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| MAY 2025 | |||
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| Units Sold 270 |
Active Inventory 464 |
Median Sale Price $444,475 |
Days On Market 21 |
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| Down -4% Vs. Year Ago |
Up 10% Vs. Year Ago |
Up 6% Vs. Year Ago |
Down -16% Vs. Year Ago |
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Units Sold
There was an increase in total units sold in May, with 270 sold this month in Richmond City Real Estate versus 245 last month, an increase of 10%. This month's total units sold was lower than at this time last year, a decrease of 4% versus May 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 41 units or 10%. The total number of active inventory this May was 464 compared to 423 in May 2024. This month's total of 464 is lower than the previous month's total supply of available inventory of 469, a decrease of 1%. |
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Median Sale Price
Last May, the median sale price for Richmond City Homes was $418,000. This May, the median sale price was $444,475, an increase of 6% or $26,475 compared to last year. The current median sold price is 11% higher than in April. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. |
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| New Listings 333 |
Current Contracts 280 |
Sold Vs. List Price 102.7% |
Months of Supply 1.7 |
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| Down -3% Vs. Year Ago |
Up 6% Vs. Year Ago |
Down -1.9% Vs. Year Ago |
Up 14% Vs. Year Ago |
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Months of Supply
In May, there was 1.7 months of supply available in Richmond City, compared to 1.5 in May 2024. That is an increase of 14% 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. |
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New Listings & Current Contracts
This month there were 333 homes newly listed for sale in Richmond City compared to 343 in May 2024, a decrease of 3%. There were 280 current contracts pending sale this May compared to 264 a year ago. The number of current contracts is 6% higher than last May. |
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Sale Price to List Price Ratio
In May, the average sale price in Richmond City was 102.7% of the average list price, which is 2.0% lower than at this time last year. Days on Market
This month, the average number of days on market was 21, lower than the average last year, which was 25, a decrease of 16%. | |||
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| *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. | |||
 Information 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. |
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