Richmond Real Estate Market Trends this Summer
The Richmond real estate market is hot right now and listings are not lasting long. Whether you are a buyer or seller, or simply interested in current market trends, here is what you need to know about the real estate market in Richmond this summer:
The market in Richmond right now is hot- with no signs of slowing down. It is a sellers’ market, due to the limited inventory of properties currently and the high demand in the area. Among the most popular choices for buyers are single-family homes, which are fetching multiple offers within days of being listed.
Many sellers are looking to get out of the city and move to the country, where they may get more for their money. City homes can cost up to 20% more than comparable listings outside of the city, and the differential is widening.
The face of the average home buyer is changing, too; right now, Millennials are trying to get in on the market and buy their first home. With the limited inventory, many end up in bidding wars with more seasoned home buyers that can pay cash.
Another trend seen in Richmond regards the speed that homes are selling. It is estimated that homes are receiving offers within a week of hitting the market, with many offering above the asking price, around 4% on average, to secure the deal. Home prices are up around 10% from this time last year.
Even though many are flocking to the country, the appeal of downtown city dwellings is still strong. Any listing in Richmond moves fast, according to industry professionals. The city of Richmond is a very desirable area with a little something for everyone; if you own a home in the city, this is considered a very good time to sell.
First time buyers are trying to snag homes that hit the market for under $250K, but they must move fast. These properties are being purchased quickly within days of being on the market, and many are putting in offers without ever actually visiting or seeing the property for themselves. This may be frustrating to some prospective buyers but there is good news on the horizon.
The Coming Months
Real estate trends for this summer tend to surround a gradual increase in the market inventory in Richmond- as well as in cities and towns across the country. Folks are being compelled to sell and are preparing to downsize- which should fatten up the current market and result in more available properties for interested buyers in the region. The best thing that prospective buyers can do is to remain patient and work with a reputable and reliable realtor.
Industry experts predict even more growth in the Richmond, Virginia market. Talk to Team Hensley to learn more about the top trends in real estate this summer. Team Hensley has their finger on the pulse of the industry in this area- for both buyers and sellers! Find out more; call or visit today!