Richmond, VA housing market

The typical Richmond home is now worth about three hundred eighty-two thousand dollars, and sellers are asking nearly four hundred seven thousand dollars. That gap of roughly twenty five thousand dollars between asking and worth tells the real story here, and it matters if you are thinking about selling this year. Values are up about two percent over the past twelve months, a slow and steady climb rather than a surge. On the supply side, there are roughly seven hundred twenty homes for sale right now, with about four hundred new listings hitting the market, so buyers have options but not a flood. And homes that are priced right are moving, going under contract in about thirty eight days, roughly five and a half weeks from listing to accepted offer. Here is the catch. The typical asking price sits well above what homes are actually worth, and about fifteen percent of listings have already cut their price. Sellers who aim too high are getting corrected by the market. So if you sell, price close to what the market supports and expect a few weeks of showings. Aim high and you will likely join the fifteen percent cutting later. For a free estimate of what your Richmond home is worth, visit Home Value Pros dot com.