Richmond & Hampton Roads, VA Multifamily Market Report | Newmark | Q1 2026

Market Overview

Richmond metro multifamily sales volume surpassed the previous three years in Q1 2026, totaling approximately $287 million, a 91.7% year-over-year increase and the second-highest first-quarter level of the past decade, even as the average price per unit slipped 6.0% quarter-over-quarter to $191,784. Richmond fundamentals showed varied results to start 2026, with effective rents up 1.3% year-over-year and occupancy flat over the prior twelve months, while absorption fell roughly 30.3% year-over-year as deliveries dropped sharply to just 306 new units, down 61.3% from the same period in 2025. In Hampton Roads, average effective rents rose 4.1% even as other fundamentals stabilized or softened, while sales volume declined to about $140 million, down 45.1% year-over-year, as mid-sized regional operators priced out of Northern Virginia and Washington, DC increasingly target the market.

About Newmark

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Newmark is a leading commercial real estate advisory firm providing investment sales, debt and structured finance, and valuation services to owners, investors, and occupiers nationwide. Their Q1 2026 Richmond & Hampton Roads multifamily report tracks rents, occupancy, absorption, deliveries, and sales activity across the two Virginia metros. To read the full report, click here.