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A Glimpse in Richmond, CA real estate market in Q4 and Beyond!, by Joe Fisher.
By Joe L. Fisher
A glimpse in Richmond CA, Real Estate in Q4 and beyond!
The 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 Richmond Association of Realtors house unit shows single family and condominium trends. 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.
With Richmond’s interest rate all low, the strong demand, low monthly supply inventory and a
higher price, it is hard for this market to shift to a buyer’s market soon. What are some of the predictions in the remaining quarters of the financial year for the Richmond market?
• First and foremost, rise in home prices- It is with no doubt that the law of the demand and supply will cause prices to skyrocket even higher • The inventory will be tighter and challenging – There are less yet to be constructed, maybe because home builders are finding the construction materials expensive. This means that the houses available will be way much less than buyers. • Also a positive affordability will be on- mortgage rates go hand in hand with affordability. The mortgage rates are still low and expected to stay low. Hence, houses will be affordable for buyers.
Forbes. Com predicted that home prices might rise and home value might increase by 7.8 percent and 45 percent respectively.
Richmond is amongst the hottest housing markets and one among the super cities to live and retire in the United States. Investing in Richmond is almost an assurance that you’ll earn high returns as the market has shown an up trend year over year. This is definitely the best time for any homeowner to put their homes in the list and any home buyers to purchase a home in Richmond. It would be quite frustrating especially for home buyers to wait till the market favors them by shifting to buyers market, but then, it doesn’t. Maybe this is the right time . Go ahead, sell that home, but that home. Reach out to Eric Lawrence Frazier MBA DRE 01143484 NMLS 461807 today and find out more! The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thought of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help you make your home ownership dream a reality. Go to www.neverrentagain.com and get started today.
Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com
References
https://www.housebuyersofamerica.com/blog/richmond-virginia-housingmarket-2021https://www.bpfund.com/richmond-housing-market-update-2021/ https://learn.roofstock.com/blog/richmond-va-real-estate-market
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