The Long & Foster Market Minute

Focus On: Richmond City Housing Market February 2020

Units Sold
200
Active Inventory
356
Median Sale Price
$241,000
Days On Market
39
Up 8%
Vs. Year Ago
Down -29%
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 200 sold this month in Richmond City Real Estate versus 184 last month, an increase of 9%. This month's total units sold was higher than at this time last year, an increase of 8% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 143 units or 29%. The total number of active inventory this February was 356 compared to 499 in February 2019. This month's total of 356 is lower than the previous month's total supply of available inventory of 405, a decrease of 12%.

Median Sale Price
Last February, the median sale price for Richmond City Homes was $210,000. This February, the median sale price was $241,000, an increase of 15% or $31,000 compared to last year. The current median sold price is 7% higher than in January.

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


New Listings
283
Current Contracts
292
Sold Vs. List Price
99.2%
Months of Supply
1.8
Down -2%
Vs. Year Ago
Up 15%
Vs. Year Ago
No Change
Vs. Year Ago
Down -34%
Vs. Year Ago

Months of Supply
In February, there was 1.8 months of supply available in Richmond City, compared to 2.7 in February 2019. That is a decrease of 34% 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 283 homes newly listed for sale in Richmond City compared to 290 in February 2019, a decrease of 2%. There were 292 current contracts pending sale this February compared to 255 a year ago. The number of current contracts is 15% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Richmond City was 99.2% 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 39, higher than the average last year, which was 35, an increase of 11%.

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.