After the strongest housing market in 20 years, coming back down to normal feels painful. The pandemic period that saw exponential growth in some markets had to come to an end, as home price increases exceeded payroll increases by 200-500%.
County wide, the past two quarters were the worst performing Q3-4 since 2008, however, this is paired with historically low days on market.
Sale to List price ratios have seen a sharp reduction in the last two quarters, however, median concessions have remained historically low.
Midlothian and Cosby High School Areas are leading the decline in the county after also leading the charge higher in values. There is a high likelihood that the western end of the county has seen an overheated housing market in the last two years that is now resulting in a housing correction.
