We saw less homes sold in June this year than last year, but certainly not for a lack of buyers. We’re still laboring under a severe shortage of inventory in the housing sector, especially in the Richmond region. The most meaningful information in this month’s stats is the trend in pricing: notice the quite sizable increase between 2018 and 2019, and the considerably smaller bump this year. This is a sign of the leveling out we started to hope for last year as prices were skyrocketing. A calm flattening of the spike is far more beneficial than the steep fall we’ve seen in the past. With COVID-19 increasing the unknowns for this year, I’m happy to see the real estate market remaining stable.
Market Snapshot: May 2020