Richmond Market Recap

Good news, everybody!

As turbulent as times seem to have been over the last year, and might be this year, the good news for Richmond luxury real estate is that things are moving forward quite nicely.

In 2022, there were 55 transactions over $2,000,000 and in 2023 there were 90! But one of the most distinctly different things between 2022 and 2023 was, even though on a nationwide basis there were 25% fewer transactions, we had almost twice as many transactions above $2,000,000… which is a really big deal! Furthermore, the high prices of some of those transactions were markedly higher than they were in 2022.

So for the luxury market in Richmond, it does appear to be healthy and moving forward. And I think people from other cities outside of Richmond are recognizing what a great value the Richmond area is, particularly for luxury homes. The bottom line? Values are getting stronger which is GREAT news.

If you have questions about how this might affect your home or your personal real estate situation, give me a call.