Richmond Real Estate Market Update – April 2025

Inventory Rises Sharply While Buyer Demand Softens

Richmond’s April 2025 housing market is firmly transitioning toward more balanced or buyer-friendly conditions. Listings surged across all property types, but sales dropped notably, and prices began to soften. Detached homes in particular saw a major pullback in buyer activity, while condos and townhomes also experienced growing inventory and lengthening days on market.

Let’s dive into the key figures and market implications.

Key Market Stats for April 2025

Detached Homes

  • Total Active Listings: 612 (+18.8% YoY)
  • Sales: 47 (-45.3% YoY)
  • Days on Market Average: 38 (+8.6% YoY)
  • MLS® HPI Benchmark Price: $2,155,200 (-2.3% YoY)

Condos

  • Total Active Listings: 935 (+49.6% YoY)
  • Sales: 117 (-35.4% YoY)
  • Days on Market Average: 30 (+25.0% YoY)
  • MLS® HPI Benchmark Price: $732,500 (-3.8% YoY)

Townhomes

  • Total Active Listings: 332 (+61.2% YoY)
  • Sales: 49 (-18.3% YoY)
  • Days on Market Average: 28 (+47.4% YoY)
  • MLS® HPI Benchmark Price: $1,110,300 (-3.8% YoY)

Market Trends & Expert Insights

  • Detached Homes: Demand Weakens Significantly
    The detached market is firmly in buyer’s territory, with sales down 45.3% and inventory rising 18.8% year-over-year. Homes are taking longer to sell and prices have declined 2.3% YoY. Despite seasonal activity, demand has notably cooled compared to last spring.
  • Condos: Inventory Surge Meets Slower Sales
    Condos experienced a 49.6% jump in listings, but sales couldn’t keep pace, falling 35.4% YoY. Prices dropped 3.8%, and properties are sitting longer on market (30 days on average). This points to growing buyer caution, especially with more options available.
  • Townhomes: From Seller’s Market to Balanced
    While townhomes are still more active than other property types, the trend is shifting. Inventory rose sharply (+61.2% YoY) and sales dropped 18.3%, causing days on market to increase by 47%. Pricing has started to soften, down 3.8% YoY, suggesting this segment is starting to cool as well.
  • Sales-to-Active Ratio Snapshot:
    • Detached: 7.7% → Buyer’s Market
    • Condos: 12.5% → Balanced Market
    • Townhomes: 14.8% → Balanced Market

What This Means for Buyers & Sellers

For Buyers:

  • Detached homes offer the most opportunity, with prices declining and inventory rising—strong negotiating leverage exists.
  • Condo and townhome buyers will also find more options and softening prices, especially if they are patient.

For Sellers:

  • Detached home sellers need to price aggressively to stand out in a cooling market.
  • Condo sellers should prepare for longer selling timelines and increased competition.
  • Townhome sellers are at a turning point—well-presented homes will still move, but pricing expectations must be realistic.

Final Thoughts

Richmond’s housing market is responding to shifts in buyer sentiment and rising supply. Sellers across all property types should adjust their strategies accordingly, while buyers can benefit from increasing leverage, especially in the detached segment.

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