Richmond, VA Real Estate market What's going on?

By
Real Estate Agent with Long & Foster, Realtors

So what's going on in the market these days...? What's it gonna do...?

 

     If I've heard that question once I've heard it a hundred times...and that's just in the past week. The home you live in, for most folks, is their largest investment and they want to want to know where they stand.

     There are a lot of uneasy feelings around today and given the often-conflicting reports in the media it is completely understandable. When you get national news programs leading off their newscasts with the gloom and doom of the national picture it is easy to think that the sky is falling when in actuality the metro Richmond is, and hopefully always will be, a very stable market. We have a history of a slow to moderate growth across the area and a mindset of moderation infused into its residents that should keep us in a very comfortable situation.  Sure there has been a slow down and yes sellers are not getting the quick turnover and high prices that they have become accustomed to, but on the whole we are still posting a rise in the home prices regionally and most homes sell in under 90 days with the average being 55 vs. 41 days, which in a normal market is normal.

     What we have to do is NOT look at the big picture rather concentrate on the small. California, Florida, Nevada, and for that matter Northern Virginia, do not represent our market and they never will. Be thankful for our "slow and steady", because it sure beats the freefall a lot of other markets are "enjoying" today.

Statistics Results from Central Virginia MLS

1/1/2007 to 1/6/2007

Sold - 10219 Properties Found

 

Fin. Sq.Ft.

Tot. Bdrms

Tot. Rms

Full Bths

Half Bths

List Price

Sale Price

DOM

Avg

2052

3

7

1

0

$ 291,572

$ 286,171

55

 

1/1/2006 to 1/6/2006

Sold - 13649 Properties Found

 

Fin. Sq.Ft.

Tot. Bdrms

Tot. Rms

Full Bths

Half Bths

List Price

Sale Price

DOM

Avg

2054

3

7

1

0

$ 283,239

$ 280,404

41

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