Richmond’s New Construction Scene Responds to Virginia’s Fastest-Growing Region
Richmond’s new construction market is riding a wave of momentum driven by population growth, falling mortgage rates, and sustained demand from young professionals and relocating families. With Chesterfield County adding residents faster than any other locality in Virginia — 36,753 new people since 2020, a 10.1 percent increase — and mortgage rates dipping below 6 percent for the first time in three and a half years, builders across the metro are delivering new homes to meet a market that shows no signs of slowing. Here’s your guide to what’s being built across Greater Richmond in 2026.
Richmond’s Housing Market Sets the Stage
Richmond’s housing fundamentals heading into 2026 are strong. Home prices rose 5.3 percent year over year as of February 2026, with the median sale price reaching $400,000. Inventory remains tight at just 2.4 months of supply — well below the 4 to 6 months that characterize a balanced market — meaning sellers and builders still hold leverage.
The critical context for new construction buyers is the lock-in effect that’s constraining the resale market. Many Richmond homeowners secured mortgage rates in the 3 to 4 percent range between 2018 and 2022, and they’re reluctant to sell because buying a new home means accepting a significantly higher rate. This has kept resale inventory artificially low, pushing more buyers toward new construction as their primary — and in some cases only — path to homeownership.
The good news for 2026 buyers: mortgage rates have eased meaningfully, with the 30-year fixed rate dropping to 5.98 percent in late February 2026 — the first sub-6 percent reading in three and a half years, down from a peak of 7.04 percent in January 2025. That rate improvement, combined with steady new construction delivery, is creating the best buying conditions Richmond has seen since 2021.
Major Builders in the Richmond Metro
StyleCraft Homes builds exceptional new homes across Greater Richmond, including communities in New Kent, Midlothian, Henrico, and King William. Their portfolio spans growing families, active couples, and 55-plus communities, with a reputation for quality construction and neighborhood design that has made them one of the region’s most trusted names.
Main Street Homes is a locally owned, award-winning builder offering personalized homes with quality craftsmanship across Henrico County and beyond. Their floor plans range from 1,500 to over 3,500 square feet, including one-story living, traditional two-story homes, townhomes, and first-floor primary bedroom designs — covering essentially every buyer need.
Eagle Construction of Virginia delivers new homes across the Richmond metro with a focus on energy efficiency and modern design. Their communities in Henrico, Chesterfield, and Hanover counties offer a range of price points and floor plan styles.
Eastwood Homes brings a regional builder’s perspective to the Richmond market, with communities that emphasize value and straightforward pricing. Their homes appeal to first-time buyers and young families seeking quality construction at accessible price points.
Schell Brothers has entered the Richmond market with an emphasis on community building and resident engagement. Their approach goes beyond the typical builder experience, with programming and design features that foster connections between neighbors.
Keel Custom Homes represents the custom end of the Richmond market, building throughout Chesterfield, Henrico, Goochland, Hanover, New Kent, and Powhatan counties. Their spring 2026 market update notes growing demand for custom construction as buyers seek alternatives to limited resale inventory.
AR Homes (Ellington Custom Homes) builds fully custom homes throughout Richmond, Goochland, Henrico, Chesterfield, Hanover, and Powhatan counties, offering buyers complete control over design, finishes, and layout.
Cornerstone Homes specializes in 55-plus communities in the Richmond area, targeting the active adult buyer who wants single-level living with community amenities in a maintenance-free package.
Where New Construction Is Concentrated
Chesterfield County is the undisputed growth leader in the Richmond metro. Adding over 36,000 residents since 2020, Chesterfield’s combination of strong schools, growing infrastructure, and relative affordability has made it the preferred destination for builders and buyers alike. Communities like Summer Lake exemplify the county’s appeal, offering new construction with community amenities in a family-oriented setting. The Midlothian corridor is particularly active, with multiple builders delivering homes across all price segments.
Henrico County remains Richmond’s most established suburban market, with a median price around $379,000. The Short Pump corridor on the west end offers proximity to major retail, dining, and employment centers, while the River Road area provides a more established, tree-lined setting. Main Street Homes and other builders are active in Henrico, though available land within the county is more limited than in Chesterfield.
Hanover County to the north offers a more rural character with strong Hanover County Public Schools drawing families willing to trade a slightly longer commute for space, value, and a small-town feel. New construction here tends toward larger lots and more traditional architectural styles.
New Kent County east of Richmond is an emerging market where builders like StyleCraft Homes can deliver new homes at lower price points thanks to more affordable land. The trade-off is a longer commute, but for buyers who work remotely or value space over proximity, New Kent offers compelling value.
Goochland and Powhatan counties west of Richmond attract custom builders and buyers seeking larger parcels and a more rural lifestyle within commuting distance of the city. AR Homes and Keel Custom Homes are particularly active in these western counties.
What New Construction Costs in Richmond
Richmond’s new construction pricing is notably more accessible than many East Coast metros:
- Townhomes and smaller single-family homes from production builders start in the mid-$300s in areas like Chesterfield and New Kent, offering an attainable entry point for first-time buyers.
- Mid-range single-family homes in established Chesterfield and Henrico communities typically range from the high $300s to the mid-$500s, with most falling in the $400,000 to $475,000 range.
- Move-up homes in premium locations like Short Pump, Midlothian, and Hanover range from the $500s to the $700s, with larger floor plans and upgraded finishes.
- Custom homes from builders like Keel, AR Homes, and other custom operators start in the $500s and can exceed $1 million in Goochland, western Henrico, and premium Chesterfield locations.
With mortgage rates below 6 percent, many Richmond buyers are finding that monthly payments on new construction are more manageable than they’ve been in years, and builders are supplementing rate relief with closing cost credits and included upgrades.
The Custom Home Trend in Richmond
One notable trend in Richmond’s 2026 market is growing interest in custom and semi-custom construction. With resale inventory so constrained by the lock-in effect, more buyers are concluding that building from scratch is their best path to getting exactly the home they want. Builders like Keel Custom Homes report increased demand from buyers who are tired of competing for a limited selection of existing homes and would rather design something new.
Custom building in Richmond is more accessible than in many metros. Land in Goochland, Powhatan, New Kent, and parts of Chesterfield and Hanover remains reasonably priced compared to Northern Virginia or the D.C. suburbs, making the total cost of lot plus custom construction competitive with buying an existing home in many cases.
Tips for Buying New Construction in Richmond
Richmond’s new construction market has specific considerations worth understanding. Virginia’s disclosure requirements differ from many states, so work with a buyer’s agent who knows Virginia real estate law and new construction contracts. Get pre-approved before touring model homes, and compare lender offerings — using the builder’s preferred lender may unlock additional incentives, but an independent lender sometimes offers better overall terms.
Research school districts carefully, as the Richmond metro spans multiple systems including Chesterfield County, Henrico County, Hanover County, and Richmond City schools, each with different strengths. Factor in Virginia’s property tax rates, which vary significantly by locality — Chesterfield, Henrico, and Hanover each set their own rates.
For homes in newer communities, investigate the timeline for surrounding development. Some Chesterfield and New Kent communities are ahead of supporting retail and commercial infrastructure, meaning early buyers may face longer drives for everyday errands until the area fills in.
Looking Ahead
Richmond’s new construction market is well-positioned for continued strength through 2026 and beyond. The metro’s fundamental drivers — Chesterfield’s population surge, Virginia’s stable economy, Richmond’s growing reputation as a desirable mid-Atlantic city, and the easing rate environment — all point toward sustained demand for newly built homes. With a diverse builder landscape ranging from national production companies to respected local custom shops, and pricing that remains accessible by East Coast standards, Richmond offers new construction opportunity for virtually every buyer profile and budget.