The Richmond Metro housing market in September 2024 presented a mixed picture, with some segments showing strength while others hinted at possible easing.
Single-family homes continued to be in high demand, driving price growth. New listings were up slightly (2.3% year-over-year), while pending sales increased significantly (15.2%). Closed sales dipped just slightly (1.2%). This suggests a slight cooling in the rapid pace of sales seen previously. The median sales price jumped 8.1% to $425,000, and the average sales price increased 8% to $483,405. Homes also took a little longer to sell, with days on market increasing 25% to 25 days (on average.)
The condo/townhome market showed more signs of shifting towards a more balanced market. New listings surged 12.2%, and pending sales were up 21% year-over-year. However, closed sales dropped dramatically (20.1%), and inventory levels increased (up 14.7% from September 2023). Months of supply also rose from 1.9 to 2.1 months. Prices, however, continued to climb, with the median sales price rising 9.5% to $387,000 and the average sales price increasing 14.8% to $406,064.
Overall, the Richmond Metro market remains strong, but things have cooled just a bit in past couple of months. Anecdotally, we’ve definitely seen an uptick in price reductions across the market. As I’ve been tracking this for the past 6-8 months, we went from pretty consistently 250 or so reductions per week, until around 3 months ago when that number increased to around 350. So, when you see the data that most homes are still selling for around 100% of their asking price, that’s true, but it does not factor in the price reductions that the listing may have seen.
While I would by no means say our market has cooled, and I certainly wouldn’t call it a “buyers’ market,” we are definitely seeing a less frenetic pace of sales, and overall, fewer offers on listings. More inventory (or at least a little more) and as a result, less competition.
So, if you’re thinking of buying and you’ve been on the fence about jumping into the market, it’s a good time. If you’re selling? Well, it’s still a good time, but if you’re wanting an offer of way over asking, with no inspection, and no appraisal, you may find yourself disappointed if you’re starting at an “early summer” price. Price it more reasonably, and make sure you’re showing off all the best features of your home, and you’ll be much, much happier with the outcome.
Do you have questions on your home, your neighborhood, or area? Reach out to me. I’d love to help you determine if it’s a good time to make a move, and help you get where you want to be!
Click HERE to look at all the numbers used to make up this assessment.
