Richmond Real Estate Market Report


Blog by Arnold Shuchat | November 26th, 2012


Last year during the first 26 days of November 2011 we had the following real estate market activity:

There were 89 sales of single family homes with a median price of $1,029,000 for a 2,821 sq ft home of built in about 1970.
There were 59 sales of townhouses with a median price of $529,000 for a 1400 sq ft townhouses built in 2005.
There were 75 sales of apartments with a median price of $346,000 for a 773 sq ft apartment built in 2007.

 And compared to this year?
 
There were 89 sales of single family homes with a median price of $1,029,000 for a 2,821 sq ft home of built in about 1970.
There were 59 sales of townhouses with a median price of $529,000 for a 1400 sq ft townhouses built in 2005.
There were 75 sales of apartments with a median price of $346,000 for a 773 sq ft apartment built in 2007.
There were 28 sales of single family homes with a median price of $998, 000 for a 2,220 sq ft home of built in about 1994.
In house sales, volume is down 68.5% relative to last year and the median price is down 3%.

There were 15 sales of townhouses with a median price of $478,000 for a 1465 sq ft townhouses built in 2006.
In townhouse sales, volume is down 74.6% relative to lsst year and the median price is down 9.6%.

There were 31 sales of apartments with a median price of $289,000 for a 1061 sq ft apartment built in 1989.
In apartment sales, volume is down 58.7% relative to last year and the mdeian price is down 16.5% 

A continued erosion of price support and diminishing volume of sales will provide terrific buying opportunities for home shoppers.