The Long & Foster Market Minute

Focus On: Richmond City Housing Market August 2018

Units Sold
298
Active Inventory
528
Median Sale Price
$247,778
Days On Market
24
Down -1%
Vs. Year Ago
Down -6%
Vs. Year Ago
Down -1%
Vs. Year Ago
Down -8%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 298 sold this month in Richmond City Real Estate versus 288 last month, an increase of 3%. This month's total units sold was lower than at this time last year, a decrease of 1% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 32 units or 6%. The total number of active inventory this August was 528 compared to 560 in August 2017. This month's total of 528 is higher than the previous month's total supply of available inventory of 476, an increase of 11%.

Median Sale Price
Last August, the median sale price for Richmond City Homes was $249,900. This August, the median sale price was $247,778, a decrease of 1% or $2,122 compared to last year. The current median sold price is 11% lower than in July.

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


New Listings
382
Current Contracts
254
Sold Vs. List Price
99.3%
Months of Supply
1.8
Up 14%
Vs. Year Ago
Down -4%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In August, there was 1.8 months of supply available in Richmond City. The amount of supply is similar compared to 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 382 homes newly listed for sale in Richmond City compared to 335 in August 2017, an increase of 14%. There were 254 current contracts pending sale this August compared to 265 a year ago. The number of current contracts is 4% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Richmond City was 99.3% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 24, lower than the average last year, which was 26, a decrease of 8%.

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.