Welcome to this month’s Richmond Virginia metro area real estate market report including the counties of Chesterfield, Hanover, Henrico, and Richmond City. Are you thinking of buying or selling a home soon and want to know what the market is like right now? Read this helpful report to get caught up with the latest data.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
The average sale price for single-family homes in the Richmond metro area including; Chesterfield, Hanover, Henrico, and Richmond City counties ended in February 2021 at $353,479, up 16% from $303,920 the previous February.
Sale prices for single-family homes in the Richmond metro have increased steadily over the last three years, rising from $250,000 in 2018 to $348,111 so far in 2021. Prices have spiked recently due to increased demand for single-family housing.
There were a total of 1,074 new listings to hit the market, a decrease of 22.9% from one year ago. For the year new listings are down 18.8% from 2,784 to 2,261 at the end of February 2021.
There were 887 properties that were closed during February in the Richmond metro, this is up 5.6% from the 840 closed one year ago.
A total of 1,094 went under contract during the month of February, representing a decrease of 10.8% from 1,227 homes that went under contract one year ago.
Single-family homes were on the market for an average of 19 days in Chesterfield, Hanover, Henrico, and Richmond City counties before being sold. This is a decrease from 43 days during February 2020.
Sellers of homes in the Richmond metro were getting 101.9% of the list price for their home at closing, an increase of 3.9% from one year ago.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
In the Richmond metro area, the average sale price for condos ended in February 2021 at $297,482, an increase of 11.7% from the previous February.
The Richmond metro had 255 new listings to hit the market last month, compared to 259 the previous February.
There were a total of 179 condo properties sold during February in Chesterfield, Hanover, Henrico, and Richmond City counties, a slight decrease from 182 sold the previous February.
Condos are on the market for an average of 26 days before being sold, a 40% decrease from 44 days one year ago.
Sellers of condos in the Richmond metro area are getting 100.9% of their list price, a 2.1% increase from 98.8% at this time last year.
The counties of Chesterfield, Hanover, Henrico, and Richmond City ended February 2021 with one month supply of condo inventory available, down from two months at the end of the previous February.
🗞 What Does This Mean For Buyers?
If you are planning to buy a home in the counties of Chesterfield, Hanover, Henrico, Richmond City, take advantage of your purchasing power now as prices are expected to rise in the coming spring buying season.
Inventory levels for both single-family homes and condos are very low at this time, buyers should be ready to act when a property is found.
Give us a call at 804-396-4625 today so we can help you find the perfect home or condo. We work with buyers from beginning to end to make sure you have a stress-free and smooth buying experience.
💸 What Does This Data Mean For Sellers?
The Richmond metro real estate market currently favors sellers. With continued demand and low-interest rates for buyers, sellers of single-family homes and condos should expect their property to sell quickly.
This should continue in the year if rates remain low and buyer preferences shift from condos to single-family homes.
Give us a call at 804-396-4625 today and we can show you how we help sellers of all property types sell their homes quickly. We market the best features of your home to the most qualified buyers and work to net you the most money for your home. 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 $353,479 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 $347,383 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 $339,520 or less.
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