In addition to these year-over-year comparisons, the difference in median home price just from January 2022 to February 2022 is almost $15,000! And in the last two years it’s gone up $80,000. These increases are a direct result of offers being made at $100,000+ over asking price and appraisals being waived left and right. But we’ve been in this strong growth period for a solid two years now. This is not a fleeting trend that will end in a crash, but a bullish rise in home values that can be attributed to the appeal of Richmond to people from other places. The joys and ease of mid-size cities are being discovered across the country and Richmond is riding that wave.
Market Snapshot: January 2022