The local housing market holds paramount significance on a personal basis due to its direct impact on individuals and families. It encompasses the communities where we live, work, and thrive. Monitoring the local housing market provides crucial insights into property values, available inventory, and neighborhood dynamics.
Whether you're buying, selling, or investing, understanding the local market aids in making informed decisions aligned with your unique goals.
Additionally, it reflects the quality of life, amenities, and opportunities accessible to you and your loved ones.
The local housing market is more than just numbers; it's a reflection of your personal comfort, security, and aspirations, making it an essential consideration in any real estate endeavor.
2nd Quarter: April, May and June 2024
Quick Facts
All information in this web tab is obtained from the Richmond Association of Realtors and will be maintained on a regular basis as soon as new data gets available.
+3.2%. +8.1%. +11.3%
Change in
Closed Sales
All Properties
Change in
Median Sales Price
All Properties
Change in
Homes for Sale
All Properties
AFFORDABILITY
The U.S. housing market was cooler than expected in the second quarter, as ongoing affordability challenges continue to impact sales activity.
Average 30-year mortgage rates hovered around 7% and sales prices reached new heights nationwide, causing existing-home sales to slump.
If there’s a silver lining, it’s that a wave of new listings has hit the market in recent months, with inventory up significantly from last year.
NEW LISTINGS
New Listings increased 6.6% for Single Family but decreased 3.0% for Condo/Town.
Pending Sales increased 2.9% for Single Family but decreased 8.3% for Condo/Town.
Inventory increased 11.1% for Single Family and 12.1% for Condo / Town.
MEDIAN SALES PRICE
Median Sales Price increased 8.0% to $405,000 for Single Family and 5.8% to $369,000 for Condo/Town.
Days on Market increased 19.0% for Single Family and 7.4% for Condo/Town.
Months Supply of Inventory increased 12.5% for Single Family and 11.1% for Condo/Town.
INVENTORY
Experts believe inventory will continue to increase in the months ahead, giving buyers additional options in their home search.
However, the boost in supply may not be enough to lure some folks back to the market, as higher borrowing costs and elevated home prices continue to discourage many would-be buyers.
Affordability remains a top priority for consumers, and without a meaningful reduction in rates or home prices, analysts say market activity will remain subdued for some time to come.
