Blake and Ali Poore Team

Richmond, VA

Single-Family Homes

Compass



Richmond, VA

Mon Oct 03 2022
This week the median list price for Richmond, VA is $362,450 with the market action index hovering around 68. This is less than last month's market action index of 76. Inventory has increased to 376. Click here to stay informed with the Richmond market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Richmond, VA

Mon Oct 03 2022
This week the median list price for Richmond, VA is $362,450 with the market action index hovering around 68. This is less than last month's market action index of 76. Inventory has increased to 376. Click here to stay informed with the Richmond market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Real-Time Market Profile

Never miss important changes in the Richmond market.
Median List Price $362,450
Median Price of New Listings $317,900
Per Square Foot $210
Average Days on Market 47
Median Days on Market 21
Price Decreased 34%
Price Increased 4%
Relisted 11%
Inventory 376
Median Rent
Market Action 68
Strong Seller's Market

The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves 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
$688,995 2,675 6,500 - 8,000 sqft 4 3 73 14 13 35
$399,950 1,922 6,500 - 8,000 sqft 3 2.5 63 21 22 21
$318,450 1,647 8,000 - 10,000 sqft 3 2.5 57 28 23 28
$229,910 1,224 8,000 - 10,000 sqft 3 1.5 74 32 36 21