Richmond’s Spring Market
Richmond’s spring real estate market is in full swing! The old saying “the market will set the price” is proving true in this fast-paced, competitive environment. As you think of buying or selling in the current seller’s market, take a look at these recent facts and figures to be more prepared.
Below is a picture of what the market has done in early spring in Richmond this year. We have taken a closer look at a small sampling of home sales in three different parts of the greater Richmond area- Richmond City (Mary Munford Elementary School district), Henrico County (Tuckahoe Elementary School district), and Chesterfield County (Bettie Weaver Elementary School district). To do this, we have looked at single family homes sold in these areas in the last 90 days in the $450,000-650,000 price range.
In Richmond City, in the Mary Munford Elementary School district:
15 homes have sold in the last 90 days.
11 of 15 homes were under contract within 2 weeks, 9 of them within 5 days!
10 of 15 homes sold for list price or greater.
The average sales price was $226 per square foot.
In Henrico County, in the Tuckahoe Elementary School district:
7 homes sold in the last 90 days.
5 of 7 homes were under contract within 2 weeks.
4 of 7 homes sold for list price or greater.
The average sales price was $203 per square foot.
In Chesterfield County, in the Bettie Weaver Elementary School district:
9 homes sold in the last 90 days.
7 of 9 homes were under contract within 2 weeks.
3 of 9 homes sold for list price or greater.
The average sales price was $143 per square foot.
These numbers truly speak to the competitive market here in Richmond and likely mean that multiple offers were presented in these home sales. This market may seem exciting to you if you are looking to sell or daunting if you are hoping to buy. Either way -or both- know that we are here to help! The Kelly Blanchard Real Estate Group has the knowledge and experience to help you navigate the process, feeling prepared as you begin and satisfied as you settle into your lovely new home!