Richmond housing market stays red-hot

Richmond ranked No. 5 on Zillow's just-out list of the most competitive housing markets in the nation.

Why it matters: The housing market in Richmond is bucking the trend in the national market, which is showing signs of leveling out, according to Zillow.

The big picture: Nationally, home shoppers are finally getting some relief. Inventory is up about 20%, roughly one in four sellers are cutting prices, and homes are sitting on the market longer — now averaging 17 days before going under contract.

• In those markets, there are about 5.5 shoppers per listing, or "engaged shoppers," a metric Zillow uses to measure competition, based on how often listings are saved or shared.

Richmond's market, meanwhile, continues to stand out as one of hottest and most competitive markets in the country.

• That's good news for home sellers but more bad news for prospective buyers.

By the numbers:

• 41% of RVA homes sold above list price as of March 31.
• 6 days: The average time it takes for a Richmond listing to go under contract.
• 9.1: The city's "engaged shopper" score — meaning there are roughly nine home shoppers for every listing.

The bottom line: It's still tough in RVA for homebuyers.