Richmond Leads Major Metros in Pending-Sales Growth. What Should Buyers and Sellers Know?

Richmond skyline and the James River. Photo: K (@kelly) / Pexels, used under the Pexels License.

Richmond is getting buyers under contract. The metro posted an 11.3% year-over-year increase in pending home sales in August 2026, the largest gain among the 50 biggest U.S. metro areas in Realtor.com Economics data cited by NAR’s September 17 report.

Why it matters: That is an encouraging sign of activity in the Richmond housing market. But understanding what is happening locally takes more than one headline—especially if you are deciding whether to buy, sell or keep waiting.

What Richmond’s 11.3% increase actually means

Pending sales concern homes under contract, before closing. They measure a different stage from completed sales and say nothing by themselves about how much prices have changed. NAR explains the measure here.

The ranking applies to the Richmond metropolitan area, not just the City of Richmond. It compares August 2026 with August 2025—not August with July.

For brief context, NAR’s separate South-region index was down 3.8% year over year. The metro ranking and regional index have different coverage; Richmond’s result should not be treated as a statistic for the entire South. NAR release.

A closer look at Richmond’s local MLS numbers

The Central Virginia Regional MLS August report, published through the Richmond Association of REALTORS®, adds a more detailed view.

Its geography is explicit: Chesterfield, Hanover, Henrico and Richmond City. Its property categories are reported separately.

Source: CVRMLS / ShowingTime Plus, Local Market Update—August 2026, current as of September 10. The report notes that sales-price figures do not account for concessions or down-payment assistance. This four-jurisdiction report is a different series and geographic definition from the Realtor.com metro ranking; its growth rates are not interchangeable with 11.3%.

The useful takeaway: Both property categories had more pending sales but fewer closings than a year earlier. Inventory also moved in opposite directions between the two categories. Richmond’s market deserves a closer look by property type, price range and location.

What this means for Richmond buyers

A strong pending-sales headline is a reason to be prepared, not a reason to abandon your budget.

Start with your actual search. A condo, townhouse and detached house can present different costs and tradeoffs. Compare the total monthly payment, association expenses where applicable, condition and likely maintenance—not only the asking price.

Check the alternatives before making an offer. How many homes meet your needs? Which have reduced their prices? Which have gone under contract? The available options in your price range are more useful to an offer decision than a metro-wide ranking.

Take time where it helps. Review disclosures, inspections, financing and the terms you are being asked to accept. Faster activity across a market does not establish that a particular home is worth stretching beyond your comfort level.

What this means for Richmond sellers

More buyers signing contracts does not guarantee that every listing will sell quickly or at its asking price.

Price against comparable homes. Compare location, property type, size, condition and features. A metro median is a description of the homes that sold, not an appraisal of yours.

Make the value easy to see. Preparation, clear photography, useful video and an accurate description should help a buyer understand the property. Pair the marketing with a realistic look at the competing listings buyers can choose instead.

Watch the response after launch. Showing activity, feedback and offers provide information. If the response falls short, review the price and presentation with your agent rather than assuming a strong Richmond headline will do the work.

The Richmond questions worth asking next

Before drawing a conclusion about the market around a particular home, ask:

• What is happening in this neighborhood and price range?
• How does the property compare with homes that recently sold or went under contract?
• Are competing sellers changing prices or offering concessions?
• What will the move cost after financing, preparation and transaction expenses?

Thinking about buying or selling in the Richmond area? Send me your location, budget range and timing. Let’s talk through your goals, the local information you need and the next steps for your move.

Watch: Planning for the costs of owning a home

In my earlier conversation with Kasey Hagerty, we discuss budgeting for maintenance and getting preapproved before shopping. Those general planning questions are useful when you are considering a Richmond purchase.

Watch Top 5 Mistakes First Time Home Buyers Make. This August 2021 video offers general buyer advice; it is not a Richmond market report. Confirm current loan-program rules and costs with your lender. Use the dated Richmond sources in this article for market statistics.

Five questions about Richmond’s housing market

Did Richmond prices increase 11.3%?

No—that figure describes pending-sales growth. The separate local MLS table above reports median sale prices by property type and geography.

Does this ranking cover every U.S. housing market?

No. Richmond ranked first within the 50 largest metro areas in the published comparison, for the specified month and measure.

Why do the local MLS pending-sales percentages differ?

The CVRMLS report has its own four-jurisdiction geography and separates property types. It should not be substituted for the broader metro statistic or combined with it as though the datasets were identical.

Why can pending sales increase while closings decrease?

They describe different stages of a transaction. Some homes closing in August went under contract earlier, while some August contracts will close later or fall through.

Is Richmond a buyer’s market or a seller’s market?

A single metro-wide number cannot settle that for every property. Evaluate your specific location, property type and price range using available listings, recent activity and the terms buyers and sellers are actually accepting.

Talk with Chris about your Richmond move

I’m Chris Colgan, a Virginia real estate agent and team leader with more than 22 years in the business. My work combines property research, buyer and seller guidance, negotiations and digital marketing.

If Richmond is on your list, reach out and tell me what you are planning. We can start with your priorities and identify the right local information and next steps, rather than making a major decision from a headline alone.

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Chris Colgan | Team Leader
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