Richmond VA Housing Market Leads The Nation In Pending Sales

Richmond just led the nation, and it was not close. According to the National Association of REALTORS, citing Realtor.com Economics, pending home sales in the Richmond metro rose 11.3 percent year over year in August, the biggest gain among the 50 largest metros in the country. San Antonio came next at 6.6 percent, then Memphis at 6.4 percent.

How Far Ahead Richmond Really Is

Richmond's pace was about 1.7 times the runner up. The Virginia Beach and Norfolk area ranked fourth at 5.1 percent, so two of the top four metros in the nation are right here in Virginia. Every major U.S. region posted a decline in pending sales from a year ago, with the South down 3.8 percent, the Northeast down 3.9 percent, the Midwest down 4.9 percent, and the West down 6.7 percent. Richmond did not just edge out the pack. It moved in the opposite direction from the whole country, and that is a local story worth celebrating. Pending sales count signed contracts that have not closed yet, which makes them one of the best early signals of where a market is headed, and Richmond's signal is pointing up.

What The Local Numbers Show

Henrico County's August single family median sale price reached $425,000, up 7.9 percent from a year ago, with homes selling in 18 days and only 1.6 months of supply, according to the Central Virginia Regional MLS. Hanover County, home to Mechanicsville, shows an average home value of $438,108, up 2.3 percent, with homes typically going pending in about 20 days, per Zillow. In my own showings from Short Pump to Glen Allen to the Fan and Museum District, buyers are showing up and writing offers, even with mortgage rates above 7 percent.

What This Means For You

If you are buying in Richmond, Hanover, Henrico, or Chesterfield, this is an active market, so get fully underwritten and know your real monthly number before you tour. Momentum like this rewards preparation, so a short conversation with a lender now can save real time later. If you are selling, demand is real, and buyers are ready to move on well priced, well presented homes. Sellers in Mechanicsville and Glen Allen should expect serious buyers who come prepared.

At Maison Real Estate Boutique, I stay personally involved with the lender, the other agent, and the closing attorney from your first showing to the closing table. One call, one person, no handoffs. Curious what Richmond's momentum means on your street? Visit brettbondarealestate.com.