Shortage is keeping Home Values Strong in RVA!

We are in a low inventory market right now which is raising prices for the homes that are available. There are buyers out there looking - even with interest rates at higher levels than we are used to in recent years. According to the Long & Foster Market Minute, the number of homes sold in Richmond is down 21% and the number of homes currently for sale is down 24% compared to this same time last year. Because of this, we are in a multiple offer market with homes generally selling for just over list price. These are national statistics in the graphic below, and we are seeing a similar trend in our Richmond area market, the Median Sales Price is up 4% compared to this time last year.

I'm here to keep you informed no matter the market - so please don't hesitate to reach out if you have any questions about current trends or where things are going in Richmond Real Estate. If you want to take advantage of this unique market, let's have a conversation about your real estate goals. And the best compliment I could ever receive is for you to send another wonderful client my way!