The Long & Foster Market Minute

Focus On: Richmond City Housing Market January 2019

Units Sold
173
Active Inventory
377
Median Sale Price
$210,000
Days On Market
48
Up 2%
Vs. Year Ago
Down -20%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 23%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 173 sold this month in Richmond City Real Estate versus 230 last month, a decrease of 25%. This month's total units sold was higher than at this time last year, an increase of 2% versus January 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 95 units or 20%. The total number of active inventory this January was 377 compared to 472 in January 2018. This month's total of 377 is lower than the previous month's total supply of available inventory of 428, a decrease of 12%.

Median Sale Price
Last January, the median sale price for Richmond City Homes was $221,500. This January, the median sale price was $210,000, a decrease of 5% or $11,500 compared to last year. The current median sold price is 2% higher than in December.

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


New Listings
242
Current Contracts
217
Sold Vs. List Price
99.8%
Months of Supply
2.2
Down -7%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 1.6%
Vs. Year Ago
Down -22%
Vs. Year Ago

Months of Supply
In January, there was 2.2 months of supply available in Richmond City, compared to 2.8 in January 2018. That is a decrease of 22% 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 242 homes newly listed for sale in Richmond City compared to 259 in January 2018, a decrease of 7%. There were 217 current contracts pending sale this January compared to 200 a year ago. The number of current contracts is 9% higher than last January.

Sale Price to List Price Ratio
In January, the average sale price in Richmond City was 99.8% of the average list price, which is 1.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 48, higher than the average last year, which was 39, an increase of 23%.

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.