Current Real Estate Market in Midlothian and Richmond, VA – 2026 Trends and Insights

The Midlothian and Richmond, VA housing markets are experiencing steady and balanced conditions in 2026. After several years of rapid price moves and strong demand, the local market has shifted to a more sustainable pace. Buyers have more options and sellers are still seeing solid outcomes. This update gives you the most accurate and local view of the market in Midlothian and Richmond right now.

Midlothian, VA Market Snapshot

Home Values and Median Prices

• The average home value in Midlothian is around $455,300, with about a 1.4 percent increase compared with last year. (source: Zillow)

• Recent activity shows that homes are going under contract in about 16 to 17 days on average. (source: Zillow)

• Median sale prices are generally in the mid $400,000 range based on local market data. (source: Movoto)

Market Conditions

Inventory remains relatively low compared with pre-pandemic levels, although buyers have more homes to choose from compared with previous years. Well priced homes attract interest and offers quickly. Pricing and presentation are important for sellers to maximize interest.

What This Means for Buyers

Buyers are in a balanced market. Mortgage rates in 2026 still influence affordability, but increased inventory gives buyers more choice. Getting pre-approved and understanding financing options will help buyers make confident decisions.

What This Means for Sellers

Sellers continue to benefit from long term equity growth and steady demand. Homes that are priced competitively and shown well tend to get more interest and stronger offers.

Richmond, VA Market Trends

Price Levels and Home Value Data

• The average home value in Richmond is around $357,600 according to Zillow. (source: Zillow)

• Neighborhood reports for early 2026 show a median list price near $374,000 with a median sold price near $371,000. Homes are selling in about 19 days on average. (source: NewHomeTeamVA)

• Other data sources also place median sale prices near $360,000 depending on the market segment and time period. (source: Redfin)

Balanced Market Dynamics

Richmond’s market in 2026 reflects moderate demand with more balanced inventory. Homes continue to sell at a reasonable pace, and buyers have more options than during the most competitive years. Some sellers are adjusting prices to better align with buyer expectations.

Local Forecast Outlook

Forecasts for 2026 suggest continued moderate home price increases in Richmond, generally between 2 and 5 percent. (source: DFR E Realty) These levels point to a stable and predictable market that supports both buyers and sellers.

Broader Trends in 2026

Mortgage Rates and Inventory Impact

Mortgage rates have eased slightly compared with recent peaks. This change is helping bring more buyers into the market. Inventory levels have increased compared with the tightest years, which gives buyers additional choice.

Affordability Trends

Affordability challenges remain compared with pre-pandemic conditions. However, slower price growth and more listings help more buyers participate in the local market. (source: Virginia Realtors)

What This Means for You in 2026

For Buyers

• You are in a balanced market. You have more choice and time to consider homes without constant pressure.

• Getting mortgage pre-approval and understanding your budget will help you find the right home.

• Slower price increases allow for more predictable planning and long term value.

For Sellers

• Equity is strong and sellers can still achieve good results.

• Pricing and marketing matter more than ever.

• Highlighting updates, features, and lifestyle advantages will help attract strong interest.

Final Thought

In 2026, the Midlothian and Richmond, VA real estate markets are defined by stability, balanced buyer and seller activity, and consistent price growth. This environment gives both buyers and sellers confidence in their decisions. Let's connect to start your real estate investment planning!