Welcome to this month’s real estate market report for the Richmond Metro area, which includes the counties of Chesterfield, Hanover, Henrico, and Richmond City. There is less inventory available in the Richmond Metro than one year ago, prices for homes and condos have climbed higher month to month, and overall real estate activity is slowing down. Find out more about the Richmond Metro real estate market in this helpful report.
Are you looking for a home or condo to buy in Chesterfield, Hanover, Henrico, or Richmond City counties? Start your search here to find listings by price, size, location, and more! Be sure to save your favorite listings you want to tour, then, sign up to be notified as soon as new matching properties become available so you don’t miss out!
If you are thinking of selling your home, the first step is to know its value. Find out what your home may be worth by using our free home valuation tool. Simply enter some basic information about your property and we will provide you with a confidential, no-obligation summary of your home’s potential sales price. Home values are different street by street, find out what yours is worth today!
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
There were a total of 1,276 single-family properties sold during August in Chesterfield, Hanover, Henrico, and Richmond City counties, a drop of 20% compared to this time last year.
Overall sales of single-family homes are lower this year, so far in 2022, there are 13% fewer homes sold than one year ago. Increasing prices are sidelining many potential buyers.
A total of 1,148 properties went under contract in August, pending activity has dropped 22% year to year.
New listing activity in the Richmond Metro during August was much slower than the previous August, new listings are down 29.6% from one year ago. Compared to 2021, new listings for the year are down 14%.
There are a total of 1,065 single-family residential listings available to buyers, which brings the supply of homes in the Richmond metro to just 0.9 months available.
Single-family homes were on the market an average of 13 days before being sold during August and sellers are receiving 102.5% of their list price for their home at closing.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
There were a total of 224 condos sold during August, a drop of 19% in sales activity compared to the previous August.
There have been a total of 1,811 condos sold in Chesterfield, Hanover, Henrico, and Richmond City counties so far in 2022, this is a drop of 9% in sale activity compared to one year ago.
A total of 237 condo properties in the Richmond metro went under contract in August, which is a year-to-year drop of 12%.
There were 253 new condo listings to hit the market in August, this a 13% drop in new listing activity compared to this time one year ago. New listing activity for 2022 is down 17% compared to one year ago.
In Chesterfield, Hanover, Henrico, and Richmond City counties there are a total of 244 condo listings available to buyers, inventory is down 27% from one year ago, and there is just 1.0 month of supply in the Richmond metro real estate market.
Condos are on the market for an average of 23 days before being sold, and sellers are receiving 102% of their list price at closing.
🗞 What Does This Mean For Buyers?
The outlook for buyers going into the winter is not good, rising interest rates, increasing list prices, and minimal inventory are making it tough for home buyers. Buyers who are indecisive about a property will see their purchasing power erode and may end up paying more for less. Buyers should have financing in place and be ready to act when a property is found.
Buyers should have a clear plan of action and work closely with their broker to acquire a home quickly. We put our expertise in the Richmond metro real estate market to find the property that fits your needs. Give us a call today to get started!
💸 What Does This Data Mean For Sellers?
For sellers the market is still active, homes are being sold quickly, and sellers are getting above asking price for their homes or condo.
The Chesterfield, Hanover, Henrico, and Richmond City county real estate markets favor sellers, however, sellers should be aware of a potential slowdown. There are fewer homes being sold this year than at this time last year, and many potential sellers won’t list their homes because they cannot find a new home to buy. This is also causing a shortage of inventory.
There is demand for properties and if you are thinking of selling yours, give us a call today and we will show you how we market and sell real estate in dynamic and uncertain markets. Let’s get started 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 $380,000 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$376,000 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 $365,000 or less
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