Home Prices Hold Steady as Sales Activity Slows
The October housing market numbers are in, and they tell us a few things about what’s happening in the Richmond area.
Home prices are holding relatively steady, but we’re seeing fewer new listings and fewer closed sales compared to this time last year. Homes are also taking a little longer to sell.
Let’s take a look at the numbers.
October 2026 Market Statistics
| Market Indicator | October 2026 | Change From Last Year |
|---|---|---|
| Average Sales Price | $485,074 | +1.6% |
| Median Sales Price | $400,000 | -1.2% |
| New Listings | 2,047 | -10.0% |
| Closed Sales | 1,398 | -15.7% |
| Average Sales-Price-to-List-Price Ratio | 100% | No change |
| Median Sales-Price-to-List-Price Ratio | 99.7% | +0.01% |
| Average Days on Market | 33 days | +3.1% |
What Do These Numbers Tell Us?
Home Prices Remain Relatively Stable
The average sales price increased 1.6% compared to October 2025, while the median sales price declined 1.2%.
Why the difference? The average can be influenced by higher-priced homes, while the median represents the midpoint of all sales.
Neither number tells the whole story about what an individual home is worth. Property values still depend on location, condition, recent comparable sales, and buyer demand.
Fewer Homes Are Coming Onto the Market
New listings dropped 10%, and closed sales declined 15.7% compared to last year.
That tells us market activity has slowed, but it doesn’t necessarily mean home values are falling.
With fewer homes coming onto the market, buyers may still face competition for well-priced properties in desirable locations.
Homes Are Taking Longer to Sell
Homes spent an average of 33 days on the market in October, an increase of 3.1% compared to last year.
For sellers, this reinforces the importance of pricing and preparation. Buyers are comparing properties carefully, and homes that are overpriced or need substantial work may take longer to attract an offer.
Sellers shouldn’t automatically expect multiple offers immediately after listing.
How Close Are Homes Selling to Their Asking Prices?
Two numbers help answer that question.
The average sales-price-to-list-price ratio is 100%, unchanged from last year. This means the average reported ratio shows homes selling at their asking price.
But the median ratio is 99.7%, a slight increase of 0.01% from last year.
What’s the difference?
The average includes every sale and can be affected by homes selling significantly above or below asking price. The median represents the middle of all sales, with half of the reported ratios above that number and half below.
For example, a home listed at $400,000 that sells for 99.7% of its asking price would sell for $398,800.
That’s only $1,200 below asking.
These numbers tell us that sellers, overall, are still receiving prices very close to their asking prices.
However, that doesn’t mean every property is selling at full price. Some homes sell above asking, while others require price reductions or seller concessions.
And remember, the ratio compares the sales price with the reported list price. It doesn’t necessarily tell us whether a home had previous price reductions.
The takeaway: Pricing a home correctly remains one of the most important parts of a successful sale.
What About the Election?
With the November election just behind us, some buyers and sellers may be wondering whether the results will affect the housing market.
It’s a reasonable question, but it’s too early to draw conclusions.
Housing markets are influenced by several factors, including mortgage rates, available inventory, employment, consumer confidence, and local economic conditions.
Election results can influence expectations about economic policy, but they don’t automatically translate into higher or lower home prices.
For now, I would pay more attention to local housing inventory, mortgage rates, and actual sales activity than political headlines.
My Take on the Market
After more than 27 years in real estate, I’ve learned that the market doesn’t have to be moving rapidly for buyers and sellers to have opportunities.
For sellers, pricing and preparation matter. Buyers are paying attention to condition, updates, and value. An unrealistic asking price can cost you valuable time on the market.
For buyers, a slower market may provide more time to evaluate properties and negotiate terms. However, desirable homes that are priced correctly can still sell quickly.
The key is understanding what’s happening in your particular neighborhood and price range, not relying solely on regional averages.
Mark’s Home Tip: Clean Your Gutters Before Winter
November is a good time to make sure your gutters and downspouts are clear of leaves and debris.
Clogged gutters can cause water to overflow near your foundation, potentially leading to moisture problems in crawlspaces and basements.
Make sure downspouts are directing water away from the house and that drainage areas remain clear.
It’s a relatively simple maintenance item that can help prevent expensive repairs later. Click here to download my complete Home Fall Checklist.
Thinking about buying or selling?
Whether you’re planning a move soon or simply want to understand what your home may be worth in today’s market, I’m happy to help you review the numbers for your neighborhood.
Mark Adams
Mark Adams & Associates
eXp Realty
office@markadamsteam.com
804-237-8585
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