By Joe L. Fisher
A glimpse in Richmond CA, Real Estate in Q4 and beyond!
T
he Richmond real estate market is bustling just like most cities in the United States. A data by Richmond housing market trends, the median sale price in Richmond is $310,000, 17 percent increase from last year, marking a sales increment of 14.6. The trends are a decline in mortgage rates, decline in house supply leading to an increase in house prices. As published by Zillow, over the past ten years, Richmond home value has appreciated by 65 percent which is 3.47 percent annual rate. The monthly supply Inventory is 0.8months marking 53 percent drop from last year. This is due to the higher buyers demand than the available houses for sale concluding that Richmond is a seller’s market. It has been a sellers market for the last 4 years According to Laura Lafayette, CEO of Richmond Association of Realtors ``A house goes in market, a house sells, It’s one thing I always say, buyers have to pack their patience.” She commented.
The median price for a single family in Richmond is $950, 000 which is an 8 percent increase from last year. Average sales rose by 18. 2, home inventory dropped by 43.5 percent depicting a monthly supply inventory of 0. 7 months. On the other hand, the condominium median average sales rose by 24.1 percent from last year while home inventory dropped by 41.7 percent resulting in a monthly supply inventory of 0.9 months. From this data it is clear that condominiums are more preferred to single family homes in Richmond. Relating to Rentcafe’ the average rent apartment in Richmond is $1,268, 11 percent increment from last year. The most affordable neighborhoods in Richmond are Austin Heights, Brookland Park, and Austin parks where the rental price is $886 per month. Contrary, the most expensive neighborhoods are Still Meadow, Westmont – pine vie and Westbourne with a rental price of &$1467 per month.
The Richmond Association of Realtors house unit shows single family and condominium trends.
With Richmond’s interest rate all low, the strong demand, low monthly supply inventory and a
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