Top 10 Cities where Homes are Vanishing Fastest.
Median list price: $311,500
Decrease in inventory: -36.8%
Drop in square footage on the market: 4,192,000
The job market in the capital of Virginia is on a tear, and so are home prices—up 7% in August year over year, after a 9% jump the year prior. And around 1 in 3 homes in Richmond end with multiple offers.
The amount of lost inventory in Richmond is equivalent to more than eight James Monroe Buildings, the tallest building in the city. (It's a 29-story office tower with about 500,000 square feet of space.)
The housing shortage would be even lower if home builders weren't putting up new homes at a frantic pace. New construction accounts for 27.6% of homes in Richmond for August.