Richmond, VA Housing Market: November 2024 Analysis
The Richmond, VA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 1.2% year-over-year, reaching $399,700. This modest rise indicates a steady demand for homes in the area, despite broader economic conditions.
Conversely, the Median List Price has decreased by 3.1% year-over-year, now standing at $387,500. This decline suggests that sellers may be adjusting their expectations to align with market realities, potentially due to increased competition or changing buyer preferences.
In terms of Price Per Square Foot, the market shows a significant upward trend. The median Price Per Square Foot has risen by 6.9% year-over-year to $217.33, while the Median List Price per square foot has increased by 5.1% to $219.94. These figures indicate a strong appreciation in property values, reflecting a robust demand for housing in the Richmond area.
The number of Homes Sold has seen a notable increase of 9.3% year-over-year, totaling 1,310 units. This rise in sales volume underscores a healthy market activity, although Pending Sales have decreased by 2.4% to 1,315, suggesting a potential slowdown in future transactions.
New Listings have slightly decreased by 0.3% year-over-year, with 1,263 properties entering the market. Inventory levels have remained relatively stable, with a slight increase of 0.6% year-over-year, totaling 2,354 homes. The Months of Supply have decreased significantly by 20.0% year-over-year, now at 1.80 months, indicating a tighter market with limited available inventory.
The Median Days on Market have increased by 5.0% year-over-year to 20 days, suggesting that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has decreased by 0.7% year-over-year, now at 100.2%, indicating that homes are selling very close to their list prices.
The percentage of Homes Sold above list price has decreased by 9.5% year-over-year to 37.3%, reflecting a shift in buyer behavior or market conditions. Price Drops have increased by 7.2% year-over-year, with 32.4% of listings experiencing reductions, suggesting that sellers are becoming more flexible in their pricing strategies.
The percentage of homes going off the market within two weeks has decreased by 2.9% year-over-year to 39.2%, indicating a slight slowdown in the pace at which homes are being snapped up by buyers.
Overall, the Richmond, VA housing market in November 2024 exhibits a mix of growth and adjustment. While sales prices and Price Per Square Foot have increased, list prices and Pending Sales have shown declines, pointing to a market that is adapting to changing conditions. The decrease in Months of Supply and stable inventory levels suggest a competitive environment, with buyers and sellers navigating a dynamic landscape.
