Inventory is low and demand is high in our Richmond market.

As autumn begins, there are three key points to remember about our Richmond area real estate market. 

1. Inventory is still extremely low. In the week preceding the recording of this video, 419 listings hit the market, 661 went into pending, and 803 of them sold. As you can see in the graph at 0:55 in the video, existing homes for sale are selling quicker than homes are coming on the market. 

If you recall from previous videos, inventory is measured by how long it would take all available homes to sell if no new ones came on the market. That said, a balanced market has about six months of inventory. From June to August, inventory in the Richmond area remained below two months, which means we’re still in a very strong seller’s market and buyer demand is still high. 

2. Homes continue to sell very quickly. As I alluded above, from June to August, the average days on market for Richmond listings stayed under 30 days. We’ve even sold some homes recently that went under contract in less than two days with multiple offers. Granted, this is just an average, and every home sale is unique. There are times when homes may take longer to sell (especially in higher price points), but this statistic is very encouraging for homeowners considering selling in the next few months. 

It’s also important information to know if you're considering buying soon. Since homes are selling quickly, it’s important to work with an experienced agent who can guide you through the scheduling of showings and help you make a decision as quickly as possible. 

We’re still in a very strong seller’s market and buyer demand is still high.

3. Homes are selling for more money. The average sale price for Richmond homes this summer was well over $300,000. In August, it jumped to almost $350,000. This average has stayed fairly consistent throughout the year, and while prices are starting to level off somewhat, they’re still higher than they were last year. Additionally, home appreciation continues to rise. 

What does all this mean? Whether you plan on buying or selling in 2020, you need to work with a team of marketing professionals who can help you navigate this hot market. My team and I study the latest market trends and educate our clients about what to expect and how to get the best deal. We’d love to put this expertise to work for you, so if you’re thinking of making a move, call us so we can schedule a free, no-obligation consultation. We promise to make sure you only have to move once and that your move is as hassle-free as possible. 

If you have any other real estate questions, feel free to reach out to me as well. I’d love to help you. Remember, it’s not the market—it’s the marketing that makes the difference.