Thinking about buying real estate in or around Richmond, VA? The market is hot- and listings are moving fast. It is estimated that home prices in this region are up over 10% from last year at this time- motivating many homeowners to sell, which is gradually increasing the inventory in Richmond VA.
It helps prospective buyers to consider some current market trends in this area that can help guide your investment and give you an edge on properties in this area.
The real estate market is hot in Richmond, VA; here is what buyers should know:
Some Significant Statistics
As mentioned, Richmond home prices were up 10.2% in April 2021 from last year. The average selling price for a single-family dwelling in the area is around $281,000. Listings go fast, with most homes sold within 7 days of being listed, compared to an average of nine days a year ago.
Right now, sellers are getting a lot of offers on their properties with waived contingencies. Most home are selling for around 4% more than the asking price due to the shrinking inventory and high-demand of properties currently.
The Current Inventory
A little more about this fast-moving inventory: Richmond region’s housing market is hot and properties are going quick, which results in a limited inventory for potential buyers. While owners are tempted to sell due to the rising prices, inventory is moving fast though it looks to be on the rise soon due to the alluring price points currently being offered for homes. It is safe to say that it is a sellers’ market right now in Richmond, with home prices up throughout the state and across the country. The fastest properties to go are those homes listed for under $250K, but who is buying them?
Who is Buying Now
Millennials are beginning to buy homes in Richmond, particularly those properties under $250,000 but are being challenged by the current homeowners who are selling one property to move to another. With cash in-hand, these seasoned sellers are competing with the younger generation of buyers that want to enter the housing market for the first time.
Moving to the City
City listings and homes are desirable right now as many people want to be closer to this historic region and hub. Richmond is a very appealing area that beckons families with children as well as professionals who are looking to network. The homes in the city district are at premium prices, when you can find them, and they go quickly amid this current market.
Single-Family Homes
Single-family homes are the hot commodity right now in Richmond, VA. These listings are being grabbed and purchased as soon as they hit the market. With many homeowners in the region choosing to downsize due to the pandemic, they are selling larger properties and then making competitive offers- sometimes in cash- on smaller single-family dwellings throughout the region.
Future of the Market
Despite the limited inventory amid the post-pandemic, the market looks prosperous for summer- and the coming year! Gradually, listings are increasing due to the appealing price-points and inventory is on the rise. According to industry experts, Richmond real estate has potential opportunities for buyers, sellers, and real estate investors right now- with little signs of slowing in 2021.
Looking to buy in Richmond, VA? Talk to Team Hensley to learn more! Team Hensley have years of expertise navigating the real estate market throughout the region. Whether you are a buyer or a seller, Team Hensley is waiting to help you navigate the Richmond real estate market Contact Us today.
