Here’s How Richmond’s Real Estate Market Ended Up for 2025

As we close the book on 2025, Richmond’s real estate market tells a clear story, one of adjustment, normalization, and opportunity for those who understand how to read the signals.

After several years of fast-paced sales, limited inventory, and aggressive bidding, this past year marked a noticeable shift. Buyers became more selective. Inventory increased. Sales slowed. Prices, however, proved far more resilient than many expected.

For homeowners, buyers, and sellers alike, 2025 was not a crash year, it was a recalibration year.

A Slower Pace, By Design

Sales activity across Richmond cooled compared to the previous year. Detached homes, townhomes, and condominiums all saw fewer completed transactions, particularly in the second half of the year.

This slowdown wasn’t driven by lack of interest, it was driven by affordability, interest-rate uncertainty, and buyer caution. Many buyers chose to wait, watch, and compare rather than rush decisions.

At the same time, sellers began testing the market more cautiously, often listing with higher expectations before adjusting to current conditions.

The result? Fewer sales, but more thoughtful ones.

Inventory Rose, And That Changed Everything

One of the most defining features of Richmond’s 2025 market was the increase in available inventory.

Active listings climbed steadily throughout the year, especially in the detached and condominium segments. This shift gave buyers something they haven’t had in years, real choice.

Homes took longer to sell, negotiations became more common, and pricing strategy mattered more than ever.

This chart clearly illustrates what many homeowners felt anecdotally, inventory moved up while sales flattened or declined. That widening gap is what shifted leverage toward buyers in many neighbourhoods.

For sellers, this meant one thing: the market rewarded preparation and realistic pricing, not hope pricing.

Prices Adjusted, But Didn’t Collapse

Despite slower sales and rising inventory, Richmond home prices held up surprisingly well.

Yes, certain segments saw modest price softening. Some homes required price adjustments. And bidding wars became less common. But widespread price drops never materialized.

This resilience speaks to Richmond’s fundamentals, strong long-term demand, diverse housing stock, and neighbourhoods that continue to attract families, downsizers, and investors.

Well-priced, well-presented homes continued to sell. Over-priced listings, however, often sat longer and eventually chased the market.

Market Breakdown by Property Type

Detached Homes

Detached properties experienced the most visible slowdown in sales. Higher price points and borrowing costs reduced urgency, and buyers took their time.

That said, quality homes in established neighbourhoods still moved, especially when sellers aligned price with current market reality rather than past peak values.

Townhomes

Townhomes remained a popular middle ground. Inventory rose, but buyer interest stayed relatively steady, particularly for newer or well-maintained properties.

Pricing became more sensitive in this category, and buyers expected value, not stretch pricing.

Condos

The condominium market offered some of the best opportunities in 2025. Increased selection, longer days on market, and more negotiable terms attracted first-time buyers and investors back into the conversation.

For condo sellers, differentiation and presentation were key.

What This Meant for Buyers

2025 gave buyers breathing room.

More listings meant more choice. Longer market times meant less pressure. Negotiation became part of the process again.

Buyers who were well-prepared financially and understood neighbourhood pricing were able to secure favourable terms, especially later in the year.

What This Meant for Sellers

For sellers, the message was clear: strategy mattered.

Homes that were priced accurately from the start and professionally marketed stood out. Homes that chased last year’s prices often stalled.

In a market like this, success came from:

• Accurate pricing

• Strong presentation

• Professional marketing

• Clear communication

The days of “list it and wait” are behind us, at least for now.

Looking Ahead to 2026

As we move into 2026, most indicators suggest a more balanced environment ahead.

Interest-rate clarity, pent-up demand, and steady population growth are expected to gradually improve activity levels. While dramatic price growth is unlikely in the short term, stability and opportunity remain.

For homeowners considering a move this year, understanding where your property fits in today’s market, not last year’s, will be the key to making confident decisions.

Thinking About Selling or Just Want Clarity?

If you’re a Richmond homeowner wondering:

• What your home is worth today

• How your neighbourhood is performing

• Whether 2026 is the right time to sell or wait

I’m happy to help.

I provide clear, pressure-free home evaluations that give you real insight, not sales talk, so you can make informed decisions at your own pace.

👉 Request your Richmond home value and market snapshot here:
michaelcowlingrealty.com/contact

There’s no obligation. Just clarity.

If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate successful!