Welcome to this month’s Richmond, Virginia metro area real estate market report, including the counties of Chesterfield, Hanover, Henrico, and Richmond City. 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.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
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 Chesterfield, Hanover, Henrico, and 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 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 Chesterfield, Hanover, Henrico, and 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.
🗞 What Does This Mean For Buyers?
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.
💸 What Does This Data Mean For Sellers?
Sellers should expect buying activity to continue through winter, even with continued restrictions.
🏡 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 $361,491 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 $312,00 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 $295,000 or less.
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