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