Welcome to this month’s Richmond, Virginia, metro area real estate market report covering the areas of ChesterfieldHanoverHenrico, and Richmond City. This helpful report presented by The Wilson Group. Find out how the real estate market ended 2020 with this helpful report.

Are you ready to buy your first home, or acquire an investment property? We can help! Begin here by searching for homes by price, size, location, and more! Once you find a property you like, be sure to save it, then, sign up to be notified as soon as new properties become available. Don’t hesitate to give us a call at 804-396-4625 and we can answer all your questions.

Are you thinking of selling your home but not sure at what price to offer it? You can take advantage of our free market valuation tool and find out. Simply answer a few questions about your home and we will provide you a market summary of what your property may sell for. Give us a call today and we can get your property listed and marketed to buyers as soon as possible!

📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats

The average sale price for single-family homes in the Richmond metro area ended December 2020 at $353,399, an increase of 10% from $319,206 at the end of December 2019.

The average sale price for single-family homes in Richmond averaged $338,874 for the entire year, an increase of 9.1% from $310,486 during 2019.

There were 1,340 single-family properties sold in December, a jump of 17.9% compared to the previous December. For the year in the Richmond metro, there were a total of 15,114 single-family homes sold, which is up 6% from the previous year.

There were a total of 924 new listings to hit the market in Richmond metro in December, a 23% increase for the month compared to one year ago. In total, the Richmond metro area saw 17,813 new listings hit the market this year, a slight decrease of 2.3% compared to the previous year.

The Richmond metro area ended the year with less than one month of single-family housing available to buyers.

Single-family homes in the Richmond metro counties of  ChesterfieldHanoverHenrico, and Richmond City averaged 18 days on the market in December before being sold, shrinking from 35-day average during the previous December. For the year single-family homes averaged 26 days on the market before being sold, down from the 32-day average the previous year.

Sellers were getting an average of 101.2% of their list price for their home when sold in December 2020, an increase from 97.9% the previous December. For the year sellers’ list to sale price ratio was 100%, up from 98.5% at the end of 2019.

📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats

The average sale price for condos in the Richmond metro area ended December 2020 at $293,412, up 3.3% compared to the previous December.

For the year the average condo sale price finished at $279,375, up 4.9% from $266,318 at the end of 2019.

A total of 321 condos sold in the Richmond metro area during December, up 42% from the 225 sold during the previous December. A total of 2,811 condos sold during 2020, up 8.5% from the previous year.

There were 216 new condo listings that came to market during December 2020, an increase of 45.9% compared to the previous December. The total number of new condos listed in the Richmond metro outpaced last year’s total, ending 2020 with 3,355 new listings, up only slightly from the 3,283 to hit the market in 2019.

 

The year ended with one month of condo inventory available to buyers in Chesterfield, Hanover, Henrico, and Richmond City.

Condos in the Richmond metro averaged 36 days on the market before being sold in December 2020, only slightly lower than the 38 day average of the previous December. For the year condos averaged 33 days on the market before being sold, one day less than the 2019 average of 34 days.

Condo sellers in the Richmond metro saw their list to sale price average at 101.8% for the month of December, an uptick of 2.1% from the 99.7% average the previous December. The year ended with condo sellers list to sale price ratio at 99.9%, only 0.2% higher than the 99.7% at the end of 2019.

🗞 What Does This Mean For Buyers?

Buyers searching for a home or condo in the Richmond metro area can expect a competitive market, minimal inventory, and slightly higher prices as we head into the New Year. Buyers need to have financing in place and act decisively when a property is found.

Don’t miss out on the perfect home! Give us a call at 804-396-4625 today and we can help you find your home safely and quickly!

💸 What Does This Data Mean For Sellers?

The Richmond metro area is a seller’s market for single-family homes and condos. As interest rates stay low and buyer preferences shift, single-family homes will see increased demand and pressure in condos increase as well.

If you are thinking of selling, give us a call at 804-396-4625 today and we can show you how we market your home safely to the most qualified of buyers.

🏡 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 $353,399 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 $343,127 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 $352,950 or less.


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