The Best Time to Buy is Now

I’ve heard it time and time again.

“We want to buy, but we just need a little time to save,”

At first glance, these strategies seem sound. Of course you want to have more money to work with when buying a house. I would never suggest making a decision you are not financially ready to make, and sometimes waiting is the right call, depending on the circumstances, financial or otherwise.

However: hear me out.

In today’s fast paced market, it’s usually advantageous to act fast. I recently explained why inventory is so low, and why that probably won’t change anytime soon. The market is flooded with eager buyers all vying for a small pool of homes. And for anyone who remembers their Economics 101, when supply is low and demand is high, prices rise.

At least in the short term, the likelihood of this inventory issue resolving itself is low. Home starts are nowhere near early 2000’s levels, especially in the the urban areas. The only real threat to these high prices is a pricing spike so high that affordability becomes an issue.

Even if these conditions occur, prices are more likely to slow their climb, not stall or drop.

So what's a Homebuyer to do?

Prices are high, but the price of waiting is higher. The median price for a sold home in 2022 was $350,000. In 2025, it was almost $425,000. When you look at some of the sub-markets in Richmond, the numbers are even more extreme.

• 2022: The median home price in Richmond reached approximately $350,000.

• 2023: Prices continued to rise, with the median price hitting around $375,000.

• 2024: The upward trend persisted, bringing the median price to about $400,000.

• 2025: Projections indicate that the median price could reach $425,000, reflecting a steady demand and limited supply in the housing market.

• 2026: Expectations suggest that the median home price may climb to approximately $450,000 as economic growth and population influx continue to drive demand.

Scott's Final Thoughts

The Richmond housing market has shown significant growth over the years. With a marked increase in home values expected to continue through 2026, potential buyers should consider the implications of waiting to enter the market. The price of waiting may indeed be higher than the current market prices.

While I don’t want to be the Realtor that screams BUY NOW! regardless of market conditions (like many do), I am of the strong opinion that time is not your ally in this particular market structure. The pricing run is not done and everyday you wait costs you money.

Do your homework, get your finances in order, and don’t wait to save $10,000 when prices will go up $15,000.