The Long & Foster Market Minute

Focus On: Richmond City Housing Market October 2018

Units Sold
248
Active Inventory
557
Median Sale Price
$201,500
Days On Market
19
Up 10%
Vs. Year Ago
Down -15%
Vs. Year Ago
Down -5%
Vs. Year Ago
Down -39%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 248 sold this month in Richmond City Real Estate versus 193 last month, an increase of 28%. This month's total units sold was higher than at this time last year, an increase of 10% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 98 units or 15%. The total number of active inventory this October was 557 compared to 655 in October 2017. This month's total of 557 is lower than the previous month's total supply of available inventory of 575, a decrease of 3%.

Median Sale Price
Last October, the median sale price for Richmond City Homes was $212,000. This October, the median sale price was $201,500, a decrease of 5% or $10,500 compared to last year. The current median sold price is 4% lower than in September.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
323
Current Contracts
247
Sold Vs. List Price
98.9%
Months of Supply
2.2
Up 6%
Vs. Year Ago
Down -2%
Vs. Year Ago
No Change
Vs. Year Ago
Down -22%
Vs. Year Ago

Months of Supply
In October, there was 2.2 months of supply available in Richmond City, compared to 2.9 in October 2017. That is a decrease of 23% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 323 homes newly listed for sale in Richmond City compared to 306 in October 2017, an increase of 6%. There were 247 current contracts pending sale this October compared to 251 a year ago. The number of current contracts is 2% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Richmond City was 98.9% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 31, a decrease of 39%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by CVRMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CVRMLS or Long & Foster Real Estate, Inc.