The median sale price and units sold increased throughout most of the Richmond Region in April, according to Long & Foster Real Estate’s Market Minute Report.  

Leading the region was Chesterfield County with a 20% incline in median sale price compared to April 2020.  In the category of units sold, Hanover County exhibited a 22% incline. Inventory continued to decline across the region. Homes sold rapidly with days on market ranging from 12 to 39.  

The Long & Foster Real Estate Market Minute report for the Richmond region includes Chesterfield, Henrico, Goochland and Hanover counties, and the city of Richmond.

Low interest rates continue to be the driver for this robust housing market. “Although we’ve been talking about the low inventory for years, the rate at which it is declining is starting to slow,” said Gary Scott, president of Long & Foster Real Estate. “It’s been encouraging to see the increase in new listings and healthy appreciation of median sale prices.” 

In today’s market, in which sellers have the upper hand, we asked Scott for some guidance on what to do if you want to buy and sell a home concurrently. “It’s one of the least risky times to buy your next home before you sell your current home,” said Scott. If homeowners are able to handle the payments on two homes for six months or so they can buy first and sell later, added Scott. 

“A bridge loan is also an option if you want to buy without selling first,” said Scott. “Or you can take out a home equity line of credit on your home before you put it on the market to access the equity to help you make your purchase first.” A bridge loan allows homeowners to borrow money to pay for the down payment on their next home based on the equity in their current home. In this market, whether you’re buying or selling a home, a professional real estate agent can help evaluate your options to decide which to do first and how to optimize both transactions. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.