Alexander Clark Real Estate

‘The Front Steps’: Our February Richmond Realty Report

February, we hardly knew ye. The shortest month of 2022 has already come and gone, so let’s see what the home market in the Richmond looked like.

We’re going to break things down by just a couple of key metrics, we’re restricting the data to just the Inner, Outer, and Central Richmond, and we’re only counting homes that were publicly listed. Ready?

*Since February 1, Richmond saw 14 public home sale close (six of them condos).

*Prices ran from $600K at the bottom up to $4.38 million. The median for the month was around $1.29 million.

*The average February Richmond sale was an overbid of around 32 percent.

*And the final median number of days on the market was 13, which as previously noted is just simply insane.

So that’s interesting and all, but how do we make sense out of these numbers? (Other than the Days On Market stat, which again, exists far beyond the confines of mere sense.)

(Photo by Dave Beckett)

Looking back at this same period in 2021, 18 homes sold–so this year was a decline, but not really a particularly significant one. The median for February last year was $1.84 million, but the median overbid at the time was just 1.62 percent. DOM for 2021 was 14, but for the sake of our continued sanity we’re not going to think about that.

In February of 2020, 26 homes sold in the neighborhood, and that is a significant difference. Note that of course 2020 was the year everything fell apart, but February was juuuust before things really got weird, making it a fascinating case study.

The median 2020 Richmond price was $1.74M, overbids were 12.62 percent, and DOM was once again 14.

So by comparison, the last four weeks were a bit slow in the neighborhood compared to the last couple of years. But we wouldn’t make a lot of that right now, as one month is just one month, February is conventionally reckoned one of the slowest months for the real estate game, and, unfortunately, zooming into a single neighborhood like this does give us a relatively small sample size, which can amplify changes.

Meantime, it’s a brand new month with brand new prospects–buying and selling alike. We’ll keep you posted on what happens.

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