If you’ve been following national real estate headlines lately, you’ve probably seen claims that home prices are flat. But here’s the thing — that doesn’t really reflect what’s happening right here in Central Virginia.

At Don Reid Properties, we monitor the local market every day, and the story we see in Richmond, Chesterfield, and Henrico is far more detailed — and much more encouraging — than the national narrative suggests.

The Real Picture Behind the Numbers

While home prices across the U.S. have stabilized compared to the rapid climb of 2020–2022, the reality in Central Virginia tells a different story.

Recent data shows a market split down the middle. In many parts of Richmond and Henrico, prices are still inching upward due to limited inventory and strong demand. In others, especially where home values skyrocketed too quickly during the pandemic years, prices have started to balance out.

So when you see headlines saying prices are “flat,” that doesn’t mean prices are steady everywhere. It means that increases in some regions are offset by small declines in others — creating an average that looks flat, but isn’t what most homeowners or buyers in Central Virginia are experiencing today.

What’s Driving the Divide in Central Virginia

The biggest factor shaping this divide is inventory. The Harvard Joint Center for Housing Studies (JCHS) recently explained:

“Price trends are beginning to diverge in markets across the country. Prices are declining in a growing number of markets where inventories have soared, while they continue to climb in markets where for-sale inventories remain tight.”

That’s exactly what’s happening here in Central Virginia.

• In Chesterfield, low inventory is keeping demand strong and prices steady.

• In parts of Richmond City, a slight rise in available homes has created a bit more flexibility for buyers.

• Henrico County continues to see balanced growth with strong buyer confidence.

These micro-market shifts show why local knowledge matters more than ever.

If You’re Buying

For buyers, the key is understanding your neighborhood’s market dynamic.

• In areas where prices are still rising, waiting too long could mean paying more later.

• In markets where prices are balancing, you may have room to negotiate on repairs or closing costs.

Your strategy depends entirely on where you’re looking — and that’s where having a local real estate expert makes all the difference. Whether it’s identifying value opportunities or guiding you through financing and offers, the Don Reid Properties team ensures you move with confidence.

Start your home search today → View homes for sale in Central Virginia

If You’re Selling

For sellers, understanding your market’s pace helps you price your home correctly and attract the right buyers.

• In competitive areas like Henrico or Chesterfield, homes that are priced right and move-in ready are still selling quickly — often with multiple offers.

• In markets with more supply, setting the right price early and being flexible with terms can make all the difference.

At Don Reid Properties, we combine data-driven insights with local experience to position your home effectively from day one. Ready to know what your home is worth? → Request a Free Home Valuation

The Real Story Is Local

National averages provide context, but they can’t tell you what’s happening on your street. As Anthony Smith, Senior Economist at Realtor.com, recently shared:

“While national prices continued to climb, local market conditions have become increasingly fragmented. This regional divide is expected to continue influencing price dynamics and sales activity as the fall season gets underway.”

That’s exactly why local expertise matters. Our team doesn’t just watch the data — we live it. From historic neighborhoods in Richmond to growing communities in Midlothian and Chesterfield, we track trends weekly so our clients always stay ahead.

Bottom Line

Headlines might make it sound like home prices are stagnant, but that’s not what we’re seeing across Central Virginia. Our market remains active, balanced, and full of opportunity for both buyers and sellers.

If you want the real story behind what’s happening in your neighborhood — not just national headlines — let’s talk.

📞 Call Don Reid Properties at (804) 929-4475 or schedule a consultation to discuss your next move in Richmond, Chesterfield, Henrico, and the surrounding areas.