🏠 Chesterfield & Henrico Counties Market Report – February 2021

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.

Are you thinking of buying a home soon? Begin your search here to find properties by price, size, location, and more! Be sure to save the favorite properties you find, then sign up to be notified as soon as new matching properties become available. We want to make finding a home a safe and stress-free experience. Be sure to give us a call at 804-396-4625 so we can answer all your home buying questions!

Ready to sell your home today? We help sellers of all kinds of properties sell their homes quickly! Start here by getting an idea of your home’s worth by using our free home valuation tool! Simply enter some basic information 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 help you get started!

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.

👉 Home Buying and Selling During the Coronavirus Pandemic

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.

Average sale prices for condos in Chesterfield, Hanover, Henrico, and Richmond City  have climbed steadily over the last three years, just not quite as much as single-family home prices.

The average sale price for condos has increased from $230,000 in 2018 to $282,909 at the end of February 2021. Demand for condos has slowed as buyers’ preferences shifted towards single-family homes.

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.

How to Use the Equity in Your Home

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.

🤔 How to Get Pre-Approved for a Home Loan in Richmond VA

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!

👉 3 Easy Upgrades That Increase Your Home’s Value

See Additional Reports on the Chesterfield and Henrico Counties Market Report