The first-quarter Metrostudy data for the Richmond, Virginia housing market shows stable sales for both new and existing homes in the start of 2014 with minimal year-over-year decline. Existing home sales hit 3,380 in the first-quarter, down from 3,496 in 1Q13. For existing sales the market peaked in the last year in the second-quarter when home sales hit 5,458. New-home sales in the market saw a similar minimal decline year-over-year from 403 in 1Q13 to 379 in 1Q14. Quarter-over-quarter between 4Q13 and 1Q14 the market saw a more significant from 593 closings, the peak for the market in the last year.
Median existing home sale prices maintain an affordable range with prices below 200k. The existing home median price in the first-quarter was $171,700, a slight year-over-year appreciation from $160,000 in 1Q13. This is a drop in median price from the peak last year, however, when the median reached $187,800 in the second-quarter. New-home prices, while less affordable in the 300k range, with median closing price at $339,100 in the first-quarter. This is up from $310,200 in 1Q13. The median closing price for her homes has also continued climbing, while at a slow pace, with no relief quarter-over-quarter.
The median price per square foot for existing homes in the Richmond market hit $106 in the first-quarter, up from $94 per square foot in 1Q13. The median price per square foot for new homes was $145 in the first-quarter, which was the same in 4Q13. In June, the Bureau of Labor Statistics reported a preliminary unemployment rate at 5.7 percent for the city, 0.6 percent lower than the national average. Should job growth and lower unemployment continue in the market, stagnant sales will likely pick up in the third-quarter.
Learn more about markets featured in this article: Richmond, VA.