Welcome to this monthโ€™s real estate market report for theย Richmond Metroย area counties of Chesterfield, Henrico, Hanover, and Richmond City. Single-family home and condo sale prices are higher year to year, however, there has been a slowdown in sales activity, and inventory are well below last yearโ€™s averages. Read the full report to find out more about the real estate market in the Richmond metro area.

Do you want to buy a home in Chesterfield, Henrico, Hanover, and Richmond City counties? Start your search here to find properties by price, size, location, and more by using our free search tool! Be sure to save your favorite listings you want to tour, then, sign up to be notified as soon as new homes or condos that meet your needs become available so you donโ€™t miss out!

Are you ready to sell your Richmond metro home or condo but not sure for what price? Find out what your property may sell for by using our free home valuation tool. Simply answer the questions about your home and we will provide a market summary with a suggested starting list price for your home.

Donโ€™t hesitate, give us a call today atย 804-396-4625ย and weโ€™ll help get you started! It is quick and easy!

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 June 2022 was $452,303, which is a year-to-year increase of 16.2%.

For the year so far the average sale price for single-family homes is up 14.7% to $425,354, from $370,979 at this time one year ago.

There were a total of 1,441 single-family homes sold during June, this is a year-to-year decrease of 12.8%.

This year there has been a total of 6,729 single-family homes sold in the Richmond metro area, this is 10.6% less than the 7,524 sold by this time in 2021.

Pending sale activity in Chesterfield, Henrico, Hanover, and Richmond City counties dropped year to year falling 13.5% to 1,361 pending sales during June.

Pending sale activity for the year in the Richmond metro is down 13% for the year, falling from 8,339 at this time one year ago to 7,256 at the end of June 2022.

There were just 1,612 new listings to hit the market in the Richmond metro area in June, this is a drop of 10% in new listings compared to one year ago.

For the year there has been a total of 8,167 new listings to hit the market in Chesterfield, Henrico, Hanover, and Richmond City counties, this is a year-to-year drop of 11.7% from 9,250.

Homes are on the market for an average of ten days before being sold, sellers are getting 106.5% of their original list price at closing, and there was just 0.8 months of single-family housing inventory available to buyers at the end of June 2022.

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

The average sale price for condos in the Richmond metro area at the end of June 2022 was $349,967, which is a year-to-year increase of 12.8%.

So far for 2022, the average sale price for condos in the Richmond metro area is $343,418, which an increase of 14.7% from $299,325 at the end of June 2021.

There were a total of 298 condo properties sold in Chesterfield, Henrico, Hanover, and Richmond City counties at the end of June, this is a year-to-year drop of 4.2%.

For the year there has been 1,352 condo properties sold in the Richmond metro area, this is down 4.9% from 1,422 sold by this time last year.

A total of 276 condos were pending at the end of June, this is down 10.4% compared to the previous June number of pending sales.

Pending sale activity for the year is down 13% for 2022, at this in 2021 there had been 1,632 condos go under contract.

There were 286 new condo listings that came to market in June in the Richmond metro, new listing activity is down 25.1% from year to year.

So far this year there has been a total of 1,504 new condo listings have come to market in 2022, this is down 17.1% from 1,814 new condos by this time in 2021.

Condos are on the market for an average of 17 days before being sold, sellers are getting 104.6% of their asking price at closing, and there is just 0.8 months of condo inventory available.

๐Ÿ—ž What Does This Mean For Buyers?

If you are planning on buying a home or condo in Chesterfield, Henrico, Hanover, or Richmond City counties be prepared for higher sale prices and paying more than list price. While there have been buyers who have been sidelined by rising costs, there is still lots of competition for the few listings available. Buyers who find a property that meets their objectives need to act quickly so as to not lose out.

The short-term future is not too bright for buyers, as inventory levels remain low, interest rates and list prices will continue to rise. Buyers should get financing locked in place to save as much money as possible before the next interest rate hike.

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

The market for single-family homes and condos in the Richmond metro area continues to favor sellers. Overbidding for properties is happening consistently, with sellers getting as much as 106.2% of their original list price. While short-term trends are indicating a slowdown, sellers of properties with in-demand features can expect to have their homes sell quickly.

Seers who might be waiting should get their home or condo listed today before interest rates and inflation create a situation that causes a fall in prices and demand.

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 $395,000 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$389,500 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 $365,000 or less


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