Richmond City Housing Market Data

There was an increase in total units sold in October, with 211 sold this month in Richmond City Real Estate versus 191 last month, an increase of 10%. This month's total units sold was lower than at this time last year, a decrease of 8% versus October 2022.

The total number of homes available this month is 405 units, which is similar compared to a year ago. This month's total of 405 is lower than the previous month's total supply of available inventory of 412, a decrease of 2%.

Last October, the median sale price for Richmond City Homes was $346,225. This October, the median sale price was $339,950, a decrease of 2% or $6,275 compared to last year. The current median sold price is 9% 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.

In October, there was 1.9 months of supply available in Richmond City, compared to 1.8 in October 2022. That is an increase of 9% 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.

This month there were 284 homes newly listed for sale in Richmond City compared to 254 in October 2022, an increase of 12%. There were 234 current contracts pending sale this October compared to 207 a year ago. The number of current contracts is 13% higher than last October.

In October, the average sale price in Richmond City was 105.0% of the average list price, which is 3.7% higher than at this time last year.

This month, the average number of days on market was 21, higher than the average last year, which was 18, an increase of 17%.





Focus On: Richmond City Housing Market			October 2023

Units Sold 211	Active Inventory 405	Median Sale Price $339,950	Days On Market 21

Down -8% Vs. Year Ago	No Change Vs. Year Ago	Down -2% Vs. Year Ago	Up 17% Vs. Year Ago


		Units Sold There was an increase in total units sold in October, with 211 sold this month in Richmond City Real Estate versus 191 last month, an increase of 10%. This month's total units sold was lower than at this time last year, a decrease of 8% versus October 2022.
Active Inventory The total number of homes available this month is 405 units, which is similar compared to a year ago. This month's total of 405 is lower than the previous month's total supply of available inventory of 412, a decrease of 2%.
		Median Sale Price Last October, the median sale price for Richmond City Homes was $346,225. This October, the median sale price was $339,950, a decrease of 2% or $6,275 compared to last year. The current median sold price is 9% 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 284	Current Contracts 234	Sold Vs. List Price 105.0%	Months of Supply 1.9

Up 12% Vs. Year Ago	Up 13% Vs. Year Ago	Up 3.6% Vs. Year Ago	Up 8% Vs. Year Ago


		Months of Supply In October, there was 1.9 months of supply available in Richmond City, compared to 1.8 in October 2022. That is an increase of 9% 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 284 homes newly listed for sale in Richmond City compared to 254 in October 2022, an increase of 12%. There were 234 current contracts pending sale this October compared to 207 a year ago. The number of current contracts is 13% higher than last October.
		Sale Price to List Price Ratio In October, the average sale price in Richmond City was 105.0% of the average list price, which is 3.7% higher than at this time last year. Days on Market This month, the average number of days on market was 21, higher than the average last year, which was 18, an increase of 17%.



	*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.