It is March 11th, 2024 here in Richmond, VA and I must say, this has to be one of the most active real estate markets I can remember. If you look at my social media lately, I am not posting as frequently as I used to, mainly because we are so busy prepping listings and showing buyers around! So this begs the question, if more inventory is potentially hitting the market, however slightly higher rates have more buyers on the sidelines due to affordability, what is it actually like putting your home on the market right now?
We are going to approach this from a local Richmond perspective across price points and areas. Starting off in the City in The Fan District and The Museum District, if it is priced right, looks great, and has an old time feel with some modern updates on the inside, your house is going to sell quickly, with very minimal contingencies. There was a home listed on Hanover Avenue for $895,000. It sold for $1,075,000 with no appraisal or inspection the first weekend it hit the market. In Richmond, the older it is, the more of a premium we place on it. If you have been thinking of trading in city living for a more suburban or rural lifestyle, I couldn't think of a better time to start listing the pros and cons of potentially selling your home. For the most part, we are in a seller's market in the hot neighborhoods in the City of Richmond.
As we go a little further West in the Near West End we are seeing all sorts of activity. Some homes are selling immediately, and some homes are selling within the first couple of weeks. We are seeing a blend of homes selling above asking with no contingencies, and homes selling after a little bit of time on the market. My advice here for sellers is to not be troubled if your home does not sell in the first weekend. We are running into scenarios where your home may have had 15-20 showings the first weekend, and that special buyer comes around midday the following week going in at full asking.
While we are still talking about the Near West End, let's talk about some of the Old Richmond Luxury Neighborhoods such as Windsor Farms, Lockgreen, and Wilton. We have $3,000,000 homes selling in the first weekend they are available for showings on the market. To think that Richmond has become a haven for $3,000,000 plus listings is amazing. The absolutely stunning historic, luxury homes that have been preserved here are finally starting to gain national attraction, and the homes are truly immaculate. Here is the link to one of these outstanding homes below on Pocahontas Ave.
4709 Pocahontas Ave | trestle_cvr | Gary Martin (garymartinrealtor.com)
It is safe to say, that the high-end Luxury Homes that we drive past on Cary Street and River Road are truly matching the demand that they deserve.
As we venture south of the river to Westover Hills, we encounter a neighborhood that is truly on fire. A couple of weeks ago we were outbid on a home listed near the $800,000 mark, waiving appraisals and inspections, only to learn that over ten offers had been made, and we had been blown out of the water going significantly over the asking price. Keep your eyes on this area as price points continue to rise there.
In other news, areas like Short Pump, Glen Allen, and Western Henrico are somewhat of a toss up, and every home tells a different story as far as how competitive the market is. There are homes where we receive three offers and a home inspection is able to happen, and there are homes that stay on the market for two weeks. As rates potentially come down, we may begin to see competition get fierce again in the suburbs, however the moral of the story is that the prices have definitely increased, which has made the competition dwindle slightly.
Lastly, luxury home sales in the Goochland and Short Pump areas are still on fire as well. Anything that shows great and is priced well in this corridor is landing in multiple offer territory with no contingencies. A seller's dream, especially in the luxury price range.
So, what is my honest opinion when it comes to selling your home in 2024? If you are in the city and planning to head to the suburbs, now is a great time to list. If your home is considered in the luxury market of Richmond, now is a great time to sell. If your home is in the suburbs, you will get offers, but they may be right at the listing price.
Finally, what do I think about buying a home right now? If you can afford it, do it. If you're not sure if you can afford it, let me know! We have people in place to get you on the right track!
If you are wondering if now is a good time to sell your home, reach out anytime. My personal number is 804-418-5509, I would love to go over our step-by-step listing strategy, to get you the most money out of your home sale.
