Here is a recent update on the "Housing Market" in Richmond. The Richmond Times Dispatch January 25, 2008
The housing market in central Virginia is not likely to improve until the end of this year, housing experts say.
House sales in Virginia and the Richmond area fell last year — 15 percent for the state and 12 percent for the region — much like they did nationally, according to figures released yesterday by the Realtors’ association.
The median price of a single-family home fell to $217,800 in 2007, down 1.8 percent from 2006. The median is the midpoint, with half the homes selling for more and half for less.
Houses statewide stayed on the market an average of 88 days, up from 70 days in 2006. In the Richmond area, it took an average 58 days to sell a home, up from 46 days in 2006.
Source: Housing outlook unchanged – Richmond, Virginia, Business News and Financial Information – inRich.com