📊 Chesterfield County Stats
There was a drop in October’s sales. The 458 homes sold in October shows a 20 percent decrease from the 569 sold in in September. This month shows a 1% decrease compared to the same month last year. As usual, the entrance of cooler temperatures has an impact on the real estate market in this area. There were 1,371 active inventory options at the end of October, which is a 10% decrease from last year’s 1,701 number of homes available.
The median sales price registered a decrease of 1 percent or $1,782 as this year’s October median sales were at $237,718. Last year’s October median sale price rolled in at $239,500. The median sale price in October is 3 percent lower than September. The median price range is the average of home sale prices for the area.
🏠 What does this mean for Chesterfield buyers?
The supply available in October was 3.0 months compared to last year’s October supply which was at 3.7 months. This is a 19% decrease. The month’s supply is equal to the current inventory divided by sales. This means that this year, three months will be needed to sell the entire available list. It says that demand is high this year. There has been a decrease in the number of available inventory compared to last year thus they have to hurry while stock last. Still, the 3 months inventory means the inventory is balanced for this area.
💵 What does it mean for Chesterfield sellers?
The sale price has remained at 99.9% which is like last year, and this is perfect for sellers. This month, the average number in the market has dropped from last year’s 44 to 40 this year. This means that houses are selling faster than last year. This is, therefore, the best period for sellers to place their homes on the market for sale.
📈 Henrico County Stats
In October, there was 12% increase in the number of units sold. That is from 395 in September to 442 sold in October in Henrico County Real Estate. Also, the number in October this year was higher than October last year with a 20% increase. There was a decrease in the number of homes available this year compared to the same month the previous year. That is from 1149 last year to 840 this year, a difference of 309 units or 27%. Also, there was a decrease in the available inventory in October from September’s 951. This is a decrease of 111 units or 12%.
🏡 What does this mean for Henrico buyers?
The supply in October this year was 39% lower than last years. That is from 3.1 months last year to 1.9 months this year. It means that this year, only 1.9 months are needed to clear the available inventory, as such, buyers will have to hurry.
💰 What does this mean for Henrico Sellers?
This year, there was an increase in the homes newly listed for sale compared to last year from 470 to 506 in October this year. Also, the number of current contracts pending sales increase by 37% this year from last year’s 350 to this year’s 480. The average sale price this year remained at 99.9% which is like last year. There has been a 23% decrease in the number of days in the market, from 44 last year to 34 this year. This means that the sales are fast, and it is, therefore, a great period for sellers to put their houses up for sale.
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