Published October 12, 2026 in Market Update

Downtown Richmond slowed while the broader market added listings

By Mike Boone

Real estate, DOTW + Market Udates: Richmond City + Near West End

The National Association of Realtors reported that months' supply of homes for sale nationally reached 4.9 months, the highest in over ten years. Downtown Richmond tells a different story. The Real Estate Data Aggregator counted 3.1 months of supply in ZIP 23219 for the three months ending August 31, 2026. That is tighter than the national figure, but every other signal in that ZIP code points to a market that has cooled considerably.

Downtown Richmond: the numbers that stand out

The Real Estate Data Aggregator recorded a median sale price of $297,250 in ZIP 23219, down 12.1% from the same three months in 2025. Homes sat on the market a median of 82 days, which is 34 days longer than a year ago. Not one home sold above list price. Sellers received an average of 96.1 cents on every listed dollar, down 2.2 points from a year before.

Inventory rose sharply. The Real Estate Data Aggregator counted 14 homes for sale, up 55.6% from a year ago. More supply, slower sales, and lower prices together mean buyers in 23219 have more room to compare and negotiate than they did a year ago. Sellers need to price with that in mind.

There is one signal that cuts the other way. Pending sales in ZIP 23219 rose 44.4%, according to the Real Estate Data Aggregator. That means more contracts are being written now than a year ago. Prices may have adjusted enough to bring buyers back to the table.

The rest of Richmond City moved differently

ZIP 23219 is not the whole city. Most of the surrounding ZIPs ran in the opposite direction during the same three months.

ZIP 23226, which covers part of the Near West End, recorded a median of just 12 days on market. The Real Estate Data Aggregator showed 61.3% of homes there went under contract within two weeks of listing, and homes sold at an average of 105.7% of list price. That is a sharply different market from 23219, even though the two ZIPs are close to each other.

Where listings grew and where they fell

The National Association of Realtors reported active listings across Virginia reached 28,560 at the end of August 2026, according to VAR. Locally, the picture was mixed. Some ZIPs added listings; others pulled back.

ZIP 23226 added new listings at a rate of 35.7% above last year, the Real Estate Data Aggregator showed. Yet with only 0.7 months of supply and 61.3% of homes going under contract within two weeks, demand absorbed those listings quickly. ZIP 23227 dropped new listings by 24.7%, and supply there fell to 1.4 months.

Rates and the national picture

Freddie Mac put the average 30-year fixed rate at 7.40% as of October 8, 2026. The 15-year fixed averaged 6.73%. Those numbers matter because they shape what buyers can afford and how long sellers may need to wait.

The National Association of Realtors reported that existing-home sales fell 2.0% in August 2026. Year-to-date through the first eight months of 2026, sales were still up 1.6% from the prior year. Realtor.com reported active listings nationally were up 6.7% from a year ago, the fastest pace since February.

What this means for sellers and buyers

If you own in ZIP 23219, the data calls for a sharper look at your price. Homes there took 82 days to sell, and the median price fell 12.1%, according to the Real Estate Data Aggregator. Buyers in that ZIP have more options and more time than they did a year ago.

If you own in ZIP 23222, 23225, or 23226, the market behaved differently. In 23222, nearly half of all homes sold above list price. In 23226, homes averaged 105.7% of list price, and more than 6 in 10 went under contract within two weeks. Those ZIPs rewarded sellers who priced with confidence.