Richmond Real Estate Market Update – June 2025

Inventory Builds, Prices Slide as Market Leans Toward Buyers

June 2025 marks another month of increasing inventory and downward price pressure in Richmond, as supply continues to outpace demand across all property types. While detached homes and condos remain active, sales have slowed compared to last year, and prices are seeing their sharpest declines of the year. Townhomes are following suit with weaker price performance and longer selling times.

Here’s a detailed look at this month’s data.

Key Market Stats for June 2025

Detached Homes

  • Total Active Listings: 671 (+25.4% YoY)
  • Sales: 59 (-20.3% YoY)
  • Days on Market Average: 45 (+50.0% YoY)
  • MLS® HPI Benchmark Price: $2,117,100 (-3.7% YoY)

Condos

  • Total Active Listings: 1,002 (+44.0% YoY)
  • Sales: 125 (-3.8% YoY)
  • Days on Market Average: 41 (+57.7% YoY)
  • MLS® HPI Benchmark Price: $708,800 (-5.1% YoY)

Townhomes

  • Total Active Listings: 378 (+47.7% YoY)
  • Sales: 60 (+15.4% YoY)
  • Days on Market Average: 34 (+88.9% YoY)
  • MLS® HPI Benchmark Price: $1,098,300 (-5.6% YoY)

Market Trends & Expert Insights

  • Detached Homes: Sales Slow, Price Pressure Mounts
    Detached listings surged 25.4% YoY, while sales dropped 20.3%. Homes now take an average of 45 days to sell, up from 30 days last year. Prices slipped 3.7%, continuing a trend of steady declines since early 2025 as buyers gain more leverage.
  • Condos: Inventory Hits 1,000+, Prices Drop 5%
    Condo listings rose by a striking 44%, while sales dipped slightly. Longer selling times (41 days, up nearly 58%) and a 5.1% YoY price drop highlight the cooling pace. For condo buyers, negotiating power is strong in this segment.
  • Townhomes: Mixed Signals, But Pricing Under Pressure
    Sales increased 15.4% YoY, but active listings climbed nearly 48%. The average time on market almost doubled, and prices fell 5.6% YoY—the steepest decline across all property types this month. Expect further pricing adjustments if inventory growth persists.
  • Sales-to-Active Ratio Snapshot:
    • Detached: 8.8% → Buyer’s Market
    • Condos: 12.5% → Balanced Market (tilting buyer)
    • Townhomes: 15.9% → Balanced Market (softening)

What This Means for Buyers & Sellers

For Buyers:

  • This is a prime opportunity for negotiation, especially for detached homes and condos.
  • Townhome buyers have more options than last year, but act carefully—prices are softening, and patience may pay off.

For Sellers:

  • Detached and condo sellers should price competitively and prepare for longer timelines.
  • Townhome sellers need to stay agile with pricing and incentives—buyer confidence is waning.

Final Thoughts

Richmond’s market in June reflects a clear shift toward a more balanced, buyer-friendly environment, with sharp increases in inventory and price declines across all property types. Sellers face heightened competition, while buyers have more time and leverage to secure favorable deals.

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