Despite the holiday season getting kick-started in November, this is not proving to be an unfavorable time for the housing markets of Chesterfield and Henrico counties. Both buyers and sellers are feeling the impact of seasonal trends caused by people’s logistical choices to avoid household uproots during the holidays, family obligations, or unpredictable weather. However, the supply and demand of seasonality are proving to be advantageous for real estate equity in both areas.
- 1 📊 Chesterfield County Housing Market Stats
- 2 🏠 What Can Chesterfield Buyers Expect from Real Estate Seasonality?
- 3 💵 What Direction are Seasonal Trends Taking Chesterfield Sellers?
- 4 📈 Henrico County Housing Market Stats
- 5 🏡 How Is Seasonality Impacting Options for Buyers in Henrico?
- 6 💰 What Is the Henrico Housing Market Saying to Sellers?
📊 Chesterfield County Housing Market Stats
There was an increase in November sales. The 483 homes sold in November reflect a 5 percent rise from the 460 units sold from in October. The number of homes sold for this month may have increased 7 percent compared to the number of units sold in November of 2016, but there was a decrease of 16 percent in the month’s active inventory from this same time last year. Available units in November last year was 1,538, whereas available homes for this year had a lowered amount of active housing options by 253, comprising November’s active inventory of 1,285 units.
The median sales price for this November was $244,000, which put it up 6 percent or $14,000 from last year’s median sales of $230,000. An equal number of Chesterfield County homes are below and above this selling price, making the current sold price 3 percent higher than in October.
🏠 What Can Chesterfield Buyers Expect from Real Estate Seasonality?
Months of supply gets calculated by dividing available stock by the number of units sold. In November, Chesterfield County had 2.7 months of supply available. With a decrease of 22 percent from the previous year of 3.4, there is an indication here that demand is high. Since inventory has also declined, buyers need to act fast, as homes in November remained on the market for only 39 days, which is 15 percent less than in 2016.
💵 What Direction are Seasonal Trends Taking Chesterfield Sellers?
Like last year, the ratio of average sale price versus list price was at 100 percent, which is ideal for sellers. With the average number of days on the market lowered by seven days compared to last year, sellers would want to take advantage of this extraordinary influence of seasonality on the market not hesitate to put their homes up for sale.
📈 Henrico County Housing Market Stats
The number of homes sold for November in Henrico County decreased from the number of units sold the previous month. However, the 439 homes that got bought this month is higher than those sold the past year. Also lowered for November was the number of units available in active inventory. Last year, the home options for the month were 1,017. This year that amount decreased by 24 percent or 241 units. November’s available stock of 776 homes was also lowered 13 percent compared to the previous month’s total of 888 active units.
Versus last year, the median sales price for November rose 8 percent. At present, the sold price median is 10 percent higher than in October. In 2016, the median sales price was $255,500 for November. This year, there was an increase of $17,500, making the median sales price for Henrico County homes $243,000.
🏡 How Is Seasonality Impacting Options for Buyers in Henrico?
There was a significant decrease of 46 percent in November’s months of supply, which was a reduction to 1.8 months from last year’s 3.3. As it is taking less time for units to empty out of active inventory, buyers should act quickly before all the homes in stock are sold out.
💰 What Is the Henrico Housing Market Saying to Sellers?
This November, the Henrico County housing market saw an increase of 7 percent in the current listings of homes for sale versus the number of units listed in 2016. That is 343 newly registered units this month compared to those placed on the market a year ago. Also, November had 6 percent more pending sale contracts this year than in 2016 this same time.
With the average sale price at 99.9 percent and units remaining on the market for only 41 days, a 20 percent difference from the 51 average market days last year, sellers would want to list homes now as seasonality is showing favor in the Henrico County real estate market to sell homes quickly.
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