June 2024 Housing Market Update | Richmond, Virginia Real Estate

June 2024 Housing Market Update: Central Virginia

Hey Central Virginia! Curious about the latest trends in our local housing market? In this June 2024 update, we'll break down everything you need to know. 🚀

Good News:
Inventory is on the rise! Nationwide, the number of homes for sale has increased by 35% compared to May of last year, surpassing levels seen during the pandemic years. 📈

Bad News:
Despite the improvement, we're still falling short of the inventory levels seen between 2017 and 2020. The demand for housing remains high across Central Virginia and the rest of the U.S. 🏘️

Key Stats for Central Virginia:

Median Home Price: $442,000, up 5.8% from May 2023 and 9.5% since the start of this year. 💲
Median Days on Market: Just 6 days! 🕒
Median Percentage of Asking Price: Homes are selling at 101.1% of their asking price on average. 🔥

Market Insights:

While overall transactions are down from the pandemic's "unicorn years," new construction is booming. One in three homes on the market is newly built, meeting the high demand. 🏗️
Tips for Sellers:

List Your Home Before July 19th: With school starting on August 19th, buyers looking to move before then will want to close by mid-July. 📅

Start Preparing Now: Getting your home market-ready often takes longer than expected. Start early to maximize your sale price. 🏡

Get a Home Inspection: Identify and fix any issues before listing to streamline the sale process. 🔍
Tips for Buyers:

Act Fast: To move before the new school year, you'll need to be under contract by July 19th. 🏃‍♂️

Summer Opportunities: The summer months may offer less competition as many potential buyers are distracted or on vacation. 🌞

Be Prepared to Offer Over Asking: Homes are selling for 1-10% over asking price in some areas. Understand your market and make competitive offers. 💸

Thanks for tuning in to our June 2024 market update! If you have any questions or need more info, drop a comment or send me a DM. See you next month! 👋

#housingmarketupdate #richmondrealestate #realestatetrends #june2024 #richmondvirginia #richmondva

0:11 Good News + Bad News
0:51 Central Virginia Housing Stats
1:22 Addressing Interest Rate Concerns
1:35 New Construction Trends
1:51 Seller Tips
3:11 Buyer Tips
4:29 Closing Remarks

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