Six months into the current age of interest rate hikes, we are still seeing a very active market. Prices have decreased less than 3% since the high in June of this year, while we’re still up almost 9% over August of last year. The decrease we see in Homes Sold is largely driven by the continued shortage of inventory. There is talk of another rate hike coming next week but, so far, we haven’t seen a great impact here in the Richmond market. It’s a strong time to sell and it’s becoming easier to buy.
Market Snapshot: July 2022