What’s the Condition of the RVA Market?

I have good news to share about the market here in the RVA metro. Sales are up, and inventory is down. What does this mean for buyers and sellers, though?

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What’s the condition of the market here in the RVA metro? Here are some quick numbers to give you an idea:

• For the metro as a whole, pending sales are up 14.01%. 
• Our sales success index is around 75%. In case you forgot, the sales success index is a comparison or ratio between the newly listed homes versus the homes that have already gone under contract.
• Prices are up 4.5%.
• Inventory is down 18%. 

If you’re a seller, that last figure is especially good news. That means that options are limited for all the buyers out there, and they’ll be much less picky about choosing their home. Now is the time to get that home sold.

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Pending sales for the RVA metro area as a whole are up 14.01%.

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If you have any questions you would like answered in a future video, please don’t hesitate to give me a call or shoot me an email. I would be happy to help!

Where's the Richmond Market Heading?

The Richmond real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with free home value report right here or if you're looking to purchase in the Richmond area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 804-410-3782 

The new year is in full swing, and the Richmond real estate market is starting to see some changes. Today, we want to give you a quick update so you're in the loop! Pending sales through December are up 20.5%. The sales success index, the ratio of homes on the market and homes that are under contract, is currently at a solid 71.25%.

This means that homes are selling quickly once they are listed. We've seen an increase in prices of about 11% over 2013, as prices rose from $233,000 to $258,000. Through the end of December, we saw a marginal increase of inventory, around 4%, but it won't have much of an effect on the Richmond market as a whole.

 If you're looking to buy or sell a home, or simply have a question about where our market is heading, don't hesitate to give us a call or shoot us an email. We would love to hear from you!