What every buyer and seller should know about the Metro Richmond market.

What are the latest numbers in Metro Richmond real estate? Today I’m sharing a few market indicators to keep you updated with the latest trends.

Let’s start with the average list price. Right now, we’re at $398,651, which is up 11.3% from this time last year. Meanwhile, new listings are down 11.5%. With these numbers, I believe percentages from the original list price to the adjusted sale price are so strong because of a lack of inventory.

“Interest rates are starting to drop.”

Next, let’s look at the market stats of the homes in different price ranges. Data from December 2022 versus January 2023 shows that everything’s trending about the same in terms of original list price, sold price, and adjusted sold price in homes priced from $0 to $350,000, with sellers no longer giving as many concessions and having to give up only 3% of the original list price. As for homes priced at $351,000 to $650,000, everything’s trending almost identically, with average days on market at 22. Lastly, homes priced at $651,000 and up are getting above asking price. Even with the concessions, they’re still selling at 102% of asking price with 27 days on the market. Again, I believe this is due to the lack of inventory.

As for some good news for buyers, interest rates are starting to drop, though they are still higher than what many people would prefer. However, when buying or selling a house, it is important to consider your lifestyle and current needs rather than just focusing on interest rates.

Our team is seeing homes go under contract within 7-8 days of being on the market, and closing for almost, if not above, asking price. If you’re a buyer or seller looking to learn more about the market in your neighborhood, call or email us. We can guide you through the process and share the good things happening in the Metro Richmond real estate market.