Welcome to this month’s Richmond metro area real estate market report covering the areas of Chesterfield, Hanover, Henrico, and Richmond City. How has the nationwide rise in housing prices affected the Richmond area real estate market? After the last year of restrictions in the real estate market back to normal? Read this helpful report to find out.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
The average sale price for single-family homes in the Richmond metro area including the counties of Chesterfield, Hanover, Henrico, and Richmond City ended the month of April at $378,277, a year-to-year increase of 17% from $323,360.
There were 1,290 single-family properties closed in during April, an increase of 9% from the 1,183 the previous April. The year-to-date number of closed sales is up 10.1% from one year ago, up from 3,982 to 4,386.
A total of 1,747 new single-family home listings hit the Richmond metro real estate market during April, a 17% increase from April 2020. The total number of new listings for the year so far is down 7.3% compared to this time last year, from 6,096 to 5,653.
Homes in the Richmond metro are on the market for an average of 14 days before being sold as we head into the summer buying season, this is a contraction of 46.2% from the 26 day average at this time one year ago.
There is less than one month of inventory available to buyers in the Chesterfield, Hanover, Henrico, and Richmond City areas. The total number of single-family listings is 1,032, a 51% drop from this time last year.
Sellers of homes in the Richmond metro area have seen their original list-to-sale price ratio increase 4.6% year to year, up from 99.7% to 104.3% at the end of April 2021.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
The average sale price for condos in the Richmond metro area ended the month of April at $296,908, a year-to-year increase of 1.7% from $292,080. The year-to-date average sale price for condos is up 6% from $275,268 to $291,773 at the end of April.
There were 253 condos sold during April, an increase of 25% from 201 sold during the previous April. So far this year in Chesterfield, Hanover, Henrico, and Richmond counties, there have been 860 condos sold, up 18% from 725 sold at this time one year ago.
In the Richmond metro area, 287 new condo listings hit the market, a year-to-year increase of 20%. This year there have been 1,142 total listings so far, an increase of 9% compared to this time last year.
The counties of Chesterfield, Hanover, Henrico, and Richmond had 266 condo listings go under contract, an increase in activity from the previous April, which had only 175 listings go pending. Year-to-date pending activity is up, 31%, from 822 at the end of the previous April to 1,081 at the end of April 2021.
Condos are on the market in the Richmond metro for an average of 18 days before being sold, shrinking 43% from the 32-day average at this time last year.
The average list-to-sale price ratio ended April at 102.7%, a year-to-year increase of 2.9% from 99.8%. The year-to-date average list-to-sale price ratio is up 2.3% compared to this time last year.
Inventory remains tight for the condo market as well, falling over the last twelve months from 2.2 months of supply available to 0.9 months available at the end of April 2021.
🗞 What Does This Mean For Buyers?
Buyers can expect to face a challenging and competitive market. As low-interest rates fuel demand, prices rising, and bottlenecks in new home construction, there is very little inventory available for buyers in the Richmond metro.
Buyers should have financing in place and be ready to act when a property is found. The lack of inventory may cause buyers to eliminate some features they desire. Most importantly for buyers is to act sooner rather than later, delaying action will cause your purchasing power to lessen as single-family home prices increase.
We have the knowledge and experience to help buyers navigate a challenging and competitive real estate market. We work with you to make you stand out among the competition and submit the most competitive bid, then guide you through to closing. To get started give us a call at 804-396-4625 today so you don’t miss out on a great property.
💸 What Does This Data Mean For Sellers?
With inventory levels staying low and demand continuing, sellers of homes and condos can expect to see lots of competition for properties. As of the end of April, in the Richmond metro, sellers are receiving 104.3% of their original listing price. If you are thinking of selling, now is the time to take advantage of the demand before prices become unrealistic.
We put our wisdom to work for you pricing, listing, and marketing your property to the most qualified of buyers. We understand what buyers are looking for in a property and make sure to show off the most in-demand features of your property to sell your home quickly. Don’t delay, give us a call at 804-396-4625today to get started!
🏡 Richmond Metro Area Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for Richmond Metro Area – all homes here are priced at $340,00 or less.
🏡 Chesterfield County Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for Chesterfield County – all homes here are priced at $338,350 or less.
🏡 Henrico County Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for Henrico County – all homes here are priced at $326,050 or less.
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