What's the status of the real estate market in Richmond?

For many consumers, the state of the housing market is confusing. One moment reports are pointing toward the industry's recovery, and the next moment someone else is expounding on why it isn't a good time to buy. Purchasing a home in the current market takes some savvy thinking, strategic negotiation and smart financing. However, that doesn't mean now is not a good time to buy. Real estate markets in metros across the United States are showing positive figures, including in the coveted city of Richmond.

"The fundamental question about the real estate market has been: will it last?" said Glenn Kelman, a local real estate expert, in a recent press release. "With the summer season now over, would the rise in demand and prices be more than just the kind of temporary rally we saw in 2010 and 2011? And the answer now clearly is yes, the recovery will continue. The market isn't booming, but it's building steadily in ways that have surprised many economists. In the past few weeks, we got the first signal that the winter will be relatively strong."

Homes for sale in Richmond offer potential homebuyers plenty of opportunity. The affordability of the metro, it's location and positive school systems make it a wonderful place to live for a wide variety of buyers, regardless of what stage of life they are in.

The median price for a single-family home in Richmond was $393,196 on September 7, 2012, according to ALTOS Research. The median cost per square foot for a house in Richmond was approximately $137 on the same date. While these figures demonstrate the affordability of a property in Richmond, it is important to note that some communities are less or more expensive. For example, the ZIP code 23224 in Richmond has an average asking real estate price of $88,603 and the average sales price is even lower at $65,076, claims Zip Data Maps.

With home offers declining by 4 percent across the nation in August, some metros, including Richmond, are seeing homes stay on the market for slightly longer than was typical in the previous months. ALTOS Research states that the average property in Richmond spent 179 days on the housing market before being purchased.