The Long & Foster Market Minute

Focus On: Richmond City Housing Market June 2019

Units Sold
364
Active Inventory
487
Median Sale Price
$273,500
Days On Market
20
Up 1%
Vs. Year Ago
Down -10%
Vs. Year Ago
Down -1%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 364 sold this month in Richmond City Real Estate versus 335 last month, an increase of 9%. This month's total units sold was higher than at this time last year, an increase of 1% versus June 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 52 units or 10%. The total number of active inventory this June was 487 compared to 539 in June 2018. This month's total of 487 is lower than the previous month's total supply of available inventory of 529, a decrease of 8%.

Median Sale Price
Last June, the median sale price for Richmond City Homes was $275,500. This June, the median sale price was $273,500, a decrease of 1% or $2,000 compared to last year. The current median sold price is 7% higher than in May.

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


New Listings
372
Current Contracts
312
Sold Vs. List Price
100.9%
Months of Supply
1.3
Up 3%
Vs. Year Ago
Up 6%
Vs. Year Ago
No Change
Vs. Year Ago
Down -10%
Vs. Year Ago

Months of Supply
In June, there was 1.3 months of supply available in Richmond City, compared to 1.5 in June 2018. That is a decrease of 10% 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 372 homes newly listed for sale in Richmond City compared to 361 in June 2018, an increase of 3%. There were 312 current contracts pending sale this June compared to 293 a year ago. The number of current contracts is 6% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Richmond City was 100.9% 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 20, lower than the average last year, which was 23, a decrease of 13%.

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.