Spring 2022 - Richmond Market Update
The Richmond housing market has seen a significant uptick in recent weeks, as real estate transactions are quickly increasing as we enter spring. The current housing statistics show that homes are selling significantly over asking, more than 14% of their list prices. Homes are also selling faster than ever before; the average days on the market are down by 15%, meaning homes are selling for historic high prices faster. With those statistics, it’s no surprise that inventory is at historic lows. In fact, inventory levels in the Richmond Metro area are down by about 48%. Inventory is at historic lows, with very high buyer demand.
This spring is the optimal time to sell because favorable terms for the seller are at an all-time high. And Americans continue to view real estate as the best overall long-term investment.
If you’re buying a home, know what you can afford and make quick decisions. Be prepared to submit your best offer quickly & work with your REALTOR® to create an offer that you’re comfortable with. Interest rates are increasing to combat inflation, so buyers should lock in rates quickly.
All data from Central Virginia Regional MLS.