Blog

It’s an interesting time in the national housing market: over the four weeks ending August 23, we saw new US listings edge up 0.4% and total homes for sale rise 0.5%, putting inventory at its highest since early Q2. Meanwhile, pending home sales dipped 1.1% to a six-month low, with many buyers holding back as housing costs remain elevated—even as inventory improves nationwide. The median US sale price climbed 1.9% year-over-year to over $400K, and average mortgage rates hovered near 7%, close to a 13-month high. For those actively looking, these rising inventory levels and softer demand are shaping more buyer-friendly conditions, with greater opportunities to negotiate on price or concessions, especially for homes that have been on the market several weeks. Sellers are finding that realistic pricing—rather than chasing last year’s highs—works best in today’s landscape. Having helped Richmond buyers and sellers navigate every kind of market for over 40 years, I know how important it is to approach these shifts with both confidence and strategy.

As someone who’s spent over four decades guiding buyers and sellers through Richmond’s neighborhoods, I can tell you—this market is moving fast. Homes here are going pending in about 6 days on average, and nearly half of sales are closing above list price. With the average home value now close to $380K, it’s clear Richmond remains an appealing choice for anyone prioritizing more space, lower living costs, and a taste of our city’s historic charm, culinary scene, and vibrant arts and outdoor life.

Richmond continues to offer a relatively attainable entry point compared to other cities, thanks in large part to our regional accessibility and a diversified economy. That’s a big reason why demand has stayed so fierce for buyers.

In this kind of market, moving quickly is everything. Buyers often need to come in strong—lining up financing in advance, considering offers above asking, and being ready to make confident decisions. That’s where a local agent with deep expertise in Richmond’s fastest-selling areas can make all the difference, helping you act decisively and avoid missing out on those special homes due to hesitation. Trust and experience matter here—and I’m always committed to helping clients achieve their goals with confidence.

Labor Day in the United States celebrates the contributions of workers everywhere, while also unofficially marking the final big summer weekend before fall takes over.
It’s known for backyard barbecues, road trips, and that classic tradition of buying things you didn’t know you needed because “it’s on sale.”
Beaches, parks, and grills reach peak activity as everyone tries to squeeze every last drop of summer fun out of the long weekend.
Happy Labor Day! Wishing you a fun, easygoing weekend filled with good vibes, great food, and absolutely no thoughts about Monday.

Persistent inflation and elevated long-term Treasury yields are making a rapid return to low interest rates less certain.
The Federal Reserve faces competing pressures as policymakers balance inflation risks against signs of weakening economic momentum.
Higher long-term yields could keep borrowing costs elevated for consumers, businesses, housing, and commercial real estate.
Investors may increasingly favor a balanced approach as interest-rate uncertainty, fiscal pressures, and inflation continue influencing financial markets.

Research local schools even if you don’t have kids — they influence home values.
Consider internet availability and speed, especially for remote work or streaming needs.

US mortgage application volume stayed nearly flat recently, as steady borrowing costs gave both buyers and refinancers little fresh incentive to make a move.
Purchase activity led the slowdown, with applications ↓2% on a seasonally adjusted basis and ↓3% unadjusted from the previous reading across the US.
Refinance activity provided limited support, with the index ↑2% and the refinance share near 42%, while larger-balance borrowers remained less likely to act.
Affordability pressures and economic uncertainty pushed some buyers to delay decisions, although VA applications offered a modest bright spot as their share hit 12.6%.
Mortgage pricing changed little, and with the 30-yr conforming rate near 7% and no central bank rate cuts expected through 2026, patience remained key.

After more than four decades guiding Richmond buyers and sellers, I’ve learned that a home should fit your lifestyle in ways you might not expect. For example, even if you don’t have children, researching nearby schools can make a real difference — strong school districts often help maintain property values over time. Another key detail is checking the internet availability and speed in the area, which is especially important now for remote work or streaming at home. Small considerations like these often become the foundation of lasting satisfaction and smart investment.