Welcome to this month’s Richmond Metro real estate market report covering the counties of Chesterfield, Hanover, Henrico, and Richmond City. This helpful report will get you up to date with the latest real estate statistics in these areas.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
At the end of June 2021, the average sale price for single-family homes in the Chesterfield, Hanover, Henrico, and Richmond City counties was $389,390, a year-to-year increase of 17.1% from $332,460. For the year the average sale price for single-family homes is ahead of last year’s pace by 15% up from $321,840 to $370,942.
There were 1,638 single-family homes sold during the month of June, an increase of 12.2% from 1,460 sold the previous June. For the year in the Richmond metro, there have been 7,483 sales, up 11.8% from 6,691 sold at this time last year.
A total of 1,664 properties went under contract last month, a slight year-to-year increase of 8.3%. So far there have been 8,472 properties go pending, ahead of last year’s pace of 7,869 by 7.7%.
The Richmond metro area added 1,758 new listings to the real estate market over the month of June, an increase of 10.2% from one year ago. Currently, there is less than one month of single-family housing inventory available. Inventory trends continue to remain low as buyers are acquiring properties almost as fast as they are being listed.
Chesterfield, Hanover, Henrico, Richmond City counties are all in seller’s markets as the list price to sale price ratio is currently at 105.1%. The year-to-date ratio so far is 103.8%, ahead of the ratio of 99.2% at this time one year ago.
Single-family homes are on the market for an average of 11 days before being sold in the Richmond metro, a year-to-year drop from the 25 days on the market before being sold. So far the year-to-date average is 15 days on the market before being sold.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
Average condo sale prices in the Richmond metro area ended June at $311,060, a year-to-year increase of 21.4%. The year-to-date average sale price for condos is $299,469, an increase of 10.8% from this time one year ago.
There were a total of 308 condos closed last month, up from 245 closings the previous June. So far for the year in Chesterfield, Hanover, Henrico, and Richmond City counties there have been 1,418 condos sold, up 22.5% from 1,158 sold at this time last year.
There was a total of 323 condos that went under contract in the Chesterfield, Hanover, Henrico, and Richmond City counties, an increase of 8.8% from one year ago. Totals so far for the year, there have been 1,672 properties go pending, up 20.8% from one year ago.
There were 367 new condo listings offered to buyers in the Richmond metro, an increase of 5.5% from one year ago, for the year there have been 1,804 new condo listings, 7.3% ahead of the 1,681 at this time last year. There is approximately one month of condo inventory available.
Overbidding is also trending in the condo market in Chesterfield, Hanover, Henrico, and Richmond City areas, sellers are receiving 102.8% of their list price at closing, for the year, the list to sale price ratio is 102.1%.
Condos are on the market in the Richmond metro for an average of 21 days before being sold, a drop from 30 days at the end of the previous June.
🗞 What Does This Mean For Buyers?
Buyers who are looking to purchase a home or condo in Chesterfield, Hanover, Henrico, and Richmond City counties can expect prices trending higher and inventory remaining and low levels. Buyers should understand that even with lower interest rates, hesitating can cost you thousands of extra dollars. Buyers should have financing in place and be ready to act when a property is found. Give us a call today at 804-396-4625 and we can put our expertise to work for you!
💸 What Does This Data Mean For Sellers?
The market for homes and condos is favorable for sellers in the Richmond Metro area, overbidding is increasing and properties are one the market for a very brief period. Expect these trends to continue throughout the area, as interest rates remain low, and Chesterfield, Hanover, Henrico, and Richmond City counties continue to be attractive options for buyers. Give us a call today at 804-396-4625 so we can show you how we market and sell your home quickly and get you the most amount of money!
🏡 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 $389,390 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 $380,000 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 $398,926 or less.
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