Richmond Real Estate Market Conditions & Reports, Richmond Market Trends, Virginia

Market Commentary Provided by Lisa Sigmon-Holloway
Central Virginia defies the national economic forecasts in that our job market is good, unemployment down, and the real estate market prices are stabilized; the trend in foreclosures are up statewide but in our area, foreclosures comprise just 6 1/2% of the inventory. The greatest number of sales occurring are between $200,000 - $400,000. The slight price decline allows more people to buy. The pending and sold properties are 48% higher than the 1st quarter and 18% higher than the 2nd quarter of 2007.

Report Date

Fall 2009

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CONNECT WITH A LOCAL PROFESSIONAL

Lisa Sigmon-Holloway
Envision Real Estate
Richmond, Virginia
804-539-5472
Richmond@go2tim.com
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Nearest Metro Area

Richmond

Buyers’ or Sellers’ Market

More sellers than buyers

Average Time on Market

60-90 days

Market Trend

Increasing

Housing Inventory

Good supply - Some Prices

Average Home Price

$275,000 - View Graph Trend

Best Selling Price Range

Worst Selling Price Range

Compared to Last Year

Down 0-5%

Prices As % of Asking Price

95-100%

Multiple Offers?

Greatest Activity

First Time Buyers

Buyer Activity for the past 90 days in Richmond is

Seller Activity for the past 90 days in Richmond is

Is Financing Available For Qualified Buyers in Richmond?

Existing Home Prices for the past 90 days are

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

Housing Hot Spots

The East End of Henrico offers a great area for reasonably priced new construction. The Tri-Cities area (around Fort Lee) has the greatest growth in activity.

Reason to Buy/Sell

Job Growth

Average Sold Price

$275,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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