first half of 2019 were 1.8% higher than the first
half of 2018. Condominiums are becoming more
of a desirable lifestyle. Condo sales are higher
than any other prior year!
Prices: Prices are determined by supply and
demand. With a high demand (number of sales)
and a low supply (inventory), prices will rise in a
During the first half of 2019, The Greater
free-market economy. 2019 prices are already
Richmond real estate market continued to have
2% higher than last year and are expected to
strong sales, inventory shortages and rising
continue rising. For the first six months of 2019,
single family houses have sold for an incredible
99.48 percent of the list price.
Inventory: Inventory is the average amount of
time that it takes to sell a house. A normal market Interest Rate: 30-year mortgage Interest rates
is a 6 month inventory (supply) of houses. Higher are currently under 4% which is close to the
inventories are a Buyer’s market and lower
all-time low. The average long-term interest rate
inventories are a Seller’s market. Current Greater in the US is 7%. The interest rate determines the
Richmond single family Inventory is extremely
cost of your house.
low at 2.2 months. Condominium/Townhouse
What Does All this Mean? With an increase in
inventory is even lower at 1.8 months.
demand and a shortage of supply, prices will
continue to go up. With rising prices, waiting to
Number of Sales: The number of 2019 single
buy a house will only cost you more. If you are
family sales in the first half were 1% less than
considering buying for the first time, or moving
the first half of 2018. This is due to a major
up to a larger house, now is the time to do it!
shortage of inventory. Single Family Sales in the
first half of 2019 were higher than the peak year
Contact Lacy Williams for all of your real estate
of 2007. Condominium/Townhouse sales in the

How is the Richmond
Real Estate Market?

Lacy Williams
Lacy 864-0316
Institute for Luxury Home
(804) 864-0316


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