Richmond, VA Scores a 93. More Homes Under Contract Than For Sale.

Richmond, Virginia scores a 93 out of 100 on the PropertyIQ index as of February 28, 2026.

The defining number is not the score. It is this: 1,975 homes for sale. 2,167 pending contracts. More homes are going under contract than exist as active listings. The pending-to-active ratio is 1.0972.

More Contracts Than Active Listings

A pending-to-active ratio above 1.0 means demand is outpacing supply at the most fundamental level -- every active listing has a buyer lined up, and then some. Inventory grew only 1.57% year over year as of February 2026, which means new supply is not coming. The buyers have nowhere else to go.

Prices Are Holding

Median listing price: $429,900 as of February 2026. Home values are essentially flat year over year (+0.06%) as of February 2026. Zillow median home value: approximately $383,097 as of January 2026. Flat prices in a supply-constrained market is not softness -- it is stability.

Demand Is Executing Cleanly

Price cuts affect only 9.33% of listings -- one of the lower rates among markets in this score range. The sale-to-list ratio is 100% as of November 2025. Homes average 48 days on market. Zillow forecasts 2.7% near-term appreciation as of December 2025. Five-year home value appreciation: 16.06%.

The Affordability Caveat

Richmond is 28.9% overvalued relative to local fundamentals as of February 2026. The income needed to buy is approximately $114,266. The median household income is $84,405 (2023 Census). The gap is real: roughly $30,000 in annual income separates a median-income household from qualifying at the median price.

Average rent: approximately $1,645/month as of December 2025. Unemployment: 3.7% as of November 2025.

A score of 93 reflects current supply-demand dynamics. The overvaluation figure reflects affordability risk at the current price level. Both are real. Read them together.

PropertyIQ score as of February 28, 2026. Listing and inventory data as of February 1, 2026. Rent and forecast data as of December 2025. Census and economic data 2023-2025. All data for informational purposes only.