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.
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
| 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 |