Richmond is still a Seller’s Market
For homeowners in Central Virginia, the past few years have been nothing short of rewarding. If you’ve sold your home or considered selling, you’ve likely seen the appreciation in property values. The local real estate market has been on a steady climb in part to the increase in home prices over the past few years, offering great return to sellers. Below you will see just how much home values have climbed.
A Look at the Numbers: 2019-2024
Let’s take a closer look at the average home sales prices over the past six years in Central Virginia:
| Year | Median Sales Price |
|---|---|
| 2019 | $285,612 |
| 2020 | $308,448 |
| 2021 | $344,120 |
| 2022 | $383,295 |
| 2023 | $401,703 |
| 2024 | $435,265 |
As you can see, this data shows a consistent increase year after year, with the average home price rising from the high $200’s in 2019 to the mid $400’s in 2024, an incredible jump in just six years!
What’s Driving Home Prices?
Several factors have contributed to this steady appreciation in home values across Central Virginia:
- High Demand, Low Inventory: The demand for housing has consistently outpaced supply, leading to competitive bidding amongst buyers and increased home values.
- Low Interest Rates (Early in the Decade): Low mortgage rates in 2020 and 2021 was a great contributor in encouraging buyers to enter the market, further fueling price increases.
- Strong Local Economy: Central Virginia, including Richmond and its surrounding areas, have experienced job growth and economic expansion, making it an attractive place to live and invest in real estate.
- Migration Trends: With remote work becoming more common, many homebuyers from larger metropolitan areas have relocated to Central Virginia, seeking affordability and quality of life.
What This Means for Sellers in 2025 and Beyond
If you’re thinking about selling your home in Central Virginia, the numbers are certainly in your favor. Even with mortgage rates fluctuating, home values remain strong, and demand continues to drive appreciation.
Is Now the Right Time to Sell?
Timing the market can be challenging, but given the steady appreciation, selling now secures you a significant return on investment. If you’re considering putting your home on the market and are in need of a knowledgeable real estate professional, the Kevin Currie Group can help you maximize your sale price and navigate the current market.