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Real Estate Market Update for April- Metro Richmond

So, how did the market look in April?

Well, the news may be saying there is a national slow down, but it doesn’t seem to have reached us quite yet.

Here’s the breakdown by the numbers.

Average Sales Price in the month of April was $412,850. That’s up by 13.2% from last April, and it’s still trending upward. (Yes, that means good news for sellers, but buyers in most price ranges are still engaging in bidding wars on most properties.)

New Listings were actually down in April, by 25.3%,. but part of that can easily be accounted for by Easter/Passover holidays and spring breaks. Most people don’t list during spring break weeks, so that is always to be expected.

Closed Sales where also down (likely in part, at least, for the same reason) by just over 12% from last year.

Average Days on Market seems to just keep going down! The average in April was 14 days, but keep in mind, that is indeed the average. Much higher than the median, which is only 6. Frankly, 6 is a high number, as most listings go on for 4-5 days, with a deadline for reviewing offers, so if they had no deadline, that number would certainly be lower.

The average percentage of list price to sales price is up by just over 3% from last year, clocking in at 107.4% for the month of April.

What does all of this mean? Well, at the risk of repeating the same refrain you hear all the time, it really is a great time to be a seller. That still means you have to price your home well, and do all the things to show it off in the best light. BUT, if you follow that course, there is a strong likelihood that you will indeed get multiple offers, with contingencies waived and more money than the listing price.

If you’re buying, well…things are tough out there, I’m not going to lie. But, having a plan, a preapproval, and most of all, a strategy, can get you in a great home to be enjoying by the time summer is truly here.

With rates ticking up, we are likely to see a bit less competition in some higher price ranges, and many people are adjusting their price ranges and budgets to account for the increase.

If you are thinking of buying or selling, or just wondering if it’s the right time for you, reach out. I’d love to help.