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Market Update

The past few weeks of weather have been a little wacky. I can't figure out if I should be in shorts, a rain jacket, or flannel. This time of the year the market is also adjusting-or so we're told. But is it better to wait until spring or is now a good time to buy/sell? What does the data ACTUALLY say?

Over the past three years the number of homes sold has increased by roughly 1,000-1,500 homes each year. We're on track to see a total of 14,000 homes sold this year in the Richmond metro area.

Despite the weather, this year has trended largely in the same fashion as recent years. June was the busiest month with almost 1,700 homes being sold. It's important to remember homes sold in June most likely went under contract in April or May.

Two quick notes:

-September was busier than previous years

-November is traditionally slower than both September and December.

Let's look at median sale prices for homes in the Richmond metro:

-Highest median sales price this year was in June at $251,500

-Lowest median sales price this year was in January at $225,000

-Trend from previous three years show the first quarter had, BY FAR, the lowest median sales prices

-The past two years show Oct, Nov, and, Dec ALL having higher median home prices than September

So What's the Answer?

-For buyers: Now IS a fantastic time to buy. We are on-track with the same volume of homes on the market we've seen this year and years past.

-For sellers: Data shows median home prices remain high from the peak in June until the end of the year. There are lots of other factors we haven't discussed that can affect whether or not it's a good time to sell but, the data indicates it IS a great time to sell.

On the fence about selling? Or want to find something to buy before years end? I can help. Shoot me an email or give me a quick ring.

***All data was sourced from the Central Virginia MLS system which pulls from public records and information provided by real estate agents.

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