The Long & Foster Market Minute

Focus On: Richmond City Housing Market May 2020

Units Sold
245
Active Inventory
308
Median Sale Price
$275,000
Days On Market
18
Down -20%
Vs. Year Ago
Down -46%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -25%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 245 sold this month in Richmond City Real Estate versus 257 last month, a decrease of 5%. This month's total units sold was lower than at this time last year, a decrease of 20% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 266 units or 46%. The total number of active inventory this May was 308 compared to 574 in May 2019. This month's total of 308 is lower than the previous month's total supply of available inventory of 352, a decrease of 13%.

Median Sale Price
Last May, the median sale price for Richmond City Homes was $250,000. This May, the median sale price was $275,000, an increase of 10% or $25,000 compared to last year. The current median sold price is 7% lower than in April.

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


New Listings
275
Current Contracts
275
Sold Vs. List Price
99.9%
Months of Supply
1.3
Down -33%
Vs. Year Ago
Down -14%
Vs. Year Ago
No Change
Vs. Year Ago
Down -32%
Vs. Year Ago

Months of Supply
In May, there was 1.3 months of supply available in Richmond City, compared to 1.9 in May 2019. That is a decrease of 33% 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 275 homes newly listed for sale in Richmond City compared to 413 in May 2019, a decrease of 33%. There were 275 current contracts pending sale this May compared to 320 a year ago. The number of current contracts is 14% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Richmond City was 99.9% 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 18, lower than the average last year, which was 24, a decrease of 25%.

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.