Welcome to this month’s real estate market report for the Richmond Metro area counties of Chesterfield, Hanover, Henrico, and Richmond City. The single-family residential and condo housing market are seeing a year-to-year increase in sale prices for properties. As prices have been increasing, buyers are being sidelined, home sales are down 20% year to year and condo sale activity has dropped 25% from one year ago. Find out more about the Richmond metro real estate market in this helpful report.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
The average sale price for single family residential homes in the counties of Chesterfield, Henrico, Hanover, and Richmond City at the end of July 2022 was $443,921, which is a year-to-year increase of 12% from $396,210.
A year to date comparison of single family home prices shows average sale prices higher this year than one year ago, average sale prices are up 14% from $375,512 to $428,379.
There were 1,308 single family home properties sold during the month of July, this represents a decrease in sale activity of 20% compared to the previous July.
For the year so far there has been a total of 8,043 single-family home properties sold in the Richmond metro, this is an increase of 12.2% compared to this time last year.
In the Richmond metro area, a total of 1,159 properties were pending sale during July, this is a 19% decrease compared to this time one year ago.
So far this year a total of 8,347 properties went under contract, this is a drop in pending activity of 14.7% compared to this point in 2021.
A total of just 1,355 new listings hit the market in the Richmond metro, new listings were down compared to the previous July falling 21%. There has been a year-to-year drop in new listings, falling 12.7% from 10,969 in 2021 to 9,573 at the end of July.
Single family homes were on the market for an average of 10 days before being sold in Chesterfield, Hanover, Henrico, and Richmond counties.
Sellers were getting 104.2% of their list price at closing, and at the end of July there was just one month of housing inventory available.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
The average sale price for condos in the Richmond metro area for July was $344,192, which is a year-to-year increase of 18%.
The year-to-date average sale price of condos in Chesterfield, Henrico, Hanover, and Richmond City counties is $343,352, which is a year-to-year increase of 15.2% from $297,933.
There were a total of 230 condos sold during July, which is a 25% drop in sales activity compared to the previous July.
So far this year there has been just 1,585 condo listings sold in the Richmond metro, this is a drop of 8.3% in sales activity compared to 1,729 properties sold by this time one year ago.
A total of 202 condo properties in the Richmond metro were pending sale, which is a drop of 25% from this time one year ago.
Pending sale activity is lower this year than at this time one year ago, dropping from 1,901 to 1,602 at the end of July.
Condo inventory has dropped 18.5% year to year, falling from a total of 2,152 new listings to hit the market by this time in 2021 to 1,753 new listings to come to market so far in 2022.
Condos were on the market for an average of 11 days in July before being sold. Sellers of condos were getting 103.5% of their list price for their condo at closing, and there is just one month of condo inventory available to buyers.
🗞 What Does This Mean For Buyers?
The outlook for buyers searching for a home or condo to buy in the Richmond metro area is one of higher list prices and rising interest rates. Competition for homes available is creating situations where overbidding for properties is common. Buyers who already have their interest rates locked in may be priced out of certain markets as prices continue to climb higher. Buyers, as always, should have financing in place and be ready to act when a property is found.
If you are looking for a home or condo to buy in Chesterfield, Henrico, Hanover, and Richmond City counties, give us a call today. We will put our expertise to work for you to find the perfect home for you!
💸 What Does This Data Mean For Sellers?
While the market for single family homes and condos favors sellers at this time, and buyers are paying more than list price for homes, sellers should be cautious. Home and condo sales have been slowing over the summer as higher prices are putting some buyers on the sidelines. However, real estate trends are local and a slowdown may not affect the Richmond metro until 2023. Sellers who have been thinking of selling their home should get their property listed and on the market today.
If you are thinking of selling your home or condo, give us a call and we can show you how we price your home accurately and market it to the most qualified buyers to sell as quickly as possible. Let’s get started 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 $390,000 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$385,000 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 $381,000 or less
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