Market updates are a bit like tapping the mic with an “is this thing on?” People say they want them, but I always wonder how much they actually get read. So if you’re reading this, please let me know!
March 20 heralds the first day of Spring, and I for one couldn’t be more excited. But if we’re talking about the market, it really has felt like spring for a while now! Here’s a little bit of data to give you a snapshot of the overall market in the Richmond Metro.
- The average sales price in the Richmond Metro in February was $476,907. That’s a bit lower than the prices in December, but a bounce back from a lower January price of $469,296, and it looks like it’s back on the upward trend.
- If you’ve followed me for a little bit, you’ve probably heard me talk about the months supply, and how at a balanced market, we’d have about 6 months of inventory. It’s been a while since we’ve been there, and for the last 2 months, we’re holding strong at 1.3 months of inventory. A good distance from balance.
This data tracks in what I’ve seen in the last couple of weeks, as well.
Lower inventory means you may need to compete to get that home you love, because there are simply more buyers than there are great houses. Sometimes that means you have to pay more, but sometimes it just means having as much info as you need to craft an offer that will be the most appealing to the seller. Every situation is a little different, so there really is no one size all formula here.
If you’re selling, lower inventory means you have more eyeballs on your house, usually more showings, and (in many cases) more offers. Yes. You only need one offer, but the nice thing about multiple offers for you as a seller is that when people are competing, you’re less likely to have to deal with a lot of inspection issues, you usually get more money, and you are more in the driver’s seat with the entire transaction.
We’re seeing lots of multiple offer situations, although the market is quite price sensitive. What does that mean? You can’t just thrown any home on the market, at any price, and think it’s going to sell. The homes that are not “market ready” are still sitting on the market, and generally not getting multiple offers. Having your home ready makes a huge difference, as does pricing it well. Price it too high, and it just might sit there as well.
There are definitely neighborhoods and areas that are more popular, and others where things are not quite as “wild.” Knowing which one you’re in, or looking in, can make a huge difference. I’d love to talk to you about the area you’re in (or want to be in) and help you determine the best strategy to get you where you want to be.
What are your market questions?
Reach out!
