Generally speaking, the 23220 zip code (which also happens to be mine) primarily includes the Fan District and a few other blocks and neighborhoods adjacent to it. The Fan and surrounding areas in Richmond Virginia are known for being highly pedestrian friendly and packed with lots of older homes often having a lot of character and charm and typically built in the late 19th and early 20th centuries.
The following bar graphs from the CVRMLS (Central Virginia Region Multiple Listing Service) and associated data help explain single family home (attached and detached) real estate trends. All data for these charts is from the last 12 months.
As shown above, the month having the most listings in the last 12 months occurred during October. Perhaps, it could be an advantage for sellers to list their homes during another month when housing inventory is lower and demand could be higher. However, October also could be a very advantageous month for buyers to seek and purchase homes, because more homes are listed during that month. Disclaimer: There are no guarantees whether buyers or sellers have the best opportunity to buy or sell a specific home during any particular month.
Interestingly, the average sales price for a home (shown above) during the last 12 months was in February of last year. Will history repeat itself in February of this year? Obviously, we won't know that answer until the end of 2014 or in early January 2015.
As shown above, last May had the most home sales, and June came in as a close second. Except for September, the first and last month of 2013 had the least number of sold homes.
Also, the data shown above indicates the numeric average price of homes sold by month in the last 12 months in zip code 23220.
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Are you looking to buy or sell a home in Richmond Virginia or specifically in the Fan District or surrounding area? Call me today, and let's start exploring options available for you!
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