Welcome to this month’s Richmond, Virginia, metro area report covering the counties of Chesterfield, Hanover, Henrico, and Richmond City. The Richmond metro area has seen a climb in single-family home prices over the last year, up almost 15% from one year ago. Find out how much prices have increased and if the current trends will continue 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 August 2021 was $389,384, up 9.7% from one year ago. The year-to-date average sale price for single-family homes is $377,535, up 14.4% compared to this same time last year.
There were 1,597 properties closed during the month of August, a year-to-year increase of 8.9% in closing activity. Closing activity for 2021 is ahead of 2020, closings are up 10.9% for the year from 9,661 to 10,716.
A total of 1,567 new listings hit the market in Chesterfield, Hanover, Henrico, and Richmond City counties, a year-to-year drop in listing activity of 1.8%. Listing activity for the year is slightly ahead of last year’s pace, total listings for 2021 so far is 12,532 versus 12,512 at this time in 2020.
Homes are on the market for an average of 12 days before being sold, and sellers are getting 103% of their list price for their homes at closing. The list price to sale price ratio for sellers of homes in Chesterfield, Hanover, Henrico, and Chesterfield Counties is ahead of last year’s average, up 4.3% from 99.5% to 103.8%.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
At the end of August 2021, the average sale price for condos in the Richmond metro area was $297,414, up 9.6% from the previous August. As with single-family homes, the average sale price for condos is ahead of last year’s average by 9.5% up from $272,153 to $297,909.
There were 275 condo properties closed during the month of August, a 5.4% increase compared to this time last year. The condo market has been surging in activity this year compared to the year prior, total condo sales are up 18.5% for the year from 1,696 to 2,001.
A total of 290 new condo listings hit the market during August, new listing activity saw a year-to-year drop of 13.2%. The total number of new condos listed on the market in the Richmond metro is up 4.6% for the year, ahead of the 2,335 new listings at this time last year.
Condo inventory fell year to year 35.3% from 1.7 to 1.1 months at the end of August in the Richmond metro area. There is a total of 303 condo listings for sale in Chesterfield, Hanover, Henrico, and Richmond City counties.
Condos are on the market for an average of 19 days before being sold, and sellers are getting 102.3% of their original list price at closing. Seller’s list to sale price ratio for 2021 is 102.2% up 2.7% from the 99.5% list to sale price ratio at this time last year.
🗞 What Does This Mean For Buyers?
Buyers looking for homes in Chesterfield, Hanover, Henrico, and Richmond City areas are faced with minimal inventory and rising prices. Overbidding is continuing as the list-to-sale price ratio is 3.8% above the list price.
Buyers have to realize time is not on their side, prices for both single-family homes and condos are up as much as 15% from the year prior, and these trends are expected to continue.
Buyers should have financing in place and be ready to act when a property is found. Buyers should work to make their offer stand out from the competition. Buyers who cannot find a property may have to increase their budget or eliminate some features wanted in a home.
💸 What Does This Data Mean For Sellers?
As the seller’s market for homes continues in the Richmond metro area, sellers who may have been on the fence should go ahead and get their property listed. Competition and overbidding for homes continue, and as interest rates remain low and buyer demographics shift, sellers should expect this trend to remain through the end of the year.
Some markets may see brief periods of inactivity due to buyer fatigue or buyers waiting for restrictions or the winter season to pass before searching for properties.
Whether you are thinking of buying or selling we can help. Give us a call today at 804-396-4625 to find out how we help our clients navigate the dynamic and competitive Richmond metro real estate market!
🏡 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 $389,384 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 386,803 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 $386,449 or less.
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