🏠 Chesterfield & Henrico Counties Market Report – May 2022

Welcome to this month’s real estate market report for the Richmond Metro area, which are the counties of Chesterfield, Hanover, Henrico, and Richmond City. Are you wondering how much single-family home or condo sale prices are in the Richmond Metro area? Has the nationwide trend in higher home prices effected Chesterfield, Hanover, Henrico, and Richmond City counties? Read this helpful report to get up to date.

Are you ready to buy a fabulous in the Richmond Metro area today? Start your search here to find great homes or condos by price, size, location, and more. Be sure to save your favorite properties to tour, then, sign up to be notified as soon as new listings become available so you don’t miss out! Get started today!

Have you seen your home or condo value rise in price and are considering selling? The first step in selling your home is knowing its actual worth. Homes are valued differently, not just by neighborhood, but even on the same street. To get started simply enter some basic information about your property and we will provide you with a confidential market summary with a suggested listing price for your home.

Don’t hesitate, give us a call today at 804-396-4625 and we’ll help get you started! It is quick and easy!

The average sale price for single family homes in the Richmond Metro area at the end of May 2022 was $452,463 which is up 20.6% from one year ago. For the year so far, the average sale price for single family homes is $418,101, which is up 14.3% from $365,862 average at this time in 2021.

There were 1,277 listings sold during the month of May, this is a drop of 12.1% from 1,453 sold during the previous May. In total this year there have been 5,278 single-family properties sold, which down 10.1% from 5,871 sold by this time one year ago.

A total of 1,509 properties went under contract in May, this is a year-to-year drop in pending activity of 9.6%. There has been a total of 5,952 properties go under contract so far in 2022, this is down 12% from 5,871 that went under contract by this time in 2021.

There was a total of 1,523 new listings to hit the market in the Richmond Metro area during the month of May, this is a drop in new listing activity of 12.5% compared to May of last year. For the year so far there has been a total of 6,529 new listings to hit the market in the Richmond Metro area, this is a drop of 12.5% from 7,459 new listings that came to market by this time one year ago.

There is a total of 824 single-family homes available for sale in the Richmond Metro area at the end of May.

Single-family homes in Chesterfield, Hanover, Henrico, and Richmond City counties during the month of May were on the market for an average of 10 days before being sold, and sellers of single-family homes were getting 108% of their asking for their home at closing.

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The average sale price for condos in the Richmond Metro at the end of May 2022 was $351,885, which is a year to year increase of 12.8% from $311,817. So far in 2022, the average sale price for condos is up 15.3% from $296,215 at this time in 2021 to $341,462 at the end of May.

There were 244 condos sold in Chesterfield, Henrico, Hanover, and Richmond City during May, this is down just 2% compared to the 249 sold during the previous May. For the year there has been 1,051 condos sold in the Richmond Metro area, this is down 5.4% from 1,111 that were sold by this time one year ago.

A total of 262 condo properties went under contract in the Richmond Metro area in May 2022, this is a year to year drop in pending activity of 7.7%. There has been 1,158 condos that have gone under contract so far in 2022, this is down 12.5% from 1,324 properties that went under contract by this time in 2021.

There was a total of 307 new condo listings offered to buyers in the Richmond Metro during the month of May, this is a year to year increase in new listing activity of 6.2%. There has been a total of 1,215 new condo listings so far in 2022 in the Richmond Metro area, this is a drop of 15.4% from 1,437 new listings that hit the market by this time in 2021.

There are 204 condo listings available to buyers in Chesterfield, Henrico, Hanover, and Richmond City counties at the end of May, this is a year to year to drop in inventory of 24.7% from 271.

Condos in the Richmond Metro are on the market for an average of 21 days before being sold, and sellers of condos are getting 104.7% of their asking price at closing.

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Buyers who are searching for a home or condo to buy in Chesterfield, Henrico, Hanover, and Richmond City counties are facing a tough market. Home and condo prices are higher this year than last and inventory available to buyers is very low. Competition for homes and condos is fierce with overbidding common, buyers are paying on average above asking price for homes.

Buyers should realize time is not on their side and once a house is found, a buyer should act swiftly and work with their realtor to make their bid stand out. If you are in the market for a home or condo, give us a call today and let us go to work for you!

🏦 How to Get a Great Deal on a Home

The Richmond Metro area real estate market currently favors sellers, with demand for homes and condos continuing, sellers are getting on average above asking price at closing, and their home is selling very quickly. While interest rates are climbing and inventory levels still low, sellers should act now and get their homes listed and on the market before a slowdown begins. While in the short term the demand for homes and condos should continue.

Selling a home isn’t as simple as just placing a sign in the yard. In a market of rising prices, it is important to price your home accurately and still competitively. We are experts at pricing homes correctly, marketing the most in-demand features of your property, and showing it to the most qualified of buyers so your home or condo sells quickly and nets you the most money. Give us a call to get your home listed today!

💡 How to Make Selling Your Home Less Stressful

See Additional Reports on the Chesterfield and Henrico Counties Market Report