Why Is Richmond in Such a Crazy Seller’s Market Right Now?

Right now, we are in a crazy seller’s market. This market started back in March and hasn’t slowed down yet. Here are a few things you should know about this market:

  1. There have been massive increases in the number of sales. Every county in central Virginia has seen sales go up year over year, with the exception of Powhatan County. Overall, every single county has seen a significant uptick in sales activity.
  2. Pending home sales have increased. Hanover and New Kent are the only two counties where pending home sales have not gone up. This is great news, as pending home sales indicate the future of home sales in the market.
  3. New listings have decreased. We are experiencing low inventory everywhere but Powhatan and Chesterfield. There are fewer homes on the market than there are buyers. In other words, supply is down and demand is up, which has caused home prices to go up as well, which is great news for sellers.
  4. Active listings have decreased year over year in every single county by an average of 10%. Again, this is because there is more demand than the inventory can support.
  5. The average sales price has increased in every county except for Powhatan and, surprisingly, Henrico, which saw a decrease of 1.6%.
  6. Days on market has dropped. This is the really exciting number. In every market, the average number of days on market is down by 22 to 23%. Homes are selling in as little as 20 to 30 days!

Homes are selling in 20 to 30 days!

If you’re on the fence about selling your home, get off the fence now and hop into the market. Interest rates are still historically low and keep getting lower. The Fed keeps putting of raising them, so it’s a perfect storm for sellers in almost every market right now.

If you have any questions, give me a call or send me an email. I would be happy to help you!