Welcome to this month’s Richmond metro area real estate market report covering the areas of Chesterfield, Hanover, Henrico, and Richmond City counties. Has the housing market fully recovered from the slowdown in 2020? How much higher are single-family home and condo prices this year versus the previous year? Is there more inventory available to buyers at the end of this year than one year ago? Find answers to these questions and more 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 December was $384,524, which is a year-to-year increase of 9.0% from the previous December.
For the year the average sale price for single-family homes ended at $378,773, up 11.8% from $338,848 at the end of 2020.
There were 1,256 single-family homes sold during the month of December, which is a drop of 8.0% from the 1,365 that were sold during December 2020. A total of 16,048 homes were sold during 2021, 5.9% more than the 15,158 sold the previous year.
A total of 734 new properties were offered to buyers last month, new listings were down 21.6% from one year ago. There was a total of 17,073 listings offered to buyers in the Richmond metro during 2021, 4.3% fewer than the 17,833 offered in 2020.
There were 828 single-family homes in the Chesterfield, Hanover, Henrico, and Richmond City areas that went under contract, this is a year-to-year slowdown in sales activity of 11%. Sales activity for the year was down only slightly compared to 2020, there 15,841 pending sales during 2021 versus 15,887 in 2020.
Homes in the Richmond metro area were on the market for an average of 16 days before being sold. The days on the market before being sold average for the year was 14 days down from 26 days the previous year.
Sellers were getting 102.2% of their list price for their home at closing, up from 101.3% one year ago. For the year the list-to-sale price ratio for sellers was up 3.3% year to year.
December ended with less than one month’s supply of housing inventory available.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
At the end of December 2021, the average sale price for condos in the Richmond metro area was $312,770, which is up 6.5% from one year ago. For the year the average sale price for condos was $302,088, up 8.1% from $279,407 at the end of 2020.
There were 292 condos sold in the Chesterfield, Hanover, Henrico, and Richmond City areas last month, a year-to-year decrease of 10.2%. There were 3,067 condos sold in the Richmond metro area for 2021, this is up 8.9% from 2,816 sold during 2020.
A total of 144 new listings came to market in the Richmond metro area, a year-to-year drop in listing activity of 33.9%. For the year Chesterfield, Hanover, Henrico, and Richmond City areas saw 3,436 new condos listed for sale, this was up 1.9% year to year from 3,371.
There were 212 condo properties that went under contract during December 2021, which is a year-to-year 2.9% increase of sales activity. Condo sales activity performed higher during 2021 than 2020, pending sales for the year were up 9.2% from 2,945 to 3,216.
Condos are on the market in the Richmond metro for an average of 25 days before being sold. For the year condos averaged 22 days on the market before being sold, down 33.3% from 33 days during 2020.
Sellers of condos in the Richmond area were getting 101.3% of their list price at closing during December. For the year, the list-to-sale price for condo sellers climbed 2.0% from 99.9% to 101.9% of list price received at closing.
At the end of December 2021 there was less than one month’s supply of condo inventory available.
🗞 What Does This Mean For Buyers?
As you search for a home or condo in the counties of Chesterfield, Hanover, Henrico, and Richmond City, know that time is not on your side. Buyers should be proactive and ready to act when a property is found, prices are climbing at such a rate some buyers may be priced out of certain markets. Buyers should be prepared to submit offers above the asking price, sellers were averaging 3% above list price at closing during 2021.
While buyers can expect low-interest rates to continue dwindling inventory may cause some buyers to consider trade-offs in features and price. While the market may be challenging for buyers there are gems to be found in the market. If you are ready to buy or are thinking of buying a home or condo, give us a call today and we can answer all your questions to get you in your perfect home as soon as possible!
💸 What Does This Data Mean For Sellers?
If you own a home or condo in the Richmond metro and are considering selling now is a time to go ahead and get your property on the market. While interest rates are low and demand is strong, homeowners can expect their homes to sell quickly and possibly above the asking price. Sellers of homes averaged 3% above list price during 2021, and condo owners average 2% above list price at closing.
Selling a home takes more than just putting a sign in the yard. We go the extra mile to show and sell your home safely, securely, and as quickly as possible. We market the most sought-after features in your home to the most qualified of buyers. We work to make sure that the sale of one of your most important investments goes smoothly with minimal stress. Give us a call today and we can get started getting your home sold!
🏡 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 $384,524 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 $383,502 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 $362,844 or less
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