Inventory in Richmond is showing more breathing room in this rolling three-month view. Months of supply has climbed to about 3.1, more than double levels from a year ago, while active listings are roughly flat compared with last September. New listings, however, are up sharply year over year, signaling that more owners are deciding to put their homes on the market.
Pricing is adjusting to this changing balance between supply and demand. The typical home value is up modestly, rising about 6 percent from a year ago, yet the median list price has edged down compared with last year. At the same time, the share of homes selling above list has fallen to around 22 percent from nearly 38 percent a year earlier, and the average sale-to-list ratio is holding just under 99 percent.
Demand has cooled somewhat, with homes sold over the past three months down significantly from last year, even as pending sales are only slightly lower year over year. Homes are spending about 35 days on the market, a few days longer than last September, reflecting more measured buyer decision-making. Despite this shift, Richmond still registers as a seller’s market, but with less of the intense bidding pressure seen in prior years. In this nuanced environment, both buyers and sellers can benefit from Agent Pronto’s help in finding an agent who understands these evolving local trends.
