The Long & Foster Market Minute

Focus On: Richmond City Housing Market April 2019

Units Sold
263
Active Inventory
490
Median Sale Price
$255,000
Days On Market
27
Up 1%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 17%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 263 sold this month in Richmond City Real Estate versus 281 last month, a decrease of 6%. This month's total units sold was higher than at this time last year, an increase of 1% versus April 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 15 units or 3%. The total number of active inventory this April was 490 compared to 475 in April 2018. This month's total of 490 is lower than the previous month's total supply of available inventory of 496, a decrease of 1%.

Median Sale Price
Last April, the median sale price for Richmond City Homes was $222,000. This April, the median sale price was $255,000, an increase of 15% or $33,000 compared to last year. The current median sold price is 2% lower than in March.

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


New Listings
465
Current Contracts
387
Sold Vs. List Price
100.0%
Months of Supply
1.9
Up 19%
Vs. Year Ago
Up 14%
Vs. Year Ago
Down -0.7%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In April, there was 1.9 months of supply available in Richmond City. 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 465 homes newly listed for sale in Richmond City compared to 390 in April 2018, an increase of 19%. There were 387 current contracts pending sale this April compared to 340 a year ago. The number of current contracts is 14% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Richmond City was 100.0% of the average list price, which is 0.7% 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 23, an increase of 17%.

The Long & Foster Market Minute
*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 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 or Long & Foster Real Estate, Inc.