The Richmond real estate market is strong for both buyers and sellers.

What’s going on in the Richmond real estate market? Many people have asked me that lately since things have shifted over the last year. The real estate market here in Richmond has not changed as dramatically as you may think. Here are three factors to consider if you’re planning to buy, sell, or invest in a home:

1. Inventory. While there are more homes on the market now than there were during the last year, inventory levels are still very low. In the Richmond metro area, we are at a 2-month supply of inventory. As I’ve pointed out in previous videos, a “balanced” or “normal” market is a 6 to 7-month supply of homes for sale. If you’re considering selling your home, this means that your home is still in demand and you have less competition. If you’re planning to buy a home, you now have more options than you previously did.

“The real estate market here in Richmond has not changed as dramatically as you may think.”

2. Sales price. The average sale price in the Richmond market is lower than during the summer of 2022, but it’s still higher than in January last year. Right now, the average sale price for a home is just under $400,000. As you can see from the chart at 1:13 in the video, home prices have actually remained pretty steady over the past 12 months. If you’re planning to buy a home, you have a better chance of finding a home in your price range now. If you’re planning to sell your home, this shows home prices are not crashing or drastically losing value. You are still likely to get an excellent price for your home if you sell now.

3. Days On Market. You may see headlines saying homes are “sitting on the market” or that “the market has slowed.” Yes, homes in Richmond are taking longer to sell than last year, but it’s important to understand the context. As the graph at 1:57 in the video shows, the average home still takes less than 30 days to sell. If you’re planning to sell your home, you can feel confident that it will likely sell quickly due to the high buyer demand in today’s market. If you’re planning to buy a home, you should act soon—homes are not sitting for long periods.

Whether you’re thinking about selling, buying, or investing in real estate in the Richmond area, contact us today. Our team will help you understand the facts about the market and put a plan in place to help you get the best deal possible. Remember - It’s Not the Market…It’s the Marketing that Makes the Difference!