Here’s a quick housing market update for the beginning of 2023.

Happy New Year! I am so excited for 2023, and as usual, I wanted to show you exactly what’s going on in our Metro Richmond real estate market. 

First, the average original list price for all the homes that were sold in the last 30 days was $387,000, and the average sold price for these properties was $388,000. That being said, the average seller offered $4,700 in concessions, meaning the adjusted sale price after you subtract the concessions is $383,300, or 99% of the original asking price. Meanwhile, the average home is spending 18 days on the market. 

“Buyers shouldn’t wait to make a move.”

This means that sellers are giving buyers concessions to keep their offers high, and it seems to be working. At the same time, inventory is decreasing. There were 2,713 homes available in November, but there were only 2,127 in December. 

If you’re thinking about selling your house, we’re on the cusp of the spring market, which will have low inventory, good sales prices, and more benefits for sellers. Buyers shouldn’t wait to make a move. Supply is scarce, and the longer you wait, the more competition you’ll have. 

If you’re thinking about buying or selling, you need to meet with me. Just give me a call or send me an email; I’d love to speak with you!