Across the Richmond Region, home sales declined 2% in the first half of 2024, as home buyers were challenged by higher mortgage rates and reduced inventory. The sale of luxury homes (properties above $1M) are 36% higher year to date than in the first half of 2023. Inventory was 5% higher for properties of all price-points. Inventory for the luxury segment increased 54%, according to the Long & Foster Mid-Year Market Report.

Over the past year, 30-year mortgage rates have ranged between 6.5% and 7.5%, but rates have been slowly decreasing since May. This trend is expected to continue for the second half of the year, depending upon favorable inflationary numbers and a possible Federal Funds Rate cut by the Federal Reserve.

Today’s ever-changing market offers opportunities for buyers and sellers alike. When seeking a partner to expertly steer you through these intricate conditions, look no further than Long & Foster.

At Long & Foster, we’ve transformed the homeownership journey with an All-Inclusive Real Estate Experience centered around our clients. Our agents work closely with a team of uniquely qualified specialists to create a streamlined, stress-free client experience. From Mortgage, Insurance, and Inspection, to Title, Moving, Property Management and beyond, we do it all. We not only pioneered the concept – we’ve perfected it.

The All-Inclusive Real Estate Experience. It’s the one way we think about real estate.

In addition to highlighting major trends in the Richmond region, the Long & Foster Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single-family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. View the report in its entirety here.

For more information about Long & Foster, visit LongandFoster.com.