The real estate market in the Richmond region was booming in the first half of 2021, both in the traditional and luxury($750,000+) space.
Sales across the market increased 14% from the same period in 2020, and the high end segment far outpaced that growth, with an over 70% increase in sales during the first half of the year, according to the Long & Foster | Christie’s International Real Estate 2021 Mid-Year Richmond Region Market Report.
“While inventory has remained low, interest rates have done the same—creating opportunities for both buyers and sellers, especially those working with professional Realtors like those at Long & Foster,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “Whether you’re shopping for a larger home, considering an investment or vacation property, or downsizing, Long & Foster offers everything you need to buy or sell a home without the complexity or uncertainty you may have experienced in the past.”
Within the City of Richmond, luxury home sales jumped by 58.1%, and median sale prices were up by 5.4%. Average monthly inventory declined 50%, while homes stayed on the market an average of just 18 days, which was a 47.1% decrease compared to 34 days during the same period in 2020.
Luxury real estate’s median sale price increased 4.6% in Henrico County, while the number of sales increased dramatically by 171%. Average monthly inventory declined by 49.2% compared to the same quarter of 2020, while the average time properties spent on the market fell by 42.6%, to 31 days in the second quarter.
In Chesterfield County, the median sale price of luxury properties sold in the first half of the year increased by 6%, while the number of homes sold increased by an astonishing 212.5%. Inventory by the end of June was down 55.6% compared to the same period a year earlier. In the meantime, days on the market dropped by 1.6%, to just 25 days.
Goochland County saw the median sale price of luxury homes sold decline by 11.6%. The area experienced a 46.7% increase in luxury home sales, with time on the market dramatically decreasing to only 20 days, which was an 81% drop from 105 days in the second quarter of 2020.
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.