CENTRAL VIRGINIA/RICHMOND HOUSING MARKET DATA

There was a decrease in total units sold in July, with 1,717 sold this month in Central Virginia/Richmond Real Estate versus 1,861 last month, a decrease of 8%. This month's total units sold was higher than at this time last year, an increase of 5% versus July 2024.

Versus last year, the total number of homes available this month is higher by 118 units or 3%. The total number of active inventory this July was 3,550 compared to 3,432 in July 2024. This month's total of 3,550 is lower than the previous month's total supply of available inventory of 3,673, a decrease of 3%.

Last July, the median sale price for Central Virginia/Richmond Homes was $402,990. This July, the median sale price was $412,500, an increase of 2% or $9,510 compared to last year. The current median sold price is 1% lower than in June.

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

In July, there was 2.1 months of supply available in Central Virginia/Richmond. 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.

This month there were 2,101 homes newly listed for sale in Central Virginia/Richmond compared to 2,028 in July 2024, an increase of 4%. There were 1,677 current contracts pending sale this July compared to 1,487 a year ago. The number of current contracts is 13% higher than last July.

In July, the average sale price in Central Virginia/Richmond was 100.6% of the average list price, which is 0.8% lower than at this time last year.

This month, the average number of days on market was 27, higher than the average last year, which was 26, an increase of 4%.





FOCUS ON: CENTRAL VIRGINIA/RICHMOND HOUSING MARKET			JULY 2025

Units Sold 1,717	Active Inventory 3,550	Median Sale Price $412,500	Days On Market 27

Up 5% Vs. Year Ago	Up 3% Vs. Year Ago	Up 2% Vs. Year Ago	Up 4% Vs. Year Ago


		Units Sold There was a decrease in total units sold in July, with 1,717 sold this month in Central Virginia/Richmond Real Estate versus 1,861 last month, a decrease of 8%. This month's total units sold was higher than at this time last year, an increase of 5% versus July 2024.
Active Inventory Versus last year, the total number of homes available this month is higher by 118 units or 3%. The total number of active inventory this July was 3,550 compared to 3,432 in July 2024. This month's total of 3,550 is lower than the previous month's total supply of available inventory of 3,673, a decrease of 3%.
		Median Sale Price Last July, the median sale price for Central Virginia/Richmond Homes was $402,990. This July, the median sale price was $412,500, an increase of 2% or $9,510 compared to last year. The current median sold price is 1% lower than in June. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 2,101	Current Contracts 1,677	Sold Vs. List Price 100.6%	Months of Supply 2.1

Up 4% Vs. Year Ago	Up 13% Vs. Year Ago	Down -0.8% Vs. Year Ago	No Change Vs. Year Ago


		Months of Supply In July, there was 2.1 months of supply available in Central Virginia/Richmond. 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 2,101 homes newly listed for sale in Central Virginia/Richmond compared to 2,028 in July 2024, an increase of 4%. There were 1,677 current contracts pending sale this July compared to 1,487 a year ago. The number of current contracts is 13% higher than last July.
		Sale Price to List Price Ratio In July, the average sale price in Central Virginia/Richmond was 100.6% of the average list price, which is 0.8% lower than at this time last year. Days on Market This month, the average number of days on market was 27, higher than the average last year, which was 26, an increase of 4%.


	*Defined as the counties of Amelia, Buckingham, Caroline, Charlotte, Charles City, Chesterfield, Cumberland, Dinwiddie, Goochland, Hanover, Henrico, King & Queen, King William, Louisa, Lunenburg, New Kent, Nottoway, Powhatan, Prince Edward, Prince George, Sussex and the cities of Colonial Heights, Hopewell, Petersburg, and Richmond in VA
	*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/SCAR/BRIGHTMLS 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/SCAR/BRIGHTMLS or Long & Foster Real Estate, Inc.