The Poore Team
Richmond, VA
Single-Family Homes
Compass
Richmond, VA
Wed Jan 22 2025
This week the median list price for Richmond, VA is $379,925 with the market action index hovering around 46. This is less than last month's market action index of 49. Inventory has decreased to 358.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
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 | $379,925 | |
| Median Price of New Listings | $377,450 | |
| Per Square Foot | $228 | |
| Average Days on Market | 88 | |
| Median Days on Market | 56 | |
| Price Decreased | 41% | |
| Price Increased | 3% | |
| Relisted | 20% | |
| Inventory | 358 | |
| Median Rent | ||
| Market Action | 46 | |
| Strong Seller's Market | ||
The market is hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate 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 |
|---|---|---|---|---|---|---|---|---|
| $650,000 | 2,520 | 6,500 - 8,000 sqft | 4 | 3 | 26 | 15 | 12 | 91 |
| $434,950 | 2,019 | 8,000 - 10,000 sqft | 3 | 2.5 | 38 | 9 | 6 | 56 |
| $340,000 | 1,522 | 8,000 - 10,000 sqft | 3 | 2 | 59 | 10 | 16 | 56 |
| $229,970 | 1,012 | 6,500 - 8,000 sqft | 3 | 1 | 76 | 16 | 19 | 31 |