The Long & Foster Market Minute

Focus On: Central Virginia/Richmond Housing Market January 2024

Units Sold
926
Active Inventory
2,397
Median Sale Price
$360,000
Days On Market
31
Down -4%
Vs. Year Ago
Down -6%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up 11%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 926 sold this month in Central Virginia/Richmond Real Estate versus 1,406 last month, a decrease of 34%. This month's total units sold was lower than at this time last year, a decrease of 4% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 157 units or 6%. The total number of active inventory this January was 2,397 compared to 2,554 in January 2023. This month's total of 2,397 is lower than the previous month's total supply of available inventory of 2,614, a decrease of 8%.

Median Sale Price
Last January, the median sale price for Central Virginia/Richmond Homes was $325,000. This January, the median sale price was $360,000, an increase of 11% or $35,000 compared to last year. The current median sold price is 1% lower than in December.

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


New Listings
1,529
Current Contracts
1,406
Sold Vs. List Price
100.0%
Months of Supply
2.6
Up 3%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In January, there was 2.6 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 1,529 homes newly listed for sale in Central Virginia/Richmond compared to 1,489 in January 2023, an increase of 3%. There were 1,406 current contracts pending sale this January, consistent with the volume a year ago. The number of current contracts is 45% higher than last month.

Sale Price to List Price Ratio
In January, the average sale price in Central Virginia/Richmond was 100.0% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 31, higher than the average last year, which was 28, an increase of 11%.

The Long & Foster Market Minute *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.
REALTOR, Equal Opportunity HousingInformation 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.