CENTRAL VIRGINIA/RICHMOND HOUSING MARKET DATA

There was an increase in total units sold in October, with 1,529 sold this month in Central Virginia/Richmond Real Estate versus 1,392 last month, an increase of 10%. This month's total units sold was higher than at this time last year, an increase of 7% versus October 2023.

Versus last year, the total number of homes available this month is higher by 83 units or 3%. The total number of active inventory this October was 3,363 compared to 3,280 in October 2023. This month's total of 3,363 is higher than the previous month's total supply of available inventory of 3,327, an increase of 1%.

Last October, the median sale price for Central Virginia/Richmond Homes was $364,440. This October, the median sale price was $390,000, an increase of 7% or $25,560 compared to last year. The current median sold price is 1% 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 2.2 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 2,018 homes newly listed for sale in Central Virginia/Richmond compared to 1,854 in October 2023, an increase of 9%. There were 1,551 current contracts pending sale this October compared to 1,317 a year ago. The number of current contracts is 18% higher than last October.

In October, 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 31, higher than the average last year, which was 22, an increase of 41%.





FOCUS ON: CENTRAL VIRGINIA/RICHMOND HOUSING MARKET			OCTOBER 2024

Units Sold 1,529	Active Inventory 3,363	Median Sale Price $390,000	Days On Market 31

Up 7% Vs. Year Ago	Up 3% Vs. Year Ago	Up 7% Vs. Year Ago	Up 41% Vs. Year Ago


		Units Sold There was an increase in total units sold in October, with 1,529 sold this month in Central Virginia/Richmond Real Estate versus 1,392 last month, an increase of 10%. This month's total units sold was higher than at this time last year, an increase of 7% versus October 2023.
Active Inventory Versus last year, the total number of homes available this month is higher by 83 units or 3%. The total number of active inventory this October was 3,363 compared to 3,280 in October 2023. This month's total of 3,363 is higher than the previous month's total supply of available inventory of 3,327, an increase of 1%.
		Median Sale Price Last October, the median sale price for Central Virginia/Richmond Homes was $364,440. This October, the median sale price was $390,000, an increase of 7% or $25,560 compared to last year. The current median sold price is 1% 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 2,018	Current Contracts 1,551	Sold Vs. List Price 100.7%	Months of Supply 2.2

Up 9% Vs. Year Ago	Up 18% Vs. Year Ago	Down -0.9% Vs. Year Ago	No Change Vs. Year Ago


		Months of Supply In October, there was 2.2 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 2,018 homes newly listed for sale in Central Virginia/Richmond compared to 1,854 in October 2023, an increase of 9%. There were 1,551 current contracts pending sale this October compared to 1,317 a year ago. The number of current contracts is 18% higher than last October.
		Sale Price to List Price Ratio In October, 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 31, higher than the average last year, which was 22, an increase of 41%.


	*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.