Across the Richmond Region, home sales declined 17% in 2023, compared to the year prior, as home buyers were challenged by higher mortgage interest rates and reduced inventory, according to the Long & Foster 2023 Year-End Richmond Region Report.

In contrast, the sale of luxury homes (properties above $1M) increased by 9%, year-over-year. At year’s end, inventory was down 6% for properties of all price points and up 26% in the luxury segment.

It is often said that the only thing constant about real estate is change. At Long & Foster, we attribute our more than 50 years of success to continuous innovation. We’ve thrived by diversifying our businesses, which now include real estate, mortgage, title, insurance, inspection, property management, and vacation rentals.

In 2023, we embarked on a comprehensive research project to enhance this all-inclusive business model, creating an even better experience for clients by streamlining the home-buying and selling process.

Despite the challenges often associated with the current real estate landscape, we see it as an exciting time full of opportunities. “In 2024, we’re committed to transforming the way real estate is done with a focus on serving our consumers,” said Jackie Thiel, president of Long & Foster Real Estate.” Stay tuned as we continue to shape the future of real estate.”

Working with our team, you’ll experience firsthand the benefits of our all-inclusive model — so that when it comes time for you to buy, sell, rent or own a home, we’ll help make your dreams big and your worries small.

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.