Long & Foster’s year-end market report details real estate trends
Across the Richmond region, sales of luxury homes – that is, properties above $1M – rose nearly 61% in 2022, while the overall number of homes sold in the region declined by 61% compared to 2021, according to Long & Foster Real Estate’s year-end market report.
Active inventory was up 37% for properties of all price points, but the number of luxury homes for sale remained unchanged.
“Today’s market is complex and ever-changing, but it presents tremendous opportunities for both buyers and sellers,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “If you are looking for a real estate partner to help you navigate these conditions, choose Long & Foster. We have more than 50 years of expertise in real estate, and we rank as the No. 1 brokerage firm in the Richmond region, both in traditional and luxury real estate sales.”
Working with the Long & Foster team, you’ll have everything and everyone you need to buy, sell, rent, invest and own a home. Real estate. Inspection. Mortgage. Insurance. Settlement. Moving. We built each of these businesses, so you enjoy a more streamlined, relaxed and exceptional real estate experience every time you work with us.
Long & Foster is your home for all things home, making it simpler and easier for you to buy, sell, rent, own and invest in real estate.
In addition to highlighting major trends in the Richmond Region, the 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.