Richmond, VA Housing Outlook 2026
Population growth is supporting increased housing demand. Relative affordability is drawing interest from higher-cost regions. Inventory levels are tightening once again. Homes are expected to sell faster as competition increases. Price growth is forecast to remain solid in 2026.
Buying a Home Is Cheaper Than Renting in 57% of Counties—Here’s the Catch
Homeownership is cheaper than renting in 57% of U.S. counties, especially in the Midwest and South, but high upfront costs keep many renters from buying. Costs like inspection fees, taxes, and maintenance add nearly $16,000 annually to ownership expenses. Rising home prices outpace rent increases in most counties, with many spending over a third of […]
What NOT To Do Before Closing on a House
First-time home buyers should avoid several common mistakes after mortgage pre-approval to ensure a smooth closing process. Key actions to avoid include changing jobs, purchasing a new car, making late payments, and opening new bank accounts. It's also crucial not to spend down payment funds, offer more than the appraised value for a home, close […]
When will mortgage rates go down? Considerations following the Fed meeting.
The national average 30-year mortgage rate is 6.10%, near a three-year low, while the 15-year rate is 5.49%. Rates have dropped since last year but ticked up slightly recently. The Federal Reserve paused rate cuts in early 2026, likely delaying further declines. Mortgage rates track the 10-year Treasury yield plus a spread, which has narrowed. […]
Should 2026 Buyers Watch for a Fed Rate Cut?
Rates will be around 6%, still double the pandemic lows… sub-3% mortgages are likely gone for good. If the Fed pauses cuts, the housing market freezes. Everyone just waits and watches. But if they cut, borrowing gets cheaper and demand spikes… which could send prices UP again. Don’t just watch the Fed. Track the 10-yr […]
2026 Housing Market: What Sellers Should Know
Market’s balancing—more buyers returning, stable pricing, steady demand ahead. Builders slow down, but buyer incentives like rate buydowns may appear. More inventory arriving—well-priced, well-marketed homes attract consistent buyer demand. Stable mortgage rates ~6% keep buyers serious and realistic. Curb appeal, smart upgrades, and clear pricing sell homes faster.
Report: December Closings Up, Selling Price Growth Slows
December real estate data on the Peninsula shows settled sales increased 10.96% year-over-year to 567, with pending sales up 15.17%. Active listings fell from November but rose 21.93% compared to last December. The median sale price rose 1.85% to $330,000, below the typical 3-5% annual increase. Inventory supply decreased from November but was higher than […]
Key Takeaways: December 2025 Virginia Home Sales Report
Virginia's 2025 housing market ended strong with 8,482 homes sold in December, a 7.3% increase from the previous year, and annual sales up 1.2% to 103,722. Median home prices rose modestly, with December at $415,000 and the annual median at $425,000. Active listings increased 14.3% to 19,631. Lower mortgage rates and more inventory are expected […]
First-time homebuyer’s guide to getting a mortgage
Navigating the homebuying process can be challenging for newcomers. It's essential to understand that while mortgage interest rates matter, other factors like loan size, down payment, and additional costs (e.g., insurance, taxes) also significantly impact monthly payments. Start saving for a down payment early, especially if your income varies. The homebuying process involves steps like […]
Here’s what a $650,000 mortgage loan costs monthly after the December Fed rate cut
Mortgage rates have dropped since the Federal Reserve's rate cuts in 2025, with the average 30-year mortgage now at 6.12%, down from over 7% earlier in the year. For a $650,000 loan, monthly payments on a 30-year fixed mortgage are about $3,947, saving nearly $395 monthly compared to January. While further rate declines in 2026 […]