Welcome to this month’s Richmond metro area real estate market report covering the counties of Chesterfield, Hanover, Henrico, and Richmond City. How much are single-family homes and condos selling for in the Richmond metro area? Sale prices for homes and condos are higher than they were at this time last year, and inventory levels are well below the previous year’s average. Read this helpful report to get up to date.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
The average sale price for single-family residential homes in the Richmond metro ended October 2021 at $382,651, a year-to-year increase of 5.9%. For the year single-family home prices are 12.3% higher than they were at this time last year, up from $336,089 to $377,492.
There were 1,334 properties sold during the month of October, a drop of 9.1% compared to the previous October. Total closings for 2021 in the Richmond metro area were 7.3% ahead of this time last year, up from 12,531 to 13,451.
A total of 1,384 single-family properties went under contract in the Richmond metro area, a year-to-year increase of 1.2%. There have been 13,896 pending contracts this year, up 1.0% from one year ago.
There were 1,332 new single-family home listings offered for sale during October, a drop of 18.7% compared to the previous October. New listing activity is down compared to one year ago, dropping from 15,743 to 15,289 at the end of last month.
A total of 1,005 single-family homes were available to buyers in the Richmond metro at the end of last month, and there is approximately less than one month of inventory available to buyers.
Homes in Chesterfield, Hanover, Henrico, and Richmond City are on the market for an average of 14 days before being sold, and sellers are getting 102.3% of their asking price for their homes at closing.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
At the end of October 2021, the average sale price for condos in Chesterfield, Hanover, Henrico, and Richmond City counties was $306,400, a year-to-year increase of 5.9%. Condo average sale prices for the year are also higher than this time last year, up 8.6% from $276,743 to $300,617.
There were 247 condos sold in the Richmond metro last month, a drop of 14.2% compared to the previous October. For the year there has been a total of 2,496 condos sold, an increase of 10.7% compared to this time last year.
A total of 307 condos went under contract during October, which is a year-to-year increase of 30.1%. Overall condo activity has increased this year compared to this time one year ago, total pending contracts for condos so far is 2,764, up 10.4% from 2,504.
There were 284 new condo listings to hit the market in October, a year-to-year increase of 9.2%. Total listings for this year compared to the previous year are up 3.2% from 2,942 to 3,035.
Total inventory for condos at the end of last month was 278 condo properties available to buyers, which makes just one month of inventory in Chesterfield, Hanover, Henrico, and Richmond City counties.
Sellers of condos in Chesterfield, Hanover, Henrico, and Richmond City are getting 101.3% of their asking price at closing, which is up 1.4% compared to the previous October.
At the end of October, condo properties in the Richmond metro area were on the market for an average of 15 days before being sold.
🗞 What Does This Mean For Buyers?
Buyers looking for homes or condos to buy in Chesterfield, Hanover, Henrico, and Richmond City counties are facing a market of rising prices and diminishing inventory. Both single-family home and condo prices have risen dramatically just this year and buyers should expect these trends to continue.
Time is not a friend to buyers, and when a property is found buyers should act quickly and make sure their offer stands out. Overbidding for properties is continuing, which may price some buyers out of certain markets. Buyers should work closely with their agent to be up to date when new properties hit the market to miss out.
💸 What Does This Data Mean For Sellers?
The market for single-family homes and condos in the Richmond metro favors sellers. As demand continues and low-interest rates are driving buyers, sellers can expect to see their property sell quickly and possibly sold above list price. While there may be a slowdown in activity over the winter months, sellers can expect these trends to continue.
Homes and condos are selling quickly, however, some markets have seen slowdowns inactivity. It is important for sellers to be accurate in the pricing of their homes in the dynamic and fast-moving Richmond metro real estate market. Give us a call today at 804-396-4625 and we can show you we price and market homes to sell quickly and get you the most money!
🏡 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 $382,651 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 $333,750 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 $327,500 or less.
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