The monthly number of homes sold has been lower for most months in 2023 than it has been in several years. As it has been so difficult for buyers to purchase new homes, it has then kept their current homes off of the market too. A dismal downward spiral, to be sure! There is a fair amount of new home construction going up in the area, but we can probably expect the shortage in inventory to continue for a while. Richmond is experiencing a boom and that shows no sign of slowing any time soon – good news for those of us lucky enough to live here!
Market Snapshot: March 2023