🏠 Chesterfield & Henrico Counties Market Report – November 2021

Welcome to this month’s Richmond, Virginia, metro area covering the counties of Chesterfield, Hanover, Henrico, and Richmond City. If you are thinking of buying or selling a home soon get up to date with the latest statistics. Find out what homes are selling for in the Richmond metro area with this helpful report.

Are you thinking of buying a home soon but tired of having to search too many websites? Keep it simple and search here using our search tool to find the perfect home for you! Find properties by price, size, location, and more! Be sure to save your favorites that you want to tour, then sign up to be notified as soon as new homes become listed so you don’t miss out! Get started today!

Are you considering selling your home but not sure for what price? Find out what your home may be worth by using our free home valuation tool. Simply answer some basic questions about your home and we will provide you with a market summary and suggested list price for your home. Pricing is the most important item when it comes to selling your home, don’t undervalue your home, let the experts help.

Give us a call today at 804-396-4625 and we’ll help get you started!

The average sale price for single-family homes in the Richmond metro area ended November 2021 at $387,003, up 10.2% from one year ago. For the year so far, single-family home prices are up 12.1% compared to this time last year, up from $337,481 to $378,311.

There were 1,312 properties closed during the month of November, this is a year-to-year increase of 4.0%. The total number of homes closed so far for 2021 is ahead of last year’s pace by 7.1% closings are up from 13,793 to 14,772.

In the counties of Chesterfield, Hanover, Henrico, and Richmond City, a total of 1,013 new listings became available during the month of November, this is a decline of 12.3% compared to the previous November.

Inventory levels are still in decline and one indicator of that is number of new listings for the year, new listings are down 3.3% compared to this time in 2020, dropping from 16,898 to 16,332.

There is a total of 789 single-family homes listed for sale in the Richmond Metro area, which is a year-to-year drop of 41.2% in new listings of single-family properties.

There is less than one month of inventory available to buyers at the end of November. Homes are on the market for an average of 14 days before being sold, a decrease from 26 days compared to this time last year.

Sellers of single-family homes in the Richmond metro are getting 103.4% of their asking price for their homes in 2021, this up 3.5% from the 2020 average of 99.9%

👉 Mortgage Loan Types with Mortgage Calculator

The average sale price for condos in Chesterfield, Hanover, Henrico, and Richmond City counties at the end of November 2021 was $304,676, an increase of 6.8% compared to the previous November. For the year so far the average sale price for condos in the Richmond metro area is $301,017, up 8.5% from this time last year.

There was a total of 272 condos were sold during November, which is a year-to-year increase of 14.8%. There have been 2,770 condo sales for the year, an increase of 11.2% in sales activity from one year ago.

A total of 243 new condo property listings hit the market in the Richmond metro area, an increase of 15.2% from this time one year ago. Condo supply has increased for 2021 compared to 2020, new listings are up 4% from 3,153 to 3,278.

The Richmond metro area has a total of 246 condo properties for sale, this is a year-to-year drop of 25%, and there was less than one month’s supply available to condo buyers at the end of November.

Condos are on the market for an average of 22 days before being sold, a year to year decrease of 31% from 32 days, and sellers of condos in the Richmond metro are getting 102% of their asking price at closing, up 2.4% from 99.6% one year ago.

How to Get Pre-Approved for a Home Loan in Richmond VA

If you are looking to purchase a home or condo in Chesterfield, Hanover, Henrico, and Richmond City counties, be prepared for higher asking prices for homes and lots of competition. Overbidding of properties is continuing as both single-family home and condo sale prices are 2-3% above the asking price.

Buyers should realize time is not on their side, prices are continuing to climb and waiting for a home to buy may end up costing you more money. Buyers should have financing in place and be ready to act when a property is found.

We have the experience needed to guide you in this frenetic real estate market to find you the perfect home. If you are in the market for a home or condo, don’t hesitate to give us a call today!

🏦 How to Turn Your First Home Purchase into a Forever Home

The Richmond metro are real estate market currently favors sellers. Both single-family home and condo prices are on the rise. Sellers who may have been waiting or not quite ready to sell should go ahead and get their property on the market today.

If low-interest rates and demand continue, sellers can expect to see their homes sell quickly. As we continue in to the new-year, we can expect these trends to continue. If you are thinking of selling, it is important to have an agent who knows how to price your home correctly in a market of rising prices and to sell your home quickly. Give us a call today so we can get your home listed and sold.

💡 How to Sell Your Home for More Than You Bought It For

See Additional Reports on the Chesterfield and Henrico Counties Market Report