Blake and Ali Poore Team

Richmond, VA

Single-Family Homes

Compass



Richmond, VA

Tue Aug 09 2022
This week the median list price for Richmond, VA is $354,975 with the market action index hovering around 83. This is less than last month's market action index of 88. Inventory has increased to 342. 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 have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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

Tue Aug 09 2022
This week the median list price for Richmond, VA is $354,975 with the market action index hovering around 83. This is less than last month's market action index of 88. Inventory has increased to 342. 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 have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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 $354,975
Median Price of New Listings $332,475
Per Square Foot $202
Average Days on Market 40
Median Days on Market 21
Price Decreased 37%
Price Increased 5%
Relisted 5%
Inventory 342
Median Rent
Market Action 83
Strong Seller's Market

The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.

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
$627,140 2,640 8,000 - 10,000 sqft 4 2.5 49 15 22 35
$399,000 1,923 6,500 - 8,000 sqft 3 2.5 71 18 25 21
$324,450 1,640 0.25 - 0.5 acre 3 2 50 31 33 14
$225,000 1,248 8,000 - 10,000 sqft 3 1.5 68 20 34 21