Richmond Real Estate Video Blog

Here’s what you need to know about our latest housing market numbers.

“What’s really going on in the real estate market?” I receive this question nearly every day. Today I’ll share all the relevant market data you need to know.

I always like to start things with the average sales price. In June 2022, the average price was $418,000, but in August, it was $402,000. Does this mean you should be worried about a housing market crash? In my opinion, no. The average sales price is still up 10.2% year over year. Our market is certainly changing, but it won’t crash.

“Buyers are comfortable with current interest rates and still want to get into homes.”

For another sign that our market is changing, let’s look at the average days on market. The average home sold in 13 days in June and 16 in August. Our market is slowing down, but not dramatically. 

Meanwhile, the list-to-sales-price ratio was 105% in May and fell to 101% in August. Sellers are still receiving over their asking prices, but the trend is moving down. 

What does all this mean for the future of our market? I believe the initial shock of higher interest rates stalled our market. People didn’t know what was happening, so they stayed put until they could wrap their heads around the situation. However, I believe this period is now over or almost over. Buyers are comfortable with current interest rates and still want to get into homes. Plus, more inventory means buyers have more options, so many who sat out during the crazy pandemic market may look for houses once again. 

This is still a good market for both buyers and sellers. If you have questions about this topic or anything else, please call or email me. I look forward to hearing from you!

About Mark Adams

We understand that buying or selling a home is more than just a transaction: it’s a life-changing experience and that’s what it is meant to be. We believe, both professionally and personally, that there is nothing better than owning a home. Making your home your own, with your favorite things and then making memories to last a lifetime, with family and friends, is what it’s all about. That’s why our team of highly-seasoned real estate professionals is dedicated to providing exceptional, personalized service for all of our clients. We take great pride in the relationships we build and always work relentlessly on the client’s behalf to help them achieve their real estate goals.