Richmond Real Estate Market Report

Blog by Arnold Shuchat | September 19th, 2014

Here's a snippet to close off a hectic week: Only 27.6% of all single family homes listed for sale in Richmond are priced under $1 Mill!  The median price of all 785 of these homes is: $1,380,000.  It is a 2400 sq ft home built in 2009 on a 4150 sq ft lot at: 6388 Dover Rd. in the Riverdale neighbourhood.  No opinion is given as to the accuracy of the listed price. The house contains 4 BRs and a den and 4 bathrooms.  

53.3% are priced between $1 Milll and $2 Mill
15% are priced between 2-3 Mill
4% are priced over 3 Mill

Here's the clincher:  The median selling price over the last 30 days is: $976,000.  So in all, the market is not where the list prices are.  It might be expected that a median sale price be a reasonable distance from the median asking price.  But such is not the case.  There is a disconnect between the sellers and the buyerss in terms of the product being sought vs. that being offered.

Would you say that this constitutes a crisis in affordability?  Would you surmise that most of the people that you know who live here are earning 3X as much as most people were about 13 years ago?