The luxury home market in Central Virginia and Richmond is booming, with more million-dollar properties selling than ever before and bidding wars now common—expect both historic charm and modern amenities in every price bracket. Top neighborhoods like Windsor Farms and strong school districts make the area especially attractive, while wow-worthy features like pools, wine rooms, and smart technology set these homes apart. In this guide, we unpack ten must-know facts about buying and investing in Richmond’s vibrant high-end market.

The Federal Reserve’s latest rate cut is sending ripples through Virginia’s housing market, creating fresh opportunities for buyers and sellers alike. With the federal funds rate lowered to 4–4.25%, mortgage rates have dipped to their lowest levels in nearly a year, improving affordability for homebuyers across Richmond, Northern Virginia, and Virginia Beach. For sellers, the expanded pool of qualified buyers could spark renewed competition and stronger offers. Whether you’re looking to buy your first home, upgrade, or list your property, understanding how this Fed move reshapes the real estate landscape in Virginia is key to making your next smart move.

Richmond Metro’s latest real estate metrics paint a fascinating picture of home movement in 2025. Despite fewer new single-family listings, closed sales are up and homes are spending about the same time on the market as last year—staying quick by industry standards. Condos and townhomes show rising inventory and a slight cooldown in prices, but sales volume is climbing. Whether you’re buying or selling, these August numbers reveal a market that’s shifting, but still lively and competitive across Chesterfield, Hanover, Henrico, and Richmond City.

2025 has finally brought balance back to the housing market in Richmond and Hampton Roads. After years of bidding wars and frantic competition, buyers now have real choices. Inventory is up, prices are growing steadily without the frenzy, and both new construction and existing homes come with unique advantages. Whether you’re drawn to the customization of a brand-new build or the character of an established neighborhood, this is the rare moment when the market actually works in your favor.