Welcome to this monthโ€™s Richmond, Virginia, metro area real estate market report. Are you thinking of buying or selling a home in the Richmond metro area, which includes counties ofย Chesterfield,ย Hanover,ย Henrico, andย Richmond City, right now and are curious at what price homes or condos are selling for?ย  Read this helpful report to get up to date on what the market is doing.

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Have you been thinking of selling your home or condo but not sure for what price? Find out what your home may be worth with our free home valuation tool. Simply enter some basic information about your property and we will provide you a market summary suggesting a starting list price for your home. Give us a call today atย 804-396-4625 and weโ€™ll help get you started!

๐Ÿ“Š Chesterfield, Hanover, Henrico, & Richmond City Housing Stats

The average sale price for single-family homes in the Richmond metro area at the end of July 2021 was $396,776, a year-to-year increase of 16.1% from $341,813. The year-to-date sale average for single-family properties is $375,533, up 15.4% from $325.519 at this time one year ago.

There were 1,617 single-family properties sold during July, an increase of 7.6% from the previous July. For the year there have been 9,104 closed sales, ahead of 8,194 closed by this time last year, 11.1%.

A total of 1,528 single-family homes went under contract in the Chesterfield, Hanover, Henrico, and Richmond City counties during July, a year-to-year drop of 1.9%. The year-to-date number of homes that have gone under contract is 9,908, up 5.1% compared to this time last year.

At the end of last month, a total of 1,637 new property listings hit the market in the Richmond metro area, a drop of 5.4% compared to the previous July. For the year there have been 10,883 new listings, down 0.3% compared to this time one year ago. There are approximately 0.8 months of inventory available to buyers at the end of July.

Single-family homes in the Richmond metro were on the market for an average of 10 days before being sold down from 25 days during the previous July. Sellers were getting 104.5% of their asking price at closing, a year to year increase of 4.4% from 100.1%.

๐Ÿ“Š Chesterfield, Hanover, Henrico, & Richmond City Condo Stats

The average sale price for condos in Chesterfield, Hanover, Henrico, and Richmond City counties at the end of July was $291,542, an increase of 3.7% from one year ago. The year-to-date average sale price for condos is $297,951, ahead of last yearโ€™s pace by 9.4%.

A total of 304 condos were sold last month in the Richmond metro area, which is a year-to-year increase of 12.6%. So far this year there have been 1,725 condos sold, an increase in activity by 20.8% from this time last year.

During July 290 condos went under contract, a drop of 6.1% compared to the previous July. There have been 1,946 condos that have gone under contract so far this year, up 14.9% from 1,693 that had gone under contract by this time last year.

There were 326 new condo listings that hit the market in July, a year-to-year increase of 2.2%, for the year there have been 2,140 new condo listings that hit the market, ahead 6.9%ย  of last yearโ€™s pace of 2,001 sold by this time.

Condos were on the market in July for an average of 18 days before being sold, a shrinking from 33 days on the market before being sold the previous July.

Sellers of condos are getting approximately 102.7% of the asking price for their condo at closing, a year-to-year increase of 3.4% from 99.3%.

At the end of July 2021 there is a total of 287 condo property listings for sale in the Richmond metro, a drop in listings by 26.2% from 389 listings at this time one year ago. There are approximately 1.1 months of inventory available to buyers in the Richmond metro area.

๐Ÿ—ž What Does This Mean For Buyers?

Buyers looking for a home or condo in the Richmond metro area should be aware time is not a buyerโ€™s side and homes and condos are selling very quickly. Buyers are facing lots of competition for homes as overbidding for properties has increased year to year. Expect prices to continue upward as buyers battle over every diminishing inventory.

Buyers need a great agent on their side, who also understands how to navigate highly dynamic markets. Give us a call today at ย 804-396-4625 and we will show you how we help buyers come out on top and find the perfect home in Chesterfield, Hanover, Henrico, and Richmond City counties.

 

๐Ÿ’ธ What Does This Data Mean For Sellers?

The market for homes and condos in the Richmond metro continues to favor sellers. Overbidding for homes is continuing as sellers are currently getting 104.5% of their asking price at closing. Expect these trends to continue as low interest rates continue to entice more buyers into the market. Sellers who may have been taking a wait-and-see approach should go ahead and get their homes listed and on the market today.

If you are thinking of selling your home, give us a call today. We have the tools and knowledge to create a strategy that will price your home accurately, show off the most desirable features of your property, and market to the most qualified of buyers. To find out how we do this, give us a call today atย 804-396-4625!

๐Ÿก 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 โ€“ all homes here are priced at $396,776 or less.


๐Ÿก 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 โ€“ all homes here are priced at $380,000 or less.


๐Ÿก 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 โ€“ all homes here are priced at $396,776 or less.


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