Three of the most significant trends we saw in the first quarter of 2023.

The first quarter of 2023 has come and gone, and it's hard to believe how quickly time flies. As we enter the spring, let's take a look at some statistics about the Richmond area real estate market.

1. The number of listings. One trend that we've noticed is that the number of new listings coming on the market has increased every month since the beginning of the year. If you're planning to buy a home, this means that you'll have more options to choose from. However, if you're planning to sell, it may mean a little more competition.

Despite the growing number of new listings, the Richmond area is still sitting at a two-month supply of inventory or less. This means there are not enough homes on the market to meet the demand from buyers. If you're considering selling your home, now is still an excellent time to list.

“Buyers should start looking sooner rather than later.”

2. Average sales price. The average sales price in Richmond jumped to over $400,000 in the first quarter. If you're thinking of selling, this means you may be able to get more for your home now than you could have hoped for before. For buyers, this means that home prices are not declining or crashing, even as mortgage rates have gone up.

If you're planning to buy a home, it's better to do it now before prices get any higher. Remember, marry the house and date the rate. You can always refinance to a lower mortgage rate when they drop, but you can't lower the price of your home.

3. Days on market. The average number of days it took to sell a home crept up to 30 days in February but has since dropped back down to 25 days at the end of the first quarter. If you're considering listing your home, this means that it's still likely to sell quickly. If you're planning to buy a home, this means you should start looking sooner rather than later, as it may take a little more time to secure your next home.

No matter what your plans are for 2023, our team can help. Contact us today for a no-pressure discussion. We'll listen to your needs and help figure out an exit strategy that works best for you, so call or email us anytime. Remember, it's not the market…it's the marketing that makes the difference!