Welcome to this month’s Richmond metro area real estate market report covering the areas of Chesterfield, Hanover, Henrico, and Richmond City. Are you thinking of moving to the historic state of Virginia and wondering how much do homes and condos sell for? Read this helpful report to find out!
Do you need to buy a home or need to relocate to the Richmond metro area? We help buyers find the perfect home! Begin your search here by finding properties by price, size, location, and more. Once you find properties to tour, be sure to save your searches, then sign up to be notified as soon as new, matching properties become available. The Wilson Group has the experience and expertise to help you find a great home, and make sure the entire process is smooth.
Are you ready to sell your home or condo and not sure how to get started? The first step is to find out how much your home may be worth by using our free home valuation tool. It is simple and easy to use! Enter some basic information about your property and we will provide you with a competitive market summary of what your home may list for. Then we can create a plan to list your property, show off the best features, and market your home to the most qualified of buyers!
📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
The average sale price at the end of March 2021 for single-family homes in the Richmond Metro counties of Chesterfield, Hanover, Henrico, and Richmond City counties was $369,445, an increase of 16.2% from $318,074 the previous March.
The year-to-date average sale price for single-family homes in the Richmond metro at the end of March 2021 is $356,581, ahead by 13.9% of the $312,989 sales average at this time one year ago.
There were 1,221 single-family homes that went under contract during March in the Richmond metro area, a slight increase of only 4.6% from 1,167 at this time one year ago.
For the year there has been a total of 3,088 single-family homes have been sold, up 10.3% from the 2,799 sold at the end of the first quarter in 2020.
A total of 1,574 new properties hit the market in the Richmond metro during March. A drop of 13.9% in new listing activity when compared to March 2020. New listings for the year so far are down 16.2%, signaling a shrinking of overall inventory.
Sales activity did pick up year to year, a total of 1,482 listings went pending last month, an increase of 6.8% from 1,388. Pending listings for the year are on pace with last year, down only 0.5% from 3,699 to 3,680.
Total inventory of single-family homes for sale has dropped significantly compared to this time last year, from 2,078 active listings twelve months ago to a total of 879 active listings for sale at the end of March.
Single-family homes are on the market for an average of 19 days before being sold. There is only 0.7 months of inventory available to buyers in the Richmond metro area, a year to year drop of 58.8%
Sellers of single-family homes in the Richmond metro are getting 102.1% of their asking price at closing, this represents a year-to-year increase of 3.9% from 98.3%.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
At the end of March 2021 in the Richmond metro area, the average sale price for condos was $299,251, a year-to-year increase of 13.0%. For the year, the average sale price for a condo is $289,639, up 7.8% from $268,732 at this time last year.
There were 252 condo sales last month, an increase of 30% compared to the 193 sold the previous March. Total condo sales for the year in the Richmond metro ended March 2020 at 606, up 15.6% compared to this time last year.
In the Chesterfield, Hanover, Henrico, and Richmond City Counties, there were 308 new listings to hit the market, an increase of only 3.7% from twelve months ago. For the year, new listings for condos are ahead of last year’s pace, up 5.2% from 808 to 850.
A total of 334 condos went under contract during the month of March, a year-to-year increase of 50.5% from 222. Year-to-date closings are ahead of last year’s, mostly due to the pause last year from Covid restrictions, pending listings for the year are up 27.4% to 824 from 647 at the end of March 2021.
There is a total of 221 condo listings available, a steep drop of 50.6% from the 447 total condo listings that were available in the Richmond metro during the previous March. There have been 850 new condo offered on the market during the first quarter of 2021, representing a year to year increase of 5.2%
There are approximately 0.8 months of condo inventory supply available, a year-to-year drop of 61.9% from 2.1 months available at this time one year ago.
Condo sellers are getting approximately 102.0% of their asking price, showing increased buying pressure, this is up 2.9% from 99.1% twelve months ago. Year-to-date condo sellers list to sale price ratio is 100.9%, up 2.0% from 98.9%.
🗞 What Does This Mean For Buyers?
Housing prices are climbing, and inventory is shrinking. In the Richmond metro area single-family homes are in short supply, and with interest rates remaining low, there is quite a bit of competition for homes. Buyers may have to eliminate some features to broaden their selection. Buyers should have financing in place and be prepared to act assertively when a property is found.
If you are thinking of buying a home or condo in the Chesterfield, Hanover, Henrico, and Richmond City counties, give us a call. We can help you from start to finish. While buying a home can seem intimidating or complicated, we put our expertise and knowledge to work for you to find your home quickly! Give us a call at 804-396-4625 today to get started.
💸 What Does This Data Mean For Sellers?
If you are thinking of selling, now is the time to get listed before the summer season gets started. Homes are in strong demand in the Richmond metro area and sellers in certain price markets may see their home sell quickly and possibly for higher than list price. Sellers’ list to price ratio for single-family homes has climbed to 102.1% of list price over the last twelve months.
If you are thinking of selling your home give us a call at 804-396-4625. We can show you how we go to work to get your home listed, priced competitively, and marketed to show off the best features. Leave the worry to us and let us put our experience to work for you!
🏡 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 $369,445 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 $356,553 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 $362,808 or less.
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