The Long & Foster Market Minute

Focus On: Richmond City Housing Market June 2021

Units Sold
340
Active Inventory
282
Median Sale Price
$326,500
Days On Market
17
Up 31%
Vs. Year Ago
Down -38%
Vs. Year Ago
Up 24%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 340 sold this month in Richmond City Real Estate versus 263 last month, an increase of 29%. This month's total units sold was higher than at this time last year, an increase of 31% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 176 units or 38%. The total number of active inventory this June was 282 compared to 458 in June 2020. This month's total of 282 is lower than the previous month's total supply of available inventory of 301, a decrease of 6%.

Median Sale Price
Last June, the median sale price for Richmond City Homes was $263,375. This June, the median sale price was $326,500, an increase of 24% or $63,125 compared to last year. The current median sold price is 10% higher than in May.

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


New Listings
378
Current Contracts
362
Sold Vs. List Price
105.6%
Months of Supply
0.8
Up 17%
Vs. Year Ago
Up 27%
Vs. Year Ago
Up
Vs. Year Ago
Down -53%
Vs. Year Ago

Months of Supply
In June, there was 0.8 months of supply available in Richmond City, compared to 1.8 in June 2020. That is a decrease of 53% 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 378 homes newly listed for sale in Richmond City compared to 322 in June 2020, an increase of 17%. There were 362 current contracts pending sale this June compared to 286 a year ago. The number of current contracts is 27% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Richmond City was 105.6% of the average list price, which is higher than at this time last year.

Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 19, a decrease of 11%.

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.