Welcome to this month’s real estate market report for the Richmond metro area including the counties of Chesterfield, Hanover, Henrico, and Richmond City. Are you ready to buy or sell a home in the Richmond metro area soon and are curious how much houses and condos are selling for? Find out how much in this latest report.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
At the end of March 2022, the average sale price for single-family residential homes in the Richmond metro area including the counties of Chesterfield, Hanover, Henrico, and Richmond City was $410,039, which is a year to year increase of 11.1%.
For the year so far in the Richmond metro, the average sale price for single-family residential homes is $397,106, which is a year-to-year increase of 11.4% from $356,370.
There were 1,141 sales of residential homes in the Richmond metro area during the month of March, which is a drop of 7.6% compared to the previous March. A total of 2,764 single-family homes have been sold so far in 2022, this is down 11.2% from the 3,113 sold at this time in 2021.
A total of 1,287 homes went under contract last month, which is year-to-year slowdown inactivity of 10.7%. Contract activity for the year is down 10.5% from one year ago, dropping from 3,606 to 2,226 at the end of March 2022.
There were only 1,389 new listings that came to market during March in the Richmond metro area, a year-to-year drop in new listing activity of 14.2%. New listing activity is down 10.9% compared to this time last year, dropping from 3,909 to 3,483.
Single-family homes in the Richmond metro were on the market for 14 days before being sold during the month of March, a 26.3% year-to-year drop.
Sellers were getting 105.3% of their list price at closing, an increase of 2.2% compared to this time one year ago.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
At the end of the first quarter of 2022, the average sale price for condos in the Richmond metro area was $337,874, this is a year-to-year increase of 16.7% from $289,635 at the end of the first quarter of 2021.
There was a total of 242 condos sold during the month of March, down 3.4% from compared to the previous March. A total of 585 condos have been sold so far this year, down 3.6% compared to 607 sold by this time one year ago.
A total of 234 listings went pending during March, this is a year-to-year drop in pending activity of 25%. There have been just 663 condo listings that went pending so far in 2022, this is down 16.1% from 790 pending’s during this same period in 2021.
There were just 258 new condo listings offered last month in the Richmond metro area, new listings are down 17.3% year to year. There has been a total of just 632 new condo listings to hit the market so far in 2022, this is down 26.1% from 855 new listings during this same time in 2021.
Condos were on the market for 28 days during March 2022, up 7.7% from 26 one year ago.
Sellers of condos were receiving 104.3% of their original list price at closing, up from 102% one year ago.
🗞 What Does This Mean For Buyers?
As we head into the summer buying season, individuals looking for homes should be aware of rising prices and diminishing inventory. It is a difficult situation since low inventory levels are preventing sellers from listing and buyers from buying. Climbing prices for homes are also pricing some buyers out of the market, and with interest rates already at pre-2008 levels, should be cautious of overpaying. Timing is everything in the current market.
Buyers should already have financing in place and be ready to act as soon as a property is found. Overbidding for properties is common and buyers should be prepared to submit an offer above the asking price. Buyers should expect these trends to continue through the summer.
💸 What Does This Data Mean For Sellers?
While the market for homes and condos in the Richmond metro favors sellers, home and condo sellers face the dilemma of being unable to find a home to buy after their original one is sold. This is causing some sellers to wait on getting their homes listed. This in turn is keeping inventory levels low, which then, keeps prices higher. Sellers should be aware of the current market availability for homes and condos and plan accordingly.
Sellers are getting above asking price for their homes and condos, even as interest rates climb, demand is steady. Sellers should expect these trends to continue through the summer.
🏡 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 $365,084 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$375,000 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 $310,000 or less
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