How Richmond million dollar homes are faring?
An analysis on the housing market for Richmond million dollar homes for the first 2.5 months showed that this market segment declined long with the rest of the Richmond housing market. Home prices for this high-end market segment however held on relatively well as compared with the older resale homes.
When homes sold in the above study was compared with their city assessment values, these homes were found to be selling at 15% and 11% above city values in 2008 and 2009 respectively. The rate of price decline for these homes were relatively small compared with older homes that were found to be selling at 4% to 7% below their city values.
Market Outlook over the next few months
Home sellers are adjusting their selling prices now to sell their homes. Many of these homes are now priced close to their city assessment values. New homes previously selling at $1.5 or more a year ago are now taking longer to sell and at much lower prices. The decline in home builders' demand for building lots has a major impact on the selling prices for prime building lots. Building lots that used to sell in the $700,000 to $800,000 range are now adjusting to much lower prices below $650,000.
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