Richmond, VA Housing Market Analysis - September 2024
The Richmond, VA metro area housing market in September 2024 presents a dynamic landscape with varying trends across different metrics. The Median Sales Price for homes stands at $400,000, reflecting a year-over-year increase of 3.1%. This upward trend is mirrored in the Median List Price, which also sits at $400,000, marking a 2.6% rise from the previous year.
Price Per Square Foot has seen a notable increase, with the median Price Per Square Foot reaching $215.23, up by 5.5% year-over-year. Similarly, the Median List Price per square foot has risen to $218.78, a 6.9% increase compared to last year. These figures suggest a strengthening in property values within the Richmond market.
However, the number of Homes Sold has decreased by 4.9% year-over-year, totaling 1,310 units. In contrast, Pending Sales have risen by 5.8%, reaching 1,503 units, indicating a potential uptick in future sales activity. New Listings have seen a modest increase of 0.8%, with 1,583 properties entering the market.
Inventory levels have grown slightly, with a 1.5% increase year-over-year, bringing the total to 2,317 homes. The Months of Supply have expanded by 10.0%, now standing at 1.80 months, suggesting a slight easing in market tightness.
The Median Days on Market have increased by 5.0% to 18 days, indicating that homes are taking slightly longer to sell compared to last year. The average sale to list ratio has decreased by 0.8%, now at 100.5%, while the percentage of Homes Sold above list price has dropped by 4.6% to 40.8%.
Price Drops have become more common, with a year-over-year increase of 8.8%, affecting 33.3% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 7.7%, now at 43.4%, suggesting a cooling in the rapid turnover of properties.
Overall, the Richmond housing market in September 2024 exhibits a mix of rising prices and a slight slowdown in sales activity. While property values continue to appreciate, the market shows signs of balancing with increased inventory and longer selling times.
