Long & Foster’s Mid-Year Market Report details trends in real estate

Luxury home sales outpaced the traditional market in the greater Richmond region in the first half of 2022, compared to the same time period in 2021, according to Long & Foster Real Estate’s 2022 Mid-Year Richmond Region Market Report.  

While sales of properties less than $1 million were down almost 11% in the first half of 2022, high-end homes—those priced above $1 million—more than doubled from the same period the prior year. It’s impressive growth for the high-end market, which, like most areas across the country, continues to experience inventory shortages. 

“Looking ahead, we predict a more balanced market than we’ve had recently,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “With increased mortgage rates, we expect demand will cool, shifting from the strong sellers’ market we’ve had,” Foster added that for homebuyers who’d become frustrated with the lack of inventory, the number of homes on the market is expected to increase. Conversely, because the supply of homes available remains at record lows, it’s still a great time for sellers.

In addition to highlighting major trends in the Richmond region, the Long & Foster’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.

Navigating a changing market like ours isn’t easy, but with the expert guidance of the real estate professionals at Long & Foster, you can achieve success no matter the market conditions. Long & Foster’s team has decades of experience in the Richmond market and is the No. 1 real estate brokerage in the region.

Whether you’re planning to move or purchase an investment property, contact Long & Foster to guide you on your journey.