Are you considering buying or selling a property in Richmond? Understanding the current state of the real estate market is essential to make informed decisions. With the latest December 2022 report, we can get a clear picture of the real estate market in Richmond and what it means for buyers and sellers.
Single-Family Homes
In the single-family home market, we see a decrease in new listings from 149 in 2021 to 112 in 2022, a 24.8% drop. However, the total number of pending sales has also decreased by 24.4% from 164 to 124. The closed sales have taken the biggest hit, with a 40.4% decrease from 267 to 159.
Despite the decrease in sales, the median sales price has increased by 2.1%, from $350,000 in 2021 to $342,500 in 2022. On the other hand, the average sales price has increased by 8.5%, reaching $439,192 in 2022. Additionally, the percent of the original list price received has also increased by 0.8%.
One bright spot in the market is that the inventory of homes for sale has increased by 18.7%, from 171 in 2021 to 203 in 2022. The months supply of inventory has also gone up by 28.6%. This means that the supply is starting to catch up with the demand, which is good news for buyers who may have been facing a competitive market.
Condos and Townhouses
In the condo and townhouse market, the trend is similar to the single-family home market. The number of new listings has decreased by 13.0% from 23 in 2021 to 20 in 2022, while the number of pending sales has decreased by 62.5% from 32 to 12. The closed sales have also decreased by 55.6% from 45 to 20.
Despite the decrease in sales, the median sales price has increased by 15.5%, from $232,000 in 2021 to $268,000 in 2022. The average sales price has also increased by 9.5%, reaching $291,564 in 2022. The percent of the original list price received has increased by 1.4%.
The inventory of condos and townhouses for sale has decreased by 20.5%, from 44 in 2021 to 35 in 2022. The months supply of inventory has increased by 10.0%, which means that the supply is slowly starting to catch up with the demand.
In conclusion, the Richmond real estate market in December 2022 shows a decrease in new listings, pending sales, and closed sales, especially in the single-family home market. However, the median and average sales price have increased, and the inventory of homes for sale is starting to increase as well. This report provides valuable insight for buyers and sellers in the Richmond real estate market, helping them make informed decisions.
