Welcome to this month’s real estate market report for the Richmond metro area including the counties of Chesterfield, Hanover, Henrico, and Richmond City. At the end of April 2022, the average sale price for single-family homes in the Richmond metro had climbed almost 14% compared to one year ago, and sale prices for condo properties have also risen 14% from last year. If you are in the market to buy or sell a home get up to date with this helpful report.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
The average sale price for single-family homes in the Richmond metro area at the end of April 2022 was $429,549, up 13.7% from $377,951 at the end of the previous April.
At this point in 2022, the average sale price for homes in the Richmond metro area is $406,933, this is up 12.2% from $363,818 at this time one year ago.
There was a total of 1,220 single-family homes sold during April in the Richmond metro area, which is a year-to-year decrease of 6.4%. There has been a total of 3,989 single-family properties sold in 2022, this is 9.7% fewer sold than at this time in 2021.
There was 1,325 homes that went under contract last month, which is a year to year drop in sales activity for April of 11.1%. Pending listings for the year have dropped compared to one year ago, falling from 5,096 to 4,506 so far 2022.
A total of 1,429 new properties were offered for sale in the Chesterfield, Hanover, Henrico, and Richmond City Counties during the month of April, this is a drop of 21% from one year ago, and inventory levels remain low at just 0.6 months of supply available.
New listing activity for single-family homes continues to drop, keeping inventory levels low, there have been just 4,945 new listings to hit the market in the Richmond metro, this is a 13.5% drop the 5,719 total at this time in 2021.
Single-family homes are on the market for an average of 12 days before being sold, and sellers are getting 108.1% of their original list price at closing.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
There were 220 condos sold last month, which is a drop of 13.7% in sales activity compared to the previous April. For 2022 there has been a total of 806 condos sold so far, this is down 6.5% from 862 sold by this time one year ago.
There was a total of 254 properties that went under contract during April, sales activity for condos actually increase 1.2% year to year. Contract activity in the Richmond metro is down 12.4% compared to one year ago.
There were 256 new condo properties offered to buyers during April, this is a drop of 9.2% in new listing activity compared to one year ago. New listings of condos in the Richmond metro for the year are down compared to this time one year ago, total new listings for 2022 is 904 compared to 1,148 new listings at this time in 2021.
Condos were on the market for an average of 25 days during April and sellers of condos were receiving 105.1% of their original list price at closing.
🗞 What Does This Mean For Buyers?
The real estate market in the Richmond metro area is highly competitive, overbidding for few properties available continues. Buyers should have financing in place and be ready to act as soon as a home or condo is located. Buyers also can’t be too picky or they may lose out on a property.
Inventory levels continue to remain low will be a challenge for buyers over the next few months. Buyers should also make sure to lock in a good interest rate as soon as possible, rates for 30-year mortgage have increased significantly over the last couple of month.
Buyers should work closely with their realtor to not miss out on a property and to make sure their bid stands out. Buyers should be realistic about the market and prepare to submit bid over asking price. If you are looking for a home or condo in the Richmond metro area, give us a call today and we will go to work for you!
💸 What Does This Data Mean For Sellers?
The market for homes and condos in the Chesterfield, Henrico, Hanover, and Richmond City counties favors sellers. Home values are rising along with demand, creating a lack of inventory available which puts upward pressure on sale prices. Sellers of homes can expect offers above asking price, as well as having their home sell quickly. Sellers should be aware of the challenges buyers face if they are selling their home and are wanting to buy a new one in the Richmond metro area.
While prices and interest rates continue to climb, so far there hasn’t been much slowdown in demand. The trends should continue through the summer months, and sellers should take advantage of the timing, as there could be a major slowdown and market shift at the end of this year.
If you are ready to sell your home, give us a call today. We will show you how we show your home to the most qualified buyers and work to net you the most money. Don’t hesitate let’s get your home or condo listed today!
🏡 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 $379,950 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$385,000 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 $430,000 or less
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