propcash.
| Step | Listing with an agent | Request a cash offer |
|---|---|---|
| Preparation | Repairs, cleaning, photos, and showings | None; the house is sold as-is |
| Time to contract | 14-day median on market (Redfin, August 2026) | No listing period; the written offer comes first |
| Contract to closing | Set by the buyer's loan, appraisal, and inspection | Can close in as few as 7 days, on a date you choose |
| Commission (illustrative) | $21,250 to $25,500 at 5% to 6% | None |
| Virginia grantor tax (illustrative) | $425, paid by the seller | $425, paid by the seller |
| Price | Set by the market; 101.1% of list on the median sale | One written offer, with the reasoning shown |
The commission range follows figures commonly cited by the National Association of Realtors, and commissions are negotiable (National Association of Realtors). The grantor tax is 50 cents for each $500 of the price (Va. Code § 58.1-802). Tax prorations and any mortgage payoff apply either way.
Where each path fits
A clean, updated house priced to recent sales may net more listed, even after commission. A cash offer fits better when:
- The house is unlikely to pass a lender's inspection or appraisal.
- You have a fixed date, such as a move or the end of a lease.
- You are carrying a vacant house and paying each half-year tax bill on it.
Propcash is a direct cash homebuyer based in Nashville that makes offers as a principal. You can request a written cash offer on your Richmond house and set it beside what a listing would net. Our Richmond cash offer page covers the local process, and the Virginia overview covers the rest of the state.
If listing looks like the better move, we will tell you and can point you to a local agent who fits. We may receive compensation from agents we refer.
Why wait? Sell your house “as is” for cash today
Tell us about your house. We'll make you a cash offer based on local market data.
Let's chatFrequently Asked Questions
What is the median home price in Richmond, Virginia in 2026?
Redfin reported a median sale price of $425,718 in the City of Richmond for the three months ending August 2026, down 1.0% from a year earlier. Zillow's ZHVI, which models the typical value of all Richmond houses, was $364,726 on August 31, 2026, up 2.6%. The two figures measure different things, so they should be read side by side and never averaged.
Is it a good time to sell a house in Richmond?
For a Richmond house that shows well and is priced to recent sales, the August 2026 data favors the seller. Redfin reported a 14-day median time on market, a 101.1% sale-to-list ratio, and 41.6% of sales closing above list. The median price was flat, though, so a house listed above recent sales is more likely to sit.
When will Richmond reassess houses again?
The City of Richmond froze reassessment for a year to line it up with the budget. The Richmonder reported in 2025 that the next change would arrive in May 2027 and reflect two years of value change. The Assessor's Forms page, read in October 2026, lists appeals for a 2027 assessment, with Board of Equalization applications accepted through November 30, 2026. Owners should check their latest notice and confirm with the Assessor at (804) 646-7500.
How much is the real estate tax on a Richmond house?
The City of Richmond taxes real estate at $1.20 per $100 of assessed value, billed in two halves due January 14 and June 14. A house assessed at $350,000 would owe $4,200 a year, or $2,100 per half, as an illustration. A late half adds a 10% penalty and 10% annual interest.
Is there a Richmond real estate market forecast for 2027?
Propcash does not publish price forecasts, and this guide quotes none. The measured data through August 2026 shows a fast market with a flat median sale price on Redfin and a 2.6% annual rise in Zillow's ZHVI. A seller deciding on timing is better served by recent sales of similar houses than by any forecast.
Do these Richmond figures include Henrico and Chesterfield?
These figures do not include Henrico or Chesterfield. Every Redfin and Zillow figure in this guide covers the independent City of Richmond only. Many Richmond mailing addresses sit in Henrico or Chesterfield County, which have their own assessors, tax collectors, and tax rates. Henrico's rate is $0.83 per $100 and Chesterfield's is 89 cents per $100.
Data Sources: Redfin Richmond page (titled as of September 2026; data through August 2026), with First Street flood data. Zillow ZHVI (August 31, 2026). U.S. Census Bureau ACS B25034. City of Richmond. The Richmonder. NBC12. Henrico and Chesterfield counties. Va. Code § 58.1-802. National Association of Realtors. Refreshed quarterly. Propcash is a direct cash homebuyer, not a brokerage or law firm.