The Richmond area is undergoing a small contraction in sales prices as of the end of 2022. While this is the case, marketing times remain historically low, sellers are having to become far more aggressive in price reductions in order to obtain a contract. Essentially, the Richmond market is returning to pre-pandemic levels slowly. This feels like a stock car decelerating from 200mph to 55mph to enter pit road. After two years of explosive growth, that saw quarters with 14-27% YoY growth in four separate quarters, a modest reversion to the mean can feel like the sky is falling.
Take a deep breath and repeat, "We're just getting back to a normal market."
