Richmond is headed into the spring real estate market with renewed sales activity compared to last year, but little relief on supply.

Why it matters: Richmond's real estate market is something of an outlier compared to the national scene, but there's still some bright spots for homebuyers.

The big picture: After a sharp slowdown in real estate activity in 2022 and 2023, metro Richmond's real estate market largely stabilized in 2025, per data from the Richmond Association of Realtors.

• Last year saw only modest price growth (median sales price up 2.2% compared to 7.2% in 2024), homes sitting on the market a little longer (28 vs. 26 days) and home sales closing at or below list price (as opposed to 3% over).
• And 2026 is off to a strong start with pending and closed sales both up by double digits last month compared to the previous month and year, per the Realtors association.

Yes, but: Inventory is down nearly 10% year-over-year for metro Richmond and 14% for single-family homes, specifically.

• That puts RVA at just over a month of inventory so far this year, well shy of the five to six months needed for a "healthy market."
• And while Richmond's median sales prices have only increased modestly at 2.2% compared to recent years, it's still "well ahead of the national average of 1.3%," per Homes.com.

Stunning stat: The median sales price for a single-family home in metro Richmond last month was $420,515.

But, but, but: The spring market is just getting started and new listings usually start to ramp up along with the temperature, per the state realtors association.

What we're watching: Mortgage rates, which surged well above 6% this week after dropping below it for the first time since 2022.

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Richmond is drawing national scrutiny over its transparency practices and how it's handled the high-profile lawsuit involving Connie Clay.

Why it matters: That criticism is placing the city alongside prominent examples of secrecy involving the Department of Homeland Security and DOGE.

Driving the news: A national "Foilies" award from MuckRock and the Electronic Frontier last week named Richmond among officials that "thwart the public's right to know" — and dubbed it a "City of Darkness."

• The reason: City Council's vote to let Mayor Avula's administration decide which public records to publish in its new Freedom of Information Act (FOIA) Library.
• Council's earlier proposal for the library, set to go live sometime in May, would've automatically posted all releasable records requested by residents and the media.
• The Avula administration's proposal that council adopted limits the library to records requested by multiple people or deemed of public interest.

The city didn't respond to Axios' request for comment.

• But Avula's administration, which is subject to public records requests, has said a broader release could disclose sensitive information.

Zoom in: EFF and MuckRock also flagged Clay's lawsuit as part of its "secrecy shenanigans," noting how city attorneys asked a judge to stop Clay from filing FOIA requests tied to the case or speaking to the media.

The other Richmond "Foilies" awards

🏎️ Local law enforcement charged 11 people and impounded two cars — including one under Virginia's exhibition driving law — in a Saturday crackdown on street takeovers that have popped up citywide. (News release)

💰 Avula's proposed budget would allow senior Richmond officials to receive up to a full year's salary in severance, instead of the current 36-week cap. (The Richmonder)

• That could potentially translate to lump sums of $365,000 for officials like CAO Odie Donald II.

🏫 Dozens of Richmonders urged City Council to keep open the Richmond Virtual Academy, which would close without more money, at a budget hearing this week. (WWBT)

🎾 A new documentary called "The Power of Pickleball" on Apple TV and Prime features the region's growing pickleball community as part of a nationwide look at the sport's rise. (Times-Dispatch)

The Virginia agency dedicated to rail service and public transportation wants to hear from residents about how they want train travel improved inside — and outside — of the state.

Why it matters: If you've got a gripe about train travel, now's the time to share it.

State of play: The Virginia Department of Rail and Public Transit's survey will help shape long and short-term investments, per the agency.

• It comes as Virginia Passenger Rail Authority embarks on its years-in-the-making Long Bridge Project aimed at speeding up train travel statewide.

Zoom in: The survey asks:

• Whether to add or reduce stops in Virginia and beyond the D.C. corridor
• Where Virginians want rail service expanded
• If rail users would like more amenities at or near stations
• Any issues with specific railroad crossings

What's next: The survey is open through Friday.

How many rode Amtrak Virginia last year

📅 Upcoming events around the city.

Commonwealth Crossroads: A Celebration of Virginia's Immigrant Traditions at Virginia Museum of History & Culture Mar 28: Immigrant and refugee artists share music, dance, and traditions from around the world, celebrating the cultures enriching Virginia today.

Idle Hands Bread Co. is finally back after making the move from Strawberry Street to North Robinson in the Fan.

Why it matters: We've felt empty without their chocolate croissants these past few weeks.

Catch up quick: The bakery and coffee shop re-opened Saturday with limited hours in their new and much bigger space, which has rows of seating and a long wooden table to show off its breads and pastries.

• Its Strawberry Street location, which is about half the size of its Robinson spot, closed earlier this month.

If you go: It's open Saturday-Sunday, 8am-3pm, and Monday-Friday, 7am-3pm, for now but the goal is "longer days and 7 days a week," per an Instagram post.

What we're watching: What takes over the Strawberry Street space.

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