Looking at the difference in the number of homes sold in 2022 versus 2021, you might assume the drop is due to the increase in interest rates. But it’s not. The Richmond market continues to be driven by the lack of inventory we’ve been discussing for the last few years. People are flocking to Richmond from larger cities across the country. Note the number of days on market is still extremely low, and median price continues to climb. The hike in interest rates has certainly taken some first-time buyers out of the market for now, but available homes are selling rapidly regardless of the rates. Additionally, in recent weeks, rates have started to inch downward again, where experts believe they will settle in the 5% range. Bottom line is this is not a time to wait. If you want to make a move, jump in! Give me a call if I can answer any questions for you.
Market Snapshot: November 2022