Starting about a month ago and likely continuing at least through 2024 and likely through Jan. of 2025 there has been a substantial slow down of home sales on the MLS in Richmond metro. Days on the market until pending has increased, price drops increased, inventory (homes available) increased all at a steep rate. There are likely many factors. Here are some – the season especially after labor day,an election year, interest rates not dropping enough to motivate moves, higher costs in general, increasing inventory available.
One thing is for sure and that is – its real.