Richmond's real estate market is experiencing increased sales activity in the spring, but little relief on supply. Despite a sharp slowdown in real estate activity in 2022 and 2023, the Richmond Association of Realtors reported that the market largely stabilized in 2025. Despite modest price growth, homes are still sitting on the market longer and home sales closing at or below list price. Despite this, inventory is down nearly 10% year-over-year for metro Richmond and 14% for single-family homes. While median sales prices have only increased modestly at 2.2% compared to recent years, they are still ahead of the national average of 1.3%. However, competition remains a significant issue for prospective homebuyers.