Welcome to this month’s Richmond, Virginia, metro area real estate market report covering the areas of Chesterfield, Hanover, Henrico, and Richmond City. How have changes due to Covid-19 affected real estate prices in our area? This helpful report presented by The Wilson Group will get you up to date!
Real estate sales are still happening and if you are ready to buy, you can begin your search here to safely find homes by price, size, or location. Once you find a home you want to know more about, save your search, then be sure to sign up to be notified as soon as new matching properties become available. Then give us a call at 804-396-4625 and we can answer all your questions.
If you need to sell your home we can help you get started by learning what the potential market value of your property may be. The Wilson Group provides a free market valuation tool to assist you in determining your property’s worth. Simply answer a few questions about your home and we will provide you a competitive summary of what your home might sell for. Then we can get your home listed and sold quickly! Get started today!
📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
At the end of November 2020, the average sale price for homes in the Richmond metro areas of Chesterfield, Hanover, Henrico, and Richmond City was $352,950, up 8.4% from $325,495 the previous November.
The average sale price for condos in the Richmond metro area during the same period was $310,117, up 12.1% from $276,663 one year ago.
There were a total of 320 single-family home sales that were closed during that time, an increase of 19% compared to this time last year. The year to date number of closed sales is ahead of last year’s pace by 1.5%
Pending sales of single-family homes for the month of November increased 28% year to year from 3,571 to 3,624. Pending sales for the year are up 3.7% compared to this time last year.
While new listings of single-family homes increased last month, overall inventory has decreased year to year. The Richmond metro area ended in November 2020 with .6 months of supply available.
Sellers of single-family homes in the Richmond area are getting 101.3% of the original list price for their homes. This is a 3.3% increase when compared to the previous November. The year to date original list price average is at 100.2%, also an increase of 1.7%.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
At the end of November 2020, the average sale price for condos in the Richmond metro area climbed 6.8% year to year, up from $285,256 to $266,972.
For the Richmond metro areas of Chesterfield, Hanover, Henrico, and Richmond City, the numbers of closed and pending sales increased year to year.
Closed sales were up 29.5% compared to the previous November, up from 183 to 237. So far this year there have been 2,490 condo sales closed in Chesterfield, Hanover, Henrico, and Richmond City, up from 5.2% at this time last year.
Pending condo sales during November increased 35.3%, to 249, up from 184 the previous November.
New listings were up for the month of November 2020, up 12.9% from the previous year. The year to date number of new listings in the Richmond metro area is slightly up, from 3,135 to 3,137.
This has caused the supply of condos in the Richmond metro area to fall 45.5% from 2.2 months of inventory available the previous November to just 0.9 months of inventory at the end of November 2020.
The list to sale price ratio for condos in Richmond metro ended November at 99.8%, down just slightly from 99.6% at this time last year. The year to date list to sale price ratio is down 0.1% from 99.7% to 99.6%, showing there is still lots of competition for condos in Chesterfield, Hanover, Henrico and Richmond City areas.
🗞 What Does This Mean For Buyers?
Buyers searching for homes need to have property needs and financing in place to be ready to act when a home is found. With inventory shrinking, prices, increasing, and competition with other buyers, offers need to stand out to sellers.
Homes can still be toured safely during these times, virtual tours and asking lots of questions can help buyers make their search for a home more efficient. Find out how The Wilson Group uses their experience and knowledge to find the best home for all buyers. Give us a call at 804-396-4625 today!
💸 What Does This Data Mean For Sellers?
The market for single-family homes and condos is favoring sellers at this time. We can expect demand in the Richmond metro area to continue as interest rates remain low and buyer preferences shift. Sellers are seeing above asking price offers for their property in some markets.
Sellers can continue to safely market and sell their property. Virtual tools and screening of buyers help to ensure minimal intrusion into your home. To find out how we market and sell your home during these changing times give us a call at 804-396-4625 today!
🏡 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 $305,000 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 $300,000 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 $352,950 or less.
We are a locally owned Real Estate team right here in RVA, and we believe our motto says it all: ALL ABOUT THE EXPERIENCE!!! We strive to make our client’s need to sell or buy a home, or even their property management needs an overall great experience. Our business model is deeply founded in the fact that it is all about the experience!