Highest % of offers with competition: Richmond?

Question

Highest percentage of bids with competition identified to be Richmond VA by redfin last month nationally. 80% of sales.

one third from out of town with most from DC region.

https://www.marketwatch.com/st...

Justin Pierce · Answer

Richmond is in a good spot right now.

Russell Brazil · Answer

Makes sense as Im in DC and been looking into Richmond .

Taylor L. · Answer

On one hand: thank you for driving up my property value!

On the other hand: No! I'm trying to buy a new primary residence :)

I would be interested to hear about the segmentation of the competition. Which parts of town are more vs less competitive, which price ranges, etc.

Linda S. · Answer

@Alex Forest,

I was actually just talking to a friend about this a few days ago!   All that $$$ is getting pushed down,  people in DC are selling their houses, making hundreds of thousands and coming to Richmond and doing cash offers, driving prices up!  We just got some new neighbors, and guess what-- they came from DC!

If you think it's bad now... wait until the get the high speed train going from Richmond to DC!   Then it's going to be insane!

Alex Forest · Answer

@Taylor L. they don't seem to provide much detail that I can see. The original report by redfin, which the article references, is really about how Nov marked the lowest level of bidding since Dec of 2020 nationally, dropping below 60%.   Within the report though, Richmond metro ranks the highest, which is what the article picked up on.

@Russell Brazil Yes, I can see how it makes sense too. I lived in both locations and recall as I moved to Richmond thinking, cost of living felt like half compared to Dc at the time (decade ago), and if one could retain the income of a DC metro region but live in the Richmond region, they could do very well(same goes for small businesses that are located in central va but do business in Nova/DC).

There was another interesting tidbit this morning I came across, an interview with the outgoing Virginia Economic Developmemt Director ...he offered an interesting prognosis that the future workforce would likely not be all remote (he thought less than10% of businesses would be fully remote), but he did think most would be hybrid, partly in the office and partly remote.  I think this will be an important factor for the region, what the future workplace looks like.  And two years into the pandemic, it seems less like things may 'snap back' to what they were, and maybe some of the trends will start to hold.

Carrie Easton · Answer

@Alex Forest sorry for just now responding!  it was .5%

Alex Forest · Answer

How much was the rate hike?  I saw some numbers that implied the 30 yr went up about 0.5% over the last few weeks, but am wondering if you're seeing much more with the same lender, more recently?

Carrie Easton · Answer

as someone who is actively looking for a new primary residence - the rates of shot up like crazy. we just put in an offer on a house that was $10k less than our previous offer (different house) but out monthly payment would be $300 more.  hopefully the market will be less competitive with rates climbing back up to pre-pandemic levels.

David R Wright · Answer

@Alex Forest yes it's very interesting on the owner-occupant side of residential real estate, with only 2-3 weeks of inventory currently available - all time Richmond record lows, certainly driving prices much higher!

Mathew Kuhn · Answer

This is really interesting, thanks for sharing! My wife and I just moved from NOVA to the Richmond area for similar reasons back in July. Sounds like finding a great deal is going to get a little more interesting :)

Highest % of offers with competition: Richmond?

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