Mortgage Rates Under 6% as Local Pricing Signals Stay Mixed
Richmond, VA – February 28, 2026 – Mortgage rates dipped under 6%, while local price indicators pointed in different directions and listings remained tight heading toward spring.
Buyer activity is moving toward the spring season with borrowing costs easing, while local price indicators continue to send mixed signals in Richmond, Virginia. With rates dipping below 6%, many households are re-running affordability math, but the day-to-day experience can still vary by neighborhood and price point.
Key numbers to watch
- Mortgage rates: 30-year fixed averaged 5.98% (Freddie Mac, Feb. 26).
- Redfin pricing: January median sale price was about $360K (-5.5% year over year).
- Zillow pricing + supply: Typical home value was $357,611 (+1.0% year over year) with 608 homes listed for sale (as of Jan. 31).
- Time to sell (closed-sale view): 48 median days on market in January (Redfin).
Market snapshot
January closed sales totaled 149, up from 141 a year earlier, but homes took longer to move in closed-sale data. That slower pace can matter for both sides: buyers may find more room to negotiate inspection items or credits, while sellers may need to focus more on pricing strategy and preparation.
It’s also worth comparing timing metrics. Zillow’s days to pending (reported at 20 days) can differ from what shows up in closed-sale timing, since closing schedules add time after a home goes under contract. Watching both can help clarify whether the market is merely taking longer to close, or taking longer to attract an accepted offer.
Policy & development watch
The city extended the public comment period for its Code Refresh (zoning) draft to March 1, 2026, a timeline that could influence future housing types and neighborhood-scale infill over time.
What are you seeing right now: more price reductions, or still multiple-offer homes in your part of town?