Home prices continue to rise in Metro Richmond despite a sales slowdown

The Richmond Association of Realtors says its seen year-over-year growth since 2010, but not this year due to a lack of inventory.
Published: Dec. 8, 2022 at 12:55 PM EST|Updated: Dec. 8, 2022 at 1:13 PM EST
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RICHMOND, Va. (WWBT) - Finding homes for sale in and around Richmond these days can be challenging.

“We’re seeing things adjust with interest rates going up and the listing inventory going down. So having to work a little bit harder to sell a house these days, but the market is still moving,” said Sean Pierce, GO Real Estate associate broker.

Pierce has been in the business for 13 years. He says that last year listings were plentiful. Now it can be slim pickings.

“Looking at the trends, I think the inventory is probably going to continue to decrease,” said Pierce.

The Richmond Association of Realtors says it has seen year-over-year growth since 2010, but not this year due to that lack of inventory.

“But particularly if you are a first-time home buyer. In the market for a house under $300,000, that’s really challenging to come by,” said Laura Lafayette, Richmond Association of Realtors CEO.

Lafayette also says home prices continue to rise, with an increase of about 12% this year. She doesn’t see any of that changing as we head into a new year.

“I mean people are continuing to pay full price and some areas you are still seeing some bidding wars. Not as many as we were seeing. So it’s an excellent time to sell your house,” said Lafayette.

Currently, Lafayette says they only have one month’s supply of homes, meaning if more homes don’t hit the market, buyers in 2023 may have some limited choices.

“May not have as many options right now. But that’s okay. We’ll still find you the perfect home,” said Pierce.

If you are buying a home, one word of advice, don’t waive an inspection. Lafayette says not knowing what you’re buying could bite you in the end.