Despite much of the national news being less than great, the market in the Richmond area is doing just fine. Here are a few highlights.
Prices:
Our average list to sold percentage is right at 100% now, and that’s pretty good, whether you are buying or selling. Last year this time, that number was 104%. While no one is getting a “deal” in this market, we’re also not seeing the whole market paying way over list price for homes on the regular.
If you’re selling, homes are still moving, and we’re definitely still seeing the “market ready” homes going for at or above list price. (Saying this with the caveat that there are plenty of homes that don’t sell for top dollar, but they are generally not in great condition, or they’re not priced well.)
Inspections:
If you’re buying, there is great news, and that’s that inspections are fully, completely, BACK! While we are seeing some waivers of smaller items, etc, we’re seeing inspections much more as the rule rather than the exception, and that’s great for buyers. If you know you’re in a competitive situation, think about how you can make that inspection clause more appealing to the seller. (There are a lot of ways to do this while still covering yourself against major issues.)
Inventory: 
Inventory is still rather low. Going back to the old standard of the month’s supply, we’re at 1.8 months of supply of homes right now (a balanced market is 6 months). That’s exactly where we were with inventory this time last year. If you’re thinking of buying, the good news there is that the inventory is more or less holding steady. The bad news is that if you have been on the fence about buying, and waiting for rates and/or prices to go down, that’s unlikely.
The average sale price in our entire listing area (including Richmond and all of the surrounding counties) is just over $450,000, as of March 2025. Last March, that number was $432,000. Not a huge jump, really, but definitely going up.
What questions do you have on the market? As always, every home, every neighborhood, every area is somewhat different. If you have questions about your home, or your dream home, reach out! I’d love to break down the market for you and your unique needs and goals.