The Poore Team
Richmond, VA 23221
Single-Family Homes
Compass
Richmond, VA 23221
Sat Dec 21 2024
This week the median list price for Richmond, VA 23221 is $800,000 with the market action index hovering around 77. This is an increase over last month's market action index of 72. Inventory has held steady at or around 5.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Real-Time Market Profile
| Median List Price | $800,000 | |
| Median Price of New Listings | $637,475 | |
| Per Square Foot | $355 | |
| Average Days on Market | 74 | |
| Median Days on Market | 28 | |
| Price Decreased | 40% | |
| Price Increased | 0% | |
| Relisted | 20% | |
| Inventory | 5 | |
| Median Rent | ||
| Market Action | 77 | |
| Strong Seller's Market | ||
Prices in this zip are remaining at a plateau, albeit significantly below the market’s peak. This week prices bumped down a bit, but not enough to indicate a resumed downward trend. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $1,495,000 | 4,362 | 0.25 - 0.5 acre | 4 | 4.5 | 22 | 0 | 0 | 84 |
| $1,380,000 | 1,876 | 6,500 - 8,000 sqft | 3 | 3 | 106 | 0 | 0 | 245 |
| $800,000 | 2,171 | 0.5 - 1 acre | 3 | 2 | 72 | 0 | 0 | 14 |
| $637,475 | 1,929 | 4,500 - 6,500 sqft | 3 | 1.8 | 84 | 2 | 0 | 14 |