CENTRAL VIRGINIA/RICHMOND HOUSING MARKET DATA

There was an increase in total units sold in May, with 1,782 sold this month in Central Virginia/Richmond Real Estate versus 1,546 last month, an increase of 15%. This month's total units sold was lower than at this time last year, a decrease of 2% versus May 2024.

Versus last year, the total number of homes available this month is higher by 272 units or 9%. The total number of active inventory this May was 3,374 compared to 3,102 in May 2024. This month's total of 3,374 is lower than the previous month's total supply of available inventory of 3,429, a decrease of 2%.

Last May, the median sale price for Central Virginia/Richmond Homes was $398,500. This May, the median sale price was $410,000, an increase of 3% or $11,500 compared to last year. The current median sold price is 3% 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.

In May, there was 1.9 months of supply available in Central Virginia/Richmond, compared to 1.7 in May 2024. That is an increase of 11% 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 2,278 homes newly listed for sale in Central Virginia/Richmond compared to 2,171 in May 2024, an increase of 5%. There were 1,870 current contracts pending sale this May compared to 1,676 a year ago. The number of current contracts is 12% higher than last May.

In May, the average sale price in Central Virginia/Richmond was 101.4% 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			MAY 2025

Units Sold 1,782	Active Inventory 3,374	Median Sale Price $410,000	Days On Market 27

Down -2% Vs. Year Ago	Up 9% Vs. Year Ago	Up 3% Vs. Year Ago	Up 4% Vs. Year Ago


		Units Sold There was an increase in total units sold in May, with 1,782 sold this month in Central Virginia/Richmond Real Estate versus 1,546 last month, an increase of 15%. This month's total units sold was lower than at this time last year, a decrease of 2% versus May 2024.
Active Inventory Versus last year, the total number of homes available this month is higher by 272 units or 9%. The total number of active inventory this May was 3,374 compared to 3,102 in May 2024. This month's total of 3,374 is lower than the previous month's total supply of available inventory of 3,429, a decrease of 2%.
		Median Sale Price Last May, the median sale price for Central Virginia/Richmond Homes was $398,500. This May, the median sale price was $410,000, an increase of 3% or $11,500 compared to last year. The current median sold price is 3% 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.



New Listings 2,278	Current Contracts 1,870	Sold Vs. List Price 101.4%	Months of Supply 1.9

Up 5% Vs. Year Ago	Up 12% Vs. Year Ago	Down -0.8% Vs. Year Ago	Up 11% Vs. Year Ago


		Months of Supply In May, there was 1.9 months of supply available in Central Virginia/Richmond, compared to 1.7 in May 2024. That is an increase of 11% 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 2,278 homes newly listed for sale in Central Virginia/Richmond compared to 2,171 in May 2024, an increase of 5%. There were 1,870 current contracts pending sale this May compared to 1,676 a year ago. The number of current contracts is 12% higher than last May.
		Sale Price to List Price Ratio In May, the average sale price in Central Virginia/Richmond was 101.4% 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.