People ask me all the time, “Hey Jenn, How’s the market?” Seriously, they do. And if I’m standing in the parking lot at Kroger at the end of a long day, I might jump into an explanation (ok, rant) about how much I despise grocery shopping. Woops. I see a confused look on their face. Wrong “market.” So I put on my real estate hat and share the basics: mortgage rates are down which is great news for buyers, and inventory is low which is excellent for sellers.
The spring market in Richmond was prosperous; so prosperous that it landed us on CNN Money magazine’s Top 10 Hottest Real Estate markets for 2014: http://money.cnn.com/gallery/real_estate/2014/01/23/hottest-housing-markets/4.html. Home prices have been running at a steady pace over the past three years, up about 3% annually since 2010.
Our local economy is a diverse and stable mix of government, financial, education and manufacturing jobs, and unemployment rates are well below the national figure. As a result, home sales have taken off and prices are starting to reflect that, according to the Richmond Association of Realtors. CoreLogic forecasts that home prices in the metro area will gain another 8.5% in the next 12 months. YAY for Richmond!
Some folks want the nitty gritty...so here's the scoop: Pending sales for the third quarter are up five percent—the first quarter-over-quarter increase for the region since the end of 2013. Pending sales in the Tri-Cities market increased dramatically by 40 percent from the third quarter of last year. This is the sharpest increase in pending sales for the Tri-Cities area since before the housing market crash and recession. To learn more, check out this market report published by Richmond Area of Realtors on third quarter housing: http://wearether.com/third-quarter-housing-market-report-indicates-resumed-sales-growth-and-healthy-demand/
So there you have it, “the market” in a nutshell. The bottom line is that it’s a great time to buy or sell property in Richmond, VA. If you’re considering making a move, I hope you will call me. I love the market, as long as it's not the grocery kind.