Zillow ranks Richmond 5th for most competitive housing markets in the US

RICHMOND, Va. (WRIC) -- When compared to the nation's top metro areas, Richmond was ranked fifth in terms of the most competitive housing markets, according to Zillow.

A recent Zillow analysis compared the top 50 metro areas within the United States, looking for where buyers would see more or less competition while shopping for homes -- along with how much time they have to shop and the likelihood of price concessions.

Overall, data showed that buyers in the Northeast are more likely to face not only tough competition, but shorter timelines, as opposed to their Sun Belt city counterparts, according to Zillow.

Richmond ranked fifth on Zillow's most competitive housing market list, sitting behind Boston, Providence, Hartford and Buffalo -- which took the number one spot.

Zillow's data listed the typical value of a Richmond home at $388,272, with 9.1 engaged home shoppers per for-sale listing and a 41% share of homes being sold above final list price.

The level of competition in a given area is partially estimated through Zillow looking at engaged shoppers on the site, including those who save or share for-sale listings.