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Test Your Richmond Real Estate IQ

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Think You Know What’s Really Going On in RVA’s Housing Market? Take the Quiz and Find Out.

We all know national real estate headlines can be a bit… dramatic. Depending on what you read, the housing market is either crashing, over-inflated, or full of regretful buyers and desperate sellers.

But here’s the thing: Richmond’s market is not like everyone else’s.

This quiz will help you see exactly how RVA stacks up—so you can separate the facts from the fear-mongering.

We’ll give you five questions based on the latest data, then break down what the answers actually mean for you as a buyer, seller, or just a curious local. Spoiler: things are holding steady here—unlike in some of the overbuilt metros down South.

Take your guesses below, then scroll down to the Answers Section to check your score and get the full breakdown.

QUESTIONS

Don’t scroll ahead—make your guesses first!

Question 1: Have more homes gone under contract so far in 2025 than in 2024 in the Richmond region?

A. Yes
B. No
C. It’s about the same

Question 2: How has listing activity in RVA changed this year compared to 2024?

A. There are significantly more homes for sale
B. There are fewer homes for sale
C. Listings are slightly up

Question 3: What’s happened to home prices in Richmond year-over-year?

A. Median prices are down
B. Median prices are flat, but price per square foot is up
C. Both median and per-square-foot prices are down

Question 4: What is the current median number of days a home sits on the market in Richmond before going under contract?

A. 15+ days
B. 10–12 days
C. 7–8 days

Question 5: Which of the following is true about how Richmond’s housing market compares to national trends?

A. Like much of the U.S., RVA is dealing with oversupply and price drops
B. Richmond has rising inventory and falling buyer demand
C. Richmond’s supply remains tight and buyer demand is strong

ANSWERS

Let’s see how you did—and what it actually means:

Answer 1: 🏠 A – Yes

More homes have gone under contract in Richmond so far in 2025 than in the same time period last year.

That’s a modest increase of 90 homes, but it’s a strong signal: while other markets are slowing down, Richmond’s market is still moving.

Answer 2: 📋 C – Listings are slightly up

That’s about 550 more homes listed. Yes, supply is rising—but so is buyer activity. And importantly, we still have just about 1 month of inventory, which is very low by historical standards.

📍 In contrast, cities like Tampa and Austin are seeing homes linger longer, with more price reductions and builder incentives.

Answer 3: 💸 B – Median prices are flat, but $/sq ft is up

So while the sticker price looks the same, buyers this year are getting less house for the same money—a classic case of real estate shrinkflation.

📍 In other markets, prices are softening across the board. Not here.

Answer 4: ⏱️ C – 7–8 Days on Market

Homes in Richmond are still going under contract quickly. We’ve hovered at 7 days for much of the spring, with a slight uptick to 8 DOM in late May. That still signals first-weekend sales in most cases. Nationally, DOM is stretching to 20+ days in many cities.

Answer 5: 🔥 C – Richmond’s supply remains tight and buyer demand is strong

The headlines you’re reading about crashing demand and price cuts? They’re often talking about other markets. Not RVA.

📍 National markets like Phoenix, Tampa, and Austin are seeing builder incentives, price cuts, and stale inventory. Richmond is still highly competitive.

FINAL SCORECARD

BIG TAKEAWAY

Richmond is not the national market.

While some homes—especially those that are overpriced, dated, or in less competitive areas—are starting to sit a little longer, and buyers are beginning to gain back a bit of negotiating power. But, that’s not the full story.

The majority of homes in RVA—especially well-maintained homes in desirable neighborhoods—are still flying off the market, often within the first weekend and with multiple offers. Inventory remains low, buyer demand is strong, and quality listings are still selling like hot cakes.

If you’re thinking about buying, selling, or just want to know how all of this affects your next move—let’s have some coffee or beer!

Want to Learn More?

If you’re curious to dig deeper into the data, trends, and expert insights behind Richmond’s housing market—and how it compares to national headlines—here’s a list of sources that informed this post:

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