Richmond Real Estate Market Extends Downward Trend in Home Prices

With home sales in the Richmond market already below average, in this week's report they slid 11.6% to 190 homes sold over the last 30 days. Meanwhile, close-by Tuckahoe reported 35 homes sales, the highest number from all the surrounding cities. The median sales price of homes sold came in at $213,455, which extended a downward swing in price to four weeks. With only two months of inventory to sell, Richmond is still a solid seller's market, even after taking into consideration the falling prices.

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Demographic facts about Richmond:

  • There are a total of 87,151 households here.
  • The unemployment rate for this area is 8.6%.
  • The average school expenditure per student is $5,781. ($5,691 = national average)

Data reported through 1/11/2017

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