06/09/2026
📍 Richmond Market Update: May 2026 📊
If you’ve been keeping an eye on the Richmond real estate market, things are continuing to shift into a calmer, more balanced territory. Total sales across the market dipped slightly from 242 in April to 225 in May, giving buyers a bit more breathing room and selection.
Here is how the segments break down: 🏡 Detached Homes: Benchmark price sits at $1,961,200 (down 7% year-over-year). With 11.4 months of supply, buyers hold the leverage here. Modern townhouses are seeing the most relevant activity, sitting at $1,024,600 (down 9.3% from last year) with 7.2 months of supply. 🏢 Apartments/Condos: The benchmark price is $660,400 (down 8.1% year-over-year) with 8.5 months of supply.
Overall, prices are sitting below last year's levels across the board. Elevated inventory means buyers have plenty of clear options, while sellers need a strategic, data-driven approach to stand out.
Curious about how these micro-market shifts affect the value of your own property? Let’s chat, no pressure, just clear local insights.
🔗 Explore your home value here: https://michaelcowlingrealty.com/home-sellers
