Here are three things everyone should know about our market.

Today I’m offering a quick update on the Richmond real estate market for the second quarter of 2020. The latest numbers are in and I’m excited to share them with you. Here are the main things you need to know:

1. We have very low inventory. As you can see in the video above, we had 434 new listings in just the last seven days. We also had 733 properties go pending during that time, along with 506 that actually closed. This means there are fewer new homes coming on the market, and more homes are selling. We’ve had fewer than three months of inventory since January, and fewer than two months since March. A balanced market has around six months of inventory.

The average sale price is up from last year, too.

2. Homes are selling very quickly. At the end of Q2, the average days on market remains below 30. Homes are taking less than a month to come on the market and go under contract. Buyers are anxious to purchase while interest rates are low and this demand remains strong.

3. Homes are selling for more money. As the graphic at 2:05 shows, the average seller is getting 98% to 100% of the list price for their home. The average sale price is up from last year as well. It’s important to work with an agent who understands the market and solid marketing strategy if you want to get top dollar.

What does all this mean? If you’re a potential seller, now is the time to list. With restrictions lifting, we’re hosting open houses again and showings have increased while buyer demand remains strong.

If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you.