The facts say our Richmond area market is strong and active.

As we continue to deal with the challenges presented by the COVID-19 pandemic, many are wondering what’s happening with the Richmond area real estate market. Today I’ll share the facts.

First, we have extremely low inventory. Inventory was low prior to the lockdown, but now it’s gotten even lower and we have about a two-month supply. This of course means that if no new homes came on the market, it would take two months to sell off all remaining inventory. In our marketplace, a balanced market has around a six-month supply. Anything less than that means more buyers need homes than there are homes for sale.

Second, homes are selling very quickly—typically in under 30 days. In April, the average days on market was 27 days. So far in May, that number has dropped to 25. Homes are taking less time to sell because there is a lot of buyer demand and no inventory.

Homes are taking less time to sell because there is a lot of buyer demand and no inventory.

Third, homes are still selling for a higher value. In the Richmond metropolitan area, homes have sold, on average, for 95% to 100% of their list price in the last 60 days. This is why it’s so important to work with a marketing agent rather than a listing agent. There’s a big difference between these two types of agents; a marketing agent can help set the correct list price for your home and then leverage their marketing skills to get the highest value for it.

Despite what you may be hearing, our market is still strong and active. If you’re thinking of buying or selling within the next few months, the time to act is now.

If you have more questions about our market or would like to buy or sell now, my team and I would love to help you. Just give me a call or send an email. Remember—no matter the market, it’s the marketing that makes the difference.