The idea of the slow slow slow market of summer has changed over the past few years. Those cycles we could always count on like clockwork had already changed a bit, but the pandemic really wiped them off the map. That means that even though July is historically slow, now it’s definitely less so, and there are fewer extreme peaks and dips seasonally.
Soooo… that being said, here’s what’s going on in Metro Richmond real estate this summer.
Despite the fact that rates have been bouncing around 7% for months (!), we’re still seeing lots of sales and lots of activity.
You may have heard me say that a balanced market is when we have 6 months of inventory, and it’s been a while since we’ve been there. As of June, we are at 1.6 months. With the exception of a few months last fall, this is the most inventory we’ve had since before the pandemic- that’s good news, especially if you’re buying. More inventory means more choice, and less demand.
In many cases, we’re still seeing multiple offer situations, but generally that is on homes that are “DONE.” (That means there are opportunities out there for buyers who don’t have to have that perfect, brand new renovation!) What else does it mean? That if you’re selling, the closer you can get your home to DONE, the more money you’re likely to net, and that’s good too.
On average, we are still seeing homes selling in the Metro Richmond area for 100% of the list price, with no noticeable average deviation. That is based on the data available from our MLS. Anecdotally, though, I think those numbers are slightly skewed because I’m seeing many more price reductions (on average, our MLS is showing around 300 reductions per week for the whole of the summer so far.) That means that while the home may sell for 100% of the list price, it doesn’t mean that it sold for 100% of the *original* list price. Again, those homes that are “show ready” are the ones that are selling for those higher prices.
Want more customized information to your neighborhood, home, or where you want to call home? Let me know, and I can give you a personalized market report with projections.