Low stock, excessive demand and low rates of interest are driving dwelling gross sales throughout the Richmond area.
“The market is just like the temperature: steaming,” mentioned actual property agent Joan Peaslee with Berkshire Hathaway House Companies. “Homes come and go in a flash.”
“We simply don’t have sufficient stock to fulfill the demand,” mentioned Laura Lafayette, CEO of the Richmond Affiliation of Realtors.
Proper now, metro Richmond has a 1.2 month provide of stock, which breaks all the way down to zero.eight in Henrico County, 2.three in Hanover County, 1.three in Chesterfield County and 1 within the metropolis of Richmond. Consultants say that a three-month stock is an indication of a wholesome market.
“It’s extraordinary,” actual property agent Kristin Beran Krupp mentioned. “It’s nearly like a desert. There are not any listings. When a house is priced proper and in good situation, it will get wolfed up. Plus the rates of interest are traditionally low, driving up demand.”
Kathleen Petroziello and her husband, Jason Burkett, have been on the lookout for a brand new dwelling in Richmond for the reason that fall. They initially set their sights on North Richmond, Forest Hill and Stratford Hills — they each work downtown and wished to be near town’s core — however discovered it a particularly aggressive market.
They’d a price range as much as $350,000, however they struggled to compete. The typical gross sales value of a house in central Virginia is now $310,914, in accordance with the Richmond Affiliation of Realtors, a rise of about $14,000 from final 12 months. House gross sales in central Virginia have been on the rise since 2011, in accordance with the Realtors group.