The real estate market in the Richmond region saw steady home sales in the first half of 2020, even as inventory declined significantly after the onset of the Covid-19 pandemic. High-end housing (over $750,000 in the Richmond area) experienced a 13% decrease in the number of homes on the market, and the number of homes for sale below $750,000 dropped 42% by the end of June compared to the same period in 2019, according to the Long & Foster | Christie’s International Real Estate 2020 Mid-Year Richmond Region Market Report.
Even with inventory low, home sales were down only 1% compared to the first half of 2019, and luxury home sales increased 30% in the region.
“Home sales in the Richmond region remained relatively flat in the first half of 2020, despite Covid-19 uncertainty and stay-at-home restrictions,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “We believe the combination of low inventory, rock-bottom interest rates and pent-up demand attributed to the real estate market staying about where it was at the same time last year in the Richmond region.”
Within the City of Richmond, luxury home sales decreased 20.5%, and median sale prices were down 3.4%. Average monthly inventory declined 7.3%, while the days on market increased to 34 days in the second quarter, compared to 29 days in the same period in 2019.
Luxury real estate’s median sale price increased 2.3% in Henrico County, while the number of sales dropped by 22.5%. Average monthly inventory declined by 1.7% compared to the same quarter of 2019, while the average time properties spent on the market increased by 54.3%, to 54 days in the second quarter.
In Chesterfield County, the median sales price of luxury properties sold in the first half of the year declined by 2.1%, while the number of homes sold fell 38.5%. Inventory by the end of June was down 27.4% compared to the same period a year earlier. In the meantime, days on the market dropped by 75.5%, to just 19 days.
Goochland County saw the median sale price of luxury homes sold go up by 25.7%. The area experienced a 66.7% increase in luxury home sales, with days on the market rising to 105 days, from 17 days in the second quarter of 2019.
In addition to highlighting major trends in the Richmond region, the Long & Foster | Christie’s Richmond 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.