Welcome to this month’s Richmond Virginia metro area real estate market report including the counties of Chesterfield, Hanover, Henrico, and Richmond City. This helpful report will get you up to date with the latest real estate statistics. If you are planning to buy or sell a home or condo soon this report is a must-read.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
The average sale price for single-family residences at the end January in the Richmond metro areas of Chesterfield, Hanover, Henrico, and Richmond City counties was $343,221, an increase from the previous January of 8.9% from $315,124.
There were 972 single-family homes sold during January, outpacing the number of closed sales at this time one year ago by 22.7%, from 792.
A total of 1,195 single-family homes that went under contract during January 2021, an increase of 10.1% from the 1.085 that went pending during January 2020.
There were 1,160 new listings to hit the Richmond metro area real estate market during January 2021, a decrease of 16.6% from 1,391 compared to one year ago.
At the end of January in the Richmond metro area, there is a total of 871 single-family residences listed for sale. Total single-family inventory is down by 56% from 1,979 single-family home listings one year ago. There is less than one month supply of single-family home real estate available to buyers at the end of January 2021.
Single-family homes stayed on the market in Chesterfield, Hanover, Henrico, and Richmond City areas an average 20 days before being sold last month. This average has fallen by half over the year, down from 40 days at the beginning of 2020.
Sellers are averaging approximately 101.0% of the original list price received, this is been on the rise from the 97.0% of list price received by sellers at this time one year ago.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
At the end of January, the average sale price for condos in the Richmond metro area was $267,355, a year-to-year decrease of 3.4% from $276,094.
There were 171 condos sold in Chesterfield, Hanover, Henrico, and Richmond City counties during the month of January, this is a 14.8% increase from the 149 closed during the previous January.
There were 243 condos in the Richmond metro area that went under contract, this is also a year-to-year increase of 15.2% from 211 that went under contract at this time last year.
Sellers of condos in the Richmond metro area were getting 99.4% of the original list price at closing, this is only a slight increase from the 98.8% sellers were getting at closing the previous January.
There is a total of 272 active condo listings in the counties of Chesterfield, Hanover, Henrico, and Richmond City, this represents a year-to-year decrease of 36.4% in inventory available to buyers, leaving the Richmond metro area with only 1.1 month of inventory available.
🗞 What Does This Mean For Buyers?
If you are planning to buy a home in the Richmond metro area soon, be ready to act assertively when a property is found. With inventory levels very low, buyers will have to make their offer stand out. Also, buyers may have to eliminate must-have items and prepare to be patient to find the perfect property.
We help buyers find and purchase all property types. We put our experience and knowledge to work for you to find you a home and make your offer stand out amongst the competition. Give us a call today to find out how we do it!
💸 What Does This Data Mean For Sellers?
With inventory levels tight and low-interest rates attractive to buyers, sellers of most property types can expect their homes to sell quickly. As buyer demand shifts to single-family homes instead of condos or townhomes, sellers of those property types may experience a slight slowdown in demand.
If you are thinking of selling give us a call today to find out how we can help you sell your home or condo at a competitive price. We are experienced professionals who have the experience and knowledge to market the best features of your home to the most qualified buyers. Give us a call at 804-396-4625 today to get started.
🏡 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 $340,142 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 $340,235 or less.
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