Housing recovery reaches Richmond
Housing figures for September 2012 are painting a picture of a recovering real estate market. Metros across the United States are seeing home prices and sales improve. These positive trends are apparent in Richmond.
"Now that the summer buying season is behind us, we can clearly see that the market made a significant rebound, and 2012 is definitely the year of the housing recovery," said real estate expert Margaret Kelly. "Although we still face some serious obstacles in tight lending and shrinking inventory, we believe that the housing market will continue to recover into 2013."
Potential homebuyers looking to take advantage of the steadily improving housing market can research properties on the MLS listings in Richmond.
Richmond real estate market
According to ALTOS Research, the median single-family price for a home in Richmond was $159,795 as of October 12, 2012. Property sales prices are remaining steady in this metro, as the median cost of a home one month earlier was about the same. Potential buyers looking to measure the value of a property in a different metric may want to break down the cost of a house by the price per square foot. The source claims that the median price paid per square foot for a home in Richmond was about $95 as of October 12, 2012.
There were 1,456 properties on the market as of the same date - leaving potential buyers plenty of opportunities to find their dream homes, according to ALTOS Research. If a person is wavering on the purchase, he or she may be comforted to know that, as of October 12, 2012, the average property in Richmond was on the market for approximately 159 days before a buyer completed the home closing process.
National real estate market
While home sales in the nation fell 17.5 percent from August 2012 to September 2012, housing experts still remain positive about the market because September 2012 rates were 0.5 percent higher than the number of property sales one year prior. In addition, the drop in property sales is a result of tightening inventory levels, which often indicate a strengthening housing market.
In addition to positive home sales figures, the median sales cost of a property rose. One real estate group found that the national median home sales price was $164,989 in September 2012 - 0.7 percent higher than August 2012 and 7.8 percent higher than September 2011.
As the housing market continues its forward momentum, potential homebuyers in Richmond can benefit from investing in local property.