CENTRAL VIRGINIA
Market Snap Shot

This report covers residential real estate activity in Richmond Metro. Percent changes are calculated using rounded figures.

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U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase..

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New Listings decreased 10.1  percent for Single Family and increased 22.2 percent for Condo/Town Homes.

Pending Sales decreased 2.3 percent for Single Family and increased 26.8 percent for Condo/Town Homes.

Inventory decreased 7.5 percent for Single Family and increased 19.0 percent for Condo/Town Homes.

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Median Sales Price increased 3.8 percent to $415,000 for Single Family homes but decreased 2.9 percent to $356,500 for Condo/Town homes. Days on Market increased 13.3 percent for Single Family homes and 8.1 percent for Condo/Town homes. Months Supply of Inventory decreased 14.3 percent for Single Family homes but increased 15.8 percent for Condo/Town homes.

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The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing- home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month- over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace. ​