Henrico home sales, sale prices up in July

The most recent Virginia Realtors association data shows buyers have gained leverage as inventory rises, giving more choices as home price growth is slowing.

According to the July 2025 Virginia Home Sales Report released by Virginia Realtors, July’s housing market was similar to that of June, with closed sales and pending sales totals higher than last year, and price levels still climbing – though at a slower pace, according to the organization’s press recent press.

In Henrico, a total of 415 home sales occurred in July – the highest July total in the county since 2022 and three dozen more sales than occurred in Henrico in June, according to Virginia Realtors. The median home sale price in the county in July was $420,000 – the same it was in May, but $7,500 more than it was in June, according to the report.

For Bernice Sim, team lead of the Happy New Beginnings team with RE/MAX Commonwealth in Short Pump, the report and housing market data show the numbers behind what she describes as “a really good robust spring market.”

“We had a really busy spring market,” Sim said. “Spring is traditionally the best time to sell because you have the most buyers on the market. A lot of families who are trying to get into school districts are moving around at that point, and they're wanting to get into a house before summer starts so they can enjoy the summer, go on their vacations and boom, be back enjoying their house in the school district they want to be in.”

Sim said the Virginia Realtors Home Sales report rings true in Henrico, when comparing the current growth with that in 2021 and 2022 – during which home sales also increased.

“It's just leveled out to be a little bit more in the normal range of growth, which is around 5%,” Sim said. “It's not that it's slow, it's just that before it was uncommonly fast. We had a major shortage of inventory. That was due to Covid and a backup of buyers and buying activity because of fears. Now, there's a lot of buyers on the market because millennials now are in full force buying.”

Henrico County and Metro Richmond in general have witnessed an influx of people relocating from the Washington, D.C. area in the post-Covid years, Sim said, prompted by the ability of more people to work from home.

“And so why not move into a cheaper market where you could buy more?” Sim said. “You could get a lot more bang for your buck, and you can really blow the locals out of the water because of your budget, because if you're used to paying $700,000 in the same house, which here is $400,000, then you're like, ‘Yeah, okay, cool. Let me pay $500,000. That's no big deal.'”

Though Henrico County’s July homes sales total was four times that of its smaller neighbor to the north (Hanover County), Chesterfield County (which has about 50,000 more residents than Henrico) saw the most sales in the region last month, with 533. There were 243 sales in Richmond during the same month.

According to the Virginia Realtors report, just more than half (54%) of the local city and county markets around Virginia had more sales activity compared to July 2024. This July, sold volume reached about $5.6 billion statewide, more than a 6% increase from last year.

New listings surge

There was a surge in new listings last month statewide, many of which occurred in Northern Virginia and Hampton Roads. A total 13,898 listings came onto the market across the commonwealth in July – an influx of 1,459 listings compared to last year, for an upswing of nearly 12%.

“Virginia’s housing market has seen a big jump in listings for much of the past two years, but the trend has accelerated in 2025,” Virginia Realtors president Lorraine Arora said in a press release. “This trend is likely to continue. Buyers now have more options and even though the overall months of supply remains tight, the market is shifting more into balance.”

The organization reported that home price levels continue to climb, but the rate of growth has slowed in many local markets around Virginia. In July, the statewide median sales price was $435,000, or about $9,000 higher than a year ago, for an increase of just more than 2%.

“Home prices are still rising, but there are some early signs that some local markets are nearing a pivot as active listings surge,” according to Virginia Realtors chief economist Ryan Price. “In the months ahead, price growth will likely be modest, and in some local markets, we could even see prices edge down.”

The report also showed that homes are staying on the market longer in Virginia. The statewide median days on market was 15 in July 2025 – five days longer than a year ago and more than double the amount of time homes stayed on the market in the state two years ago.

The increase in market time is largely attributable to the increase supply levels, but 15 days on the market still is relatively short compared to historical averages, according to Virginia Realtors officials.

Residential construction in Henrico peaked in March

The Henrico County Department of Finance’s Office of Management and Budget's most recent Monthly Economic Report, released in July, confirmed the Virginia Realtors’ statements that home prices were slightly up. The report also showed that the average number of days on the market for Henrico homes had decreased from 40 in February to 21 in May and 17 in June.

The median Henrico County home sale price for the month of June totaled $414,000 – a $6,000 decrease from May, according to the county's report.

New residential construction in Henrico County reached its highest level in March this year at 111 single-family homes and decreased through the late spring, with 55 new homes under construction in June, according to the county’s data.

Other factors that influence the state of home sales are interest rates that have gone up, which slowed buying.

“Inventory is freeing up because there was a time when people were hanging on to their homes, because many people bought when their interest rate was only 2% or 3%, really low, and so it's hard for them to want to let go of that,” Sim said. “Even if there are reasons to move, they may not want to move because the alternatives are not as good. If you're paying 3% interest, you don't want to pay 6%. All of a sudden that's a big change.”

Year-over-year residential transactions increase

Sim said that it's difficult to generalize Henrico County home buying and selling conditions because of the micro-characteristics of varying locations.

“It depends on the price point. It depends on the condition. It depends on the location,” Sim said. “Those are nothing new under the sun, but it really can change. [Henrico has] a lot of different areas with a lot of different flavors, their own personality and their own inventory. It also depends on how much competition there is in that particular area.”

Henrico data showed an increase in residential transactions in June this year (904) from the same month last year (778). That total includes any transfers or changes of ownership of residential properties, which in addition to traditional sales with realtors also encompasses other transfers or changes recorded in Henrico Circuit Court (such as gifts, inheritances, corrections, subdivisions and divorces), according to Henrico Finance Director Sheila Minor.

A rancher Sim is showing with only two bedrooms for $325,000, likely will go for above the asking price.

“People really love the ranchers, and it's not just first-time home buying millennials buying ranchers, it's people downsizing,” Sim said. “You've got the Boomers who are looking at the ranchers because it's one level and it offers a solid choice for people who are not ready to go into a retirement home, or they don't want to be in a townhome. They still want to have a single-family home, but they don't want to deal with stairs. Some people just love them. They get snatched up real fast.”

 County officials categorized home buying behaviors and markets as expressing a “sense of uncertainty” this summer and a “reduced pessimism about future business conditions and employment, and optimism about future income.”

“It's just really important to know the data, and to make sure your realtor knows the data and understands the market in that particular neighborhood,” Sim said.

Dina Weinstein is the Citizen’s community vitality reporter and a Report for America corps member, covering housing, health and transportation. Support her work and articles like this one by making a contribution to the Citizen.