Welcome to this month’s Richmond, Virginia, metro area real estate market report; including the counties of Chesterfield, Hanover, Henrico, and Richmond City. Are single-family home and condo sale prices trending higher? Is now a good time to sell my home or condo? Read this helpful report to discover the answers to those questions and get up to date!
Are you ready to buy a home but frustrated by having to search a bunch of different real estate websites? Enough of that! Start searching here to find properties by price, size, location, and more! Be sure to save your favorites to tour, then, sign up to be notified as soon as new listings that match your needs become available. We are ready to answer all your questions, so don’t hesitate and give us a call today!
Are you ready to sell your home but not sure what to price it for? With home values trending up it is important to price your home accurately. Get started here by finding out what your property may be worth by using our free home valuation tool! Simply enter some basic information about your home and we will provide you a market summary of your home’s potential selling price. Give us a call today at 804-396-4625 to get started!
📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
At the end of May this year, the average sale price for single-family homes in the Richmond metro was $374,972, up 14.4% from $327,816 the previous May.
During the month of May, there were 1,442 closed sales in the Richmond metro, a year-to-year increase of 15.5%. So far this year there have been 5,836 single-family homes sold, up from 5,231 compared to this time last year.
There were a total of 1,703 new listings offered on the market last month, up 14.% from one year ago. New listing so far is down compared to this time last year, down 2.3% from 7,588 to 7,414.
There are a total of 1,011 single-family homes for sale in the Chesterfield, Hanover, Henrico, and Richmond City areas. A steep decrease of 47.6% from one year ago. This means that the Richmond metro has 0.7 months of inventory available to buyers.
Single-family homes in the Richmond metro are on the market for an average of 11 days before being sold, down 52.2% from 23 days one year ago.
Overbidding is on the rise as sellers of single-family homes are getting 105.4% of their original list price, this is a year-to-year increase of 5.6% from 99.8%.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
The average sale price for condos in the Richmond metro area ended May at $311,801, up 15.7% from $269,400 at the end of the previous May.
A total of 249 condos were sold last month, outpacing the 188 sold during May of last year by 32.4%. A total of 1,110 condos have been sold so far this year, up 21.6% from the 913 sold by the end of the previous May.
For the year there has been a total of 1,433 condos listed in the Richmond metro area at the end of May, new listings are up 7.5% compared to this time one year ago.
Condos for sale in Chesterfield, Hanover, Henrico, and Richmond city counties during May were on the market for an average of 26 days before being sold, falling 33% from 39 days the previous May.
Condo inventory fell 47.5% year to year from 421 to 221. There are just 0.8 months of condo supply available in the Richmond metro, down from two months one year ago.
Overbidding of condos is increasing as sellers are getting 1003.5% of their original asking price, a year to year increase of 2.5%, from 99.4%
🗞 What Does This Mean For Buyers?
If you are searching for the perfect home in Chesterfield, Hanover, Henrico, and Richmond City areas, be prepared to act when a property is found. Home and condo prices are trending upward and buyers have more purchasing power today and less tomorrow. Some buyers may have to increase their budget or eliminate some must-have features.
It is important in today’s active market to have an agent on your side with the experience, knowledge, and expertise to help navigate a competitive market to find you a home or condo quickly. Don’t hesitate and miss out on the perfect property so give us a call today at 804-396-4625!
💸 What Does This Data Mean For Sellers?
As demand and prices continue to increase any sellers who may have been waiting should go ahead and get their home or condo listed. Properties are being bought for more than the asking price and staying on the market for just a few days. With interest rates staying low, expect this trend to continue.
Selling a home or condo may seem like a complicated process, but it doesn’t have to be. We make it easy by creating a strategy to sell your home quickly by pricing accurately, actively marketing its most in-demand features, and netting you the most amount of money. Give us a call today at 804-396-4625 to get started!
🏡 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 $374,972 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 $369,258 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 $$383,232 or less.
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