CENTRAL VIRGINIA/RICHMOND HOUSING MARKET DATA

There was an increase in total units sold in March, with 1,366 sold this month in Central Virginia/Richmond Real Estate versus 1,065 last month, an increase of 28%. This month's total units sold was higher than at this time last year, an increase of 1% versus March 2024.

Versus last year, the total number of homes available this month is lower by 38 units or 1%. The total number of active inventory this March was 2,754 compared to 2,792 in March 2024. This month's total of 2,754 is lower than the previous month's total supply of available inventory of 2,950, a decrease of 7%.

Last March, the median sale price for Central Virginia/Richmond Homes was $375,000. This March, the median sale price was $399,000, an increase of 6% or $24,000 compared to last year. The current median sold price is 5% higher than in February.

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

In March, there was 2.0 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 2,034 homes newly listed for sale in Central Virginia/Richmond compared to 1,868 in March 2024, an increase of 9%. There were 1,857 current contracts pending sale this March compared to 1,684 a year ago. The number of current contracts is 10% higher than last March.

In March, the average sale price in Central Virginia/Richmond was 100.7% of the average list price, which is 0.9% lower than at this time last year.

This month, the average number of days on market was 36, higher than the average last year, which was 29, an increase of 24%.





FOCUS ON: CENTRAL VIRGINIA/RICHMOND HOUSING MARKET			MARCH 2025

Units Sold 1,366	Active Inventory 2,754	Median Sale Price $399,000	Days On Market 36

Up 1% Vs. Year Ago	Down -1% Vs. Year Ago	Up 6% Vs. Year Ago	Up 24% Vs. Year Ago


		Units Sold There was an increase in total units sold in March, with 1,366 sold this month in Central Virginia/Richmond Real Estate versus 1,065 last month, an increase of 28%. This month's total units sold was higher than at this time last year, an increase of 1% versus March 2024.
Active Inventory Versus last year, the total number of homes available this month is lower by 38 units or 1%. The total number of active inventory this March was 2,754 compared to 2,792 in March 2024. This month's total of 2,754 is lower than the previous month's total supply of available inventory of 2,950, a decrease of 7%.
		Median Sale Price Last March, the median sale price for Central Virginia/Richmond Homes was $375,000. This March, the median sale price was $399,000, an increase of 6% or $24,000 compared to last year. The current median sold price is 5% higher than in February. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 2,034	Current Contracts 1,857	Sold Vs. List Price 100.7%	Months of Supply 2.0

Up 9% Vs. Year Ago	Up 10% Vs. Year Ago	Down -0.9% Vs. Year Ago	No Change Vs. Year Ago


		Months of Supply In March, there was 2.0 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 2,034 homes newly listed for sale in Central Virginia/Richmond compared to 1,868 in March 2024, an increase of 9%. There were 1,857 current contracts pending sale this March compared to 1,684 a year ago. The number of current contracts is 10% higher than last March.
		Sale Price to List Price Ratio In March, the average sale price in Central Virginia/Richmond was 100.7% of the average list price, which is 0.9% lower than at this time last year. Days on Market This month, the average number of days on market was 36, higher than the average last year, which was 29, an increase of 24%.


	*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.