The real estate market is always changing, and if you are buying or selling a home—especially a luxury property—it is important to understand
the current market conditions. The Richmond area saw a decrease in active inventory, which is the current number of homes for sale. Compared to last August, the total number of homes available this month listed at more than $750,000 was lower by 37.0% and lower by 39.7% compared to August 2019.
Sale prices saw a drop compared to last year. The median sale price for homes listed at more than $750,000 was $856,000, a drop of 2.9%.The list to sale price ratio was affected as well. In August, the average sale price
for homes listed at more than $750,000 was 101.2% of the average list price, which is slightly higher than this time last year. Additionally, homes listed over $750,000 sold much more quickly. In August, the average number of days on market was 30, lower than the average last year, of 70 days.
There can be many factors contributing to the high demand for real estate. In addition to low inventory, low interest rates tend to be a top driver.
“Interest rates remain at historic lows, so it’s still a great time to buy a home. But in this multiple offer environment, you cannot go it alone,” said Dawn Bradley, senior regional vice president of Long & Foster Real Estate.