Welcome to this monthโ€™sย Richmond, Virginia metro area real estate market report, including the counties of Chesterfield, Hanover,ย Henrico, andย Richmond City.ย  If you are thinking of buying or selling a home, this helpful report will get you up to date about the housing market in the Richmond metro area.

Are you planning to buy a home soon? Begin your adventure here by using ourย free search toolย to find homes by price, size, or location. Once you find homes you like, be sure to save your searches and sign up to be notifiedย as soon as new properties become available. Donโ€™t miss out! Give us a call and we can answer all your home buying questions.

Are you ready to downsize, relocate, or cash in on your investment of your home? If you are ready to sell the first step is to know your homeโ€™s market value. Get started by using our free home valuation tool, simply enter some basic information about your property and we will provide you an estimate of its current value. Then we can show you how we market and sell properties quickly to net you the most amount of money. Get started today!

๐Ÿ“Š Chesterfield, Hanover, Henrico, & Richmond City Housing Stats

The average sale price for single-family homes in the Richmond metro ended October 2020 at $361,491, an increase of 17.1% from $308,815 one year ago.

So far, the year to date average sale price for single-family homes in outpacing the previous year, up 8.6% from $309,488 to $336,085 at the end of October 2020.

There were 1,458 single family units sold during October, up 24.4% from 1,172 the previous October. The year to date number of homes sold is 12,502, ahead of the previous year by 3.8%.

1,435 listings went under contract in the Richmond metro area during October, up 25.7% from one year ago. Year to date pending sales are also up 9.9% from the previous year.

A total of 1,631 new listings became available in ย Chesterfield, Hanover,ย Henrico, andย Richmond City, this is only slightly higher than the previous October by 2.4%, which had only 1,592 new listings hit the market at that time.

Homes in those areas stayed on the market for an average of 20 days until being sold, sellers received 101.1% of their list price when their property sold, and there is only 1.1 month of housing inventory available in the Richmond metro area.

Chesterfield, Hanover, Henrico, & Richmond City Condo Stats

The average sale price for condos in Richmond ended October at $289,300, a 8.3% rise in price from $267,082 one year ago.

The year to date average sale price ended in October 2020 at $276,758, a small increase of 4.7% from $264,401 one year ago.

There were 288 condos sold during October, up 30.3% from 221 sold the previous October. The year to date total of condos sold stands at 2,253, which is 3.2% from this time last year.

In the Richmond metro during October there were 246 pending sales, up 26.2% from 195 one year ago. A total of 2,533 condos have gone pending so far this year, up from 2,296 at this time last year.

Richmond metro saw 259 new listings hit the market, an increase of 10.4.% from the previous October. A total of 2,927 new listings have hit the market so far this year, a slight increase over this time last year of 0.7%.

In ย Chesterfield, Hanover,ย Henrico, andย Richmond City, condos stayed on the market an average of 26 days before being sold, sellers were getting 99.9% of their list price at closing, and there is only 1.5 months of condo inventory available.

๐Ÿ—ž What Does This Mean For Buyers?

Buyers in ย Chesterfield, Hanover,ย Henrico, andย Richmond City areas can expect higher prices and diminishing inventory as we head into the winter.

Buyers must have financing in place and be ready to act when a property is found. Buyers may find competition during the winter season and prepare for the possibility of paying the full asking price or slightly higher for homes and condos.

It is important in this market to have an agent on your side who has the experience and knowledge to negotiate the best deal possible. Give us a call today to get started!

 

๐Ÿ’ธ What Does This Data Mean For Sellers?

If you are considering selling your home, now is a good time. With interest rates staying low and buyer preferences shift, expect continued demand for homes in the Richmond metro area.

Sellers should expect buying activity to continue through winter, even with continued restrictions.

Give us a call today if you are thinking of selling your home. We have the tools and experience to market your home to the most qualified buyers safely and to sell your home quickly. Donโ€™t hesitate!

๐Ÿก 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 โ€“ all homes here are priced at $361,491 or less.


๐Ÿก 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 โ€“ all homes here are priced at $312,00 or less.


๐Ÿก 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 โ€“ all homes here are priced at $295,000 or less.


FacebooktwitterredditpinterestlinkedinmailFacebooktwitterredditpinterestlinkedinmail
View All Market Report Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.