Richmond 2024 Mid-Year Report

Welcome to the Nest Richmond 2024 Mid-Year Report. Please find the downloadable PDF version of our full Richmond area Mid-Year Report here: Richmond_MYR_2024

Market Performance at a Glance

In the Richmond, Virginia, real estate market in the first half of 2024, things continue to be heated but are held back by a lack of inventory and higher, dynamic interest rates. While no longer at historical lows, interest rates have been relatively stable for more than a year now and pundits are predicting continued stability for the remainder of the year. Buyers have begun to adjust to this more expensive market but rising costs have taken a toll. Due to the shortage of inventory, it is hard to recognize the real impact the higher rates are having, as the median days on market remains extremely low. There are some signs of a shifting market, however, as the number of showings per listing is down across all counties, some as much as 25%. Lack of new listings continues to stifle the market and drive prices higher, surging in some counties more than 10% from the same period a year ago. Affordability is something we watch with laser focus, and over the last two years the combination of interest rates and price increases has pushed monthly payments up significantly and driven some buyers from the market.

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