Your asking price needs to make sense next to recent closings
If you are selling, the decision is what asking price the market will take seriously. In Richmond, VA, my answer is to respect the recent gap between typical asking and typical closing so you do not price yourself into a slow start.
Looking at the latest numbers, the clearest pricing relationship was this the typical asking price among active homes was $369,500 last month, while a typical median closed price was $350,250 last month in Richmond, VA. The practical impact is that buyers see a wide menu of asking prices, but closings cluster lower, so they validate value with sold outcomes. Some metrics were not reported for this period. Even with that limitation, you can use the ask-versus-close relationship to price in a way that attracts offers rather than just showings. Set your list price with closed sales as the anchor, then use competing active listings to fine-tune positioning. Avoid padding your price just to leave room for negotiation, because buyers are already closing close to ask on well-positioned homes. If you want a premium, earn it with condition and terms so the buyer can justify the number against recent closes.
About Scott Fogleman
Scott Fogleman is a licensed Real Estate Professional affiliated with New Home Team, specializing in the Richmond market. With a focus on strategic marketing and deep local knowledge, Scott Fogleman provides clients with expert guidance in navigating complex real estate transactions. View full profile →
