Welcome to this month’s Richmond metro real estate market report for the counties of Chesterfield, Hanover, Henrico, and Richmond City. Are you thinking of buying a home and are curious to know what the average sale price is? Do you own a home or condo wonder if now is a good time to sell? Read this helpful report and find out the answer to those questions and more!
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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 the counties of Chesterfield, Hanover, Henrico, and Richmond City, at the end of February 2022 was $388,677, which is a year to year increase of 10.0%.
For the year the average sale price for single-family homes in the Richmond Metro is $388,144, up 11.5% from $348,026 at this time one year ago.
There were 775 single-family homes sold last month, which is a year-to-year drop in sales activity of 13.2%. So far this year there have been 1,617 single-family homes sold, this is down 13.9% compared to the 1,878 that sold by this time last year.
There were 1,094 new listings of single-family homes to hit the market one month ago in the Richmond Metro area, which is a drop of 0.8% compared to the previous February. New listings for the year in the Richmond Metro area so far is 2,060, which is a drop in new listing activity of 10.1% from 2,291 at this time last year.
This brings total inventory of homes available for buyers in the Richmond Metro at the end of February was 611, this is down 38.6% compared to the previous February. The total inventory of single-family homes for the Richmond Metro is just one-half of a month available.
A total of 1,076 single-family homes went under contract during February, this is an increase in activity of 4.7% compared to this time one year ago. So far for the year there has been 1,972 homes that went under contract, pending activity is down 8.9% from one year ago.
Sellers of homes in Chesterfield, Hanover, Henrico, and Richmond City counties are getting 104.6% of their list price at closing for their homes, this is a year-to-year increase of 2.6%. Overbidding of homes is increasing, the original asking price versus closing price for sellers has climbed 2.2% over the year from 101.4% to 103.6% at the end of February 2022.
Single-family homes in the Richmond Metro are on the market for an average of 16 days before being sold, decreasing 15.8% from this time last year.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
As 2022 continues the average sale price for condos in the Richmond Metro is 17.2% higher than at this time last year, up 17.2% from $282,801 to $331,505.
There were 159 sales of condos in the Richmond Metro, a year-to-year drop in sale activity of 12.2%. So far this year there has been a total of 342 condos sold, this is down from 354 at this time last year.
There were 218 condos that went under contract last month, which is down from 11.0% compared to the previous February. Total contract activity for the year is also down from this time last year, falling 478 to 433.
There were 193 new condo listings to hit the market in the Richmond Metro area, this is a drop in new listing activity of 26.1% compared to this time last year. New listings for the year are well below 2021 levels, new listings are down 32.0% year to year, dropping from 543 to 369.
For the month of February, sellers of condos were getting 102.7% of their original list price at closing, this is up 1.8% from one year ago. Overbidding of condos in the Richmond Metro area is also up when compared to this time last year, rising from 100.2% to 101.9%.
🗞 What Does This Mean For Buyers?
Chesterfield, Hanover, Henrico, and Richmond City counties continue to be sought-after destinations for buyers. If you are searching to buy a home or condo in the Richmond Metro be prepared for higher prices and dwindling choices.
The market for homes and condos is highly competitive, overbidding for properties continues ahead of last year’s pace. Be prepared to submit a bid that may be higher than the list price, also, buyers should act swiftly when a property is found. Buyers should be aware of climbing interest rates and, if you haven’t, lock in a rate now.
Searching for and buying a home may seem challenging during this time, if you have frustration finding the perfect home, give us a call and we can help. We have the experience and knowledge of navigating dynamic markets for buyers. Don’t hesitate to get started to today!
💸 What Does This Data Mean For Sellers?
The real estate market for homes and condos in the Richmond Metro area continues to favor sellers, as demand and prices continue to rise, sellers who may have been waiting should go ahead and get their property listed today.
Both single-family and condo home prices have shot up over the previous year, and even with interest rates rising, this trend should continue for the Richmond Metro area. Buyers are submitting higher than the asking price for homes and condos and this percentage may increase this year.
If you are thinking of selling your home but don’t want to price it too low in a sellers’ market, give us a call. We understand the nature of the existing market and work to make sure you net the most money and sell your home quickly. Give us a call today and we can answer all your questions!
🏡 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 $350,000 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$365,000 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 $310,000 or less
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