Mapped: Where Richmond homebuyers and sellers have the edge
Add Axios as your preferred source to
see more of our stories on Google.
Homebuyers are gaining an advantage in nearly half of Richmond-area ZIP codes, but sellers still have the upper hand in some neighborhoods, according to new Redfin data analyzed by Axios.
Why it matters: In Richmond, the difference between a buyer's and seller's market can ultimately come down to ZIP code.
State of play: Conditions are shifting in buyers' favor in 28 of 61 Richmond-area ZIP codes, per Axios' analysis, while 12 favor sellers. The other 21 show mixed signals.
- The analysis examines Redfin data on housing supply, active listings, time on the market, and price cuts for the three months ending September 2026, including year-over-year changes.
Zoom in: Here's where buyers are gaining ground:
- 🏡 Rockville/Hanover (23146): Homes sold for an average 2.3% below asking, and 27% of listings had price cuts. Housing supply increased by 5.7 months from a year earlier. Median sale price: $472,111.
- 🔑 Chester (23831): Nearly 39% of listings had price cuts, and homes sold for an average 0.5% below asking. Median sale price: $390,040.
- 🏙️ Downtown Richmond (23219): About 23% of listings had price cuts, and homes sold for an average 1.2% below asking. Housing supply rose by 2.7 months from last year. Median sale price: $373,015.
Meanwhile, sellers still have the advantage in some neighborhoods:
- 🏘️ Museum District (23221): Homes sold for an average 2.6% above asking, and available listings fell 14% from last year. Nearly 22% of listings had price cuts. Median sale price: $686,798.
- 🌳 Mechanicsville (23116): Housing supply remained tight at just 1.4 months, and homes sold for an average of asking price. About 33% of listings had price cuts. Median sale price: $532,269.
- 🏠 Glen Allen (23060): Available listings fell 23% from last year, and homes sold for an average of asking price. About 31% of listings had price cuts. Median sale price: $429,849.
Other neighborhoods are sending mixed signals:
- 🌿 Forest Hill/Southside (23225): More than 28% of listings had price cuts, yet homes sold for an average 1.2% above asking and housing supply remained tight at just 1.5 months. Median sale price: $392,360.
- 🏡 Fan/VCU (23220): A third of listings had price cuts, and homes sold for an average 0.7% below asking, but available listings fell nearly 7% from last year. Median sale price: $534,818.
- 🏠 West End (23226): About 19% of listings had price cuts, and homes sold for an average 2.9% above asking, but available listings increased 20% from last year. Median sale price: $649,809.
What they're saying: Richmond's relatively tight housing supply is helping keep home prices from falling even as the market cools and mortgage rates rise, Virginia Realtors chief economist Ryan Price tells Axios.
- Richmond city has about two months of housing supply, compared with nearly four months in Raleigh and six in Nashville, Price says.
- Still, pending home sales in the city fell 24% in September from a year earlier, and Price expects a slower fall sales season than last year.
The intrigue: Homes are still appreciating across the region. In a separate Redfin analysis, all 41 Richmond-area ZIP codes saw year-over-year increases in home values.