Here’s What You Need to Know.
Grab a light jacket, the real estate market is cooling off (but just a little)!
According to an article from Realtor.com, experts are anticipating more houses to go up for sale in the second half of the year. However, the market will likely remain competitive… So maybe all you need is a light sweater?
Here’s the scoop:
Single Family Residential Median Sales Price = $362,906
Average days on market until sale = 12 days
*Taken from September 2021 MLS stats
A balanced real estate market has between 5.5 & 6 months of homes for sale. For the majority of the year, there has been 0.8 months of inventory in the Richmond Metro market.
Currently, homes are selling, on average, at 102.4% of list price. In May of this year, we were up to 105%, the highest in the past few years! So while the competition is starting to cool off a bit, there’s still quite a ways to go until it’s balanced.
With interest rates still at record lows, locking in a low interest rate gives buyers more purchasing power that they still want to take advantage of while they can.
What questions do you have about buying or selling a home this Fall? My DM’s are always open! ??
