Richmond is currently tilted toward sellers, with the market gauge indicating a seller’s market even as conditions shift. Homes are taking a median of just 17 days to go under contract in the latest rolling three-month period, down sharply from a year ago. At the same time, buyers have more leverage than the label suggests, with months of supply jumping to 7.7, up dramatically from around 3.9 a year earlier.
Pricing trends show steady appreciation over the past year, but sellers are no longer seeing aggressive bidding. The typical home value is up about 16 percent year over year, yet the share of homes selling above list has dropped to zero from roughly one-third in some earlier periods, and the average sale-to-list ratio has slipped to just under 98 percent.
Activity levels have cooled noticeably compared with last year’s rolling three-month view. Homes sold are down more than 60 percent year over year, and pending sales have fallen by roughly half, while active listings have also declined by about half, signaling fewer options and fewer closings overall. New listings, however, have held about even compared with a year ago, suggesting some owners are still willing to test the market even as buyers grow more careful. In a market where pricing power is shifting but still leans toward sellers, Agent Pronto can connect both buyers and sellers with a Richmond agent who understands these changing dynamics.
