Wed Sep 11 09:45:00 UTC 2024: ## Record-Breaking $9 Million Home Sale Sets New High in Richmond Real Estate
**Richmond, VA** – The Richmond real estate market continues its upward trajectory, reaching a new peak with the sale of a West End mansion for a staggering $9 million. The 13,000 square foot home, located at 5407 Cary Street Road, now holds the title of the most expensive single-family home ever sold in the city.
The contemporary style home, boasting seven bedrooms and 8.5 bathrooms, was previously owned by Drew and Julee Spitzer. They sold the property to an unidentified limited liability company.
This record-breaking sale comes on the heels of another high-priced transaction in the same neighborhood. Just two weeks prior, a home located at 5105 Stratford Crescent sold for $7.5 million, making it the second most expensive sale in Richmond history.
The recent surge in high-end home sales reflects the overall growth of the Richmond real estate market. The median home price in the greater Richmond area has climbed 78% since 2013, reaching $425,000 in the second quarter of 2024. This represents a 9% increase from the previous year.
The hot market has been fueled by low inventory, strong demand, and bidding wars that have driven prices beyond expectations. Despite the recent record-breaking sale, experts believe that these high prices might not remain the ceiling for long, given the continued momentum in the Richmond area market.
First Piper 