Welcome to this month’s Richmond metro real estate market report covering the counties of Chesterfield, Hanover, Henrico, and Richmond City. This report is based on the data current as of the end of January 2022. Are home prices starting higher this January than the previous January? Are condo prices higher or lower than they were at this time one year ago? Find out in this helpful report.
Are you thinking of buying a home in the Chesterfield, Hanover, Henrico, and Richmond City counties? Start your search here to find homes by price, size, location, and more. Be sure to save your favorite homes to tour later and then sign up to be notified as soon as new properties become available so you don’t miss out!
Are you thinking of selling your home but not sure what it might sell for? Find out how much your home may be worth by using our free home evaluation tool. Simply enter some basic information about your home and we will provide you with a comprehensive market summary of what your home may sell for.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
At the end of January 2022, the average sales price for single-family homes in the Richmond metro area was $387,371, up 12.9% from the previous January.
There was a 21.3% drop in the number of new listings this January compared to the previous January, down from 1,189 versus 936.
In the Richmond metro area at the end of January, there were a total of 603 single-family homes available to purchase; this is down 42.3% from the previous January number of 1045 homes available.
Single-family homes were on the market for an average of 18 days in the Richmond metro area during January before being sold, down from just 20 days during the previous January. Sellers are getting 102.7% of their asking price at closing and there’s less than 1/2 month of housing inventory available at the end of January 2022.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
The average sale price for condos in the Richmond metro area at the end of January was $335,050 this is up 25.1% from the previous January average of $260,740.
There were 181 condos sold during the month of January this is a 4.6% increase from 173 sold during the previous January.
Condos in the Richmond metro are on the market for an average of 37 days before being sold, this is up 27.6% from 29 days on the market one year ago, sellers of condos are getting 101.2% of their asking price for their home at closing, and there’s a total of 147 condos available for buyers to purchase at the end of January 2022.
🗞 What Does This Mean For Buyers?
If you’re looking to buy a home in the Richmond metro area, be prepared for low inventory levels and rising prices. at the end of January, they were 42.3% fewer single-family homes available than there were this time last year. For condo buyers, they’re 52.9% fewer condos available than there were this time last year
Buyer should have their financing in place and be prepared to act as soon as a property is found. buyers need to be prepared to accept the fact they may not find everything they want in a house and may have to remove some must-have features in the properties they are touring. Buyers should work closely with their agents to make their offers stand out.
We are experts at finding properties for our buyers, give us a call today and we will answer all your questions about buying a property here in Chesterfield, Hanover, Henrico, and Richmond City counties.
💸 What Does This Data Mean For Sellers?
Demand exceeds supply here in the Richmond metro area real estate market. Demand for homes and condos continues as interest rates remain low. While prices rise there has been a slight slowdown in sales in the condo market, however, the single-family home market continues to see strong demand. Many homeowners are seeing their property values continue to rise and are thinking of selling.
The market for homes and condos favors sellers in the Richmond metro area and if you have been thinking of putting your home on the market for sale, now is a good time to go ahead and get your property listed 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 $387,371 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 $395,925 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 $339,604 or less
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