Richmond Housing Market Update: June 2023
Shoreline in Richmond, California
Hello, everyone! Let’s take a look at June’s market update with your trusted REALTOR® here in beautiful Richmond, California.
Inventory
First, let's talk about inventory. Currently, we have a low 1.09 Months Supply of Inventory in Richmond. That means if no new homes were listed, it would take just over a month for all existing homes to be sold. But here's the interesting part: over the past 12 months, we've seen a significant decrease of 34.34% in Months Supply of Inventory. This indicates a highly competitive market!
June’s month supply of inventory for single family homes
List to Sold Price
Now, let's shift our focus to the List to Sold Price percentage. In Richmond, sellers are getting an impressive 109.2% of their asking price on average. That's great news if you're looking to sell your home! It shows a strong demand and willingness from buyers to pay top dollar for properties in our area.
An increase in buyers willing to pay over asking price
Median Days on Market
Next up, let's discuss the median days on market. Currently, homes in Richmond are spending a median of just 13 days on the market before being sold. That's incredibly fast! So if you're a seller, you can expect your property to attract attention and potentially receive multiple offers within a short period.
Only 13 days between being listed on the market and being sold
Median Sold Price
Lastly, let's talk about the median sold price in Richmond. As of June 2023, the median sold price stands at an impressive $768,000. This represents the midpoint of all homes sold in our area, so it's a good indicator of our market's overall health and value.
A healthy comeback from the winter pricing slowdowns
To summarize, Richmond's real estate market is currently experiencing low inventory, high list to sold price percentages, incredibly fast sales, and strong median sold prices. Whether you're a buyer or a seller, it's essential to stay informed and work with a professional REALTOR® who understands the local market dynamics.
