The most telling detail in November 2022’s stats is that median home prices went up by about $4,000 between October and November, after declining only slightly since May in response to the increase in interest rates. While rates likely still have some settling to do, we’re back down in the low 6% neighborhood, having reached upward of 7% just a couple of months prior. National news headlines have been clamoring about a market slow-down for some time, but be sure to follow local trends: Richmond is not experiencing the same behavior. Houses are still moving fast and prices are holding steady. Give me a call if you’d like to chat about your real estate goals for 2023!
Market Snapshot: October 2022