Welcome to this month’s Richmond metro area real estate market report including the counties of Chesterfield, Hanover, Henrico, and Richmond City. How have a single-family home and condo sale prices performed over the last month compared with this same time last year? Find out the answer to this question and more with this helpful report.
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📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
The average sale price for a single-family home in the Richmond metro area at the end of September 2021 was $372,431, which is a year-to-year increase of 6% from $351,472.
There were 1,385 single-family properties sold last month in Chesterfield, Hanover, Henrico, and Richmond City counties last month, this does 1.3% compared to previous September. For the year, the total number of closed sales is up year to year, up from 11,064 to 12,111 so far for 2021.
A total of 1,309 properties went under contract last month, this is a year-to-year drop of 1.3%. The number of single-family home listings sold so far this year is slightly ahead of this time last year, up from 12,390 to 12,579 for the year so far.
There were only 1,363 new single-family home listings to hit the market in the Richmond metro area during September, this down 14.4% compared to this time last year. New listings for the year are down 1.2% compared to this time last year, down from 14,104 to 13,928.
Single-family homes are on the market for an average of 12 days before being sold, sellers are getting 102.3% of their list price at closing, and there is less than one month of inventory available to buyers.
📊 Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
The average sale price for condos in the Richmond metro area at the end of September was $317,203, a year-to-year increase of 8.8%.
There were 245 condos sold in Chesterfield, Hanover, Henrico, and Richmond City counties last month, down 11.6% compared to this time one year ago.
Condo sales in the Richmond metro area are ahead for this year compared to 2020, total sales so far are up 14.3% from 1,966 to 2,248.
A total of 288 condos went under contract during September, a drop of 7.2% from one year ago. The number of condos going under contract is also up for the year compared to last year, up from 2,268 to 2,477.
There were 302 new condo listings offered last month, a year-to-year drop of 13.0%. The total of new condos to be offered on the market so far this year in the Richmond metro is up 2.4% from 2,682 at this time last year to 2,747 at the end of September 2021.
Condos were in the market in Richmond for an average of 17 days before being sold during September, sellers of condos are getting 101.4% of their list price, and there are 1.2 months of condo supply available to buyers.
🗞 What Does This Mean For Buyers?
Buyers looking for single-family home property in the Richmond metro area will see higher prices and dwindling inventory. Overbidding of properties continues as buyers are paying on average 3.6% more than the asking price.
Buyers looking for condos may see a different picture, while average prices are up, there is slightly more condo inventory available to buyers in Chesterfield, Henrico, Hanover, and Richmond City counties.
Time is not on the buyer side right now as prices continue to climb. Buyers should have financing in place and be ready to act when a property is found.
💸 What Does This Data Mean For Sellers?
As interest rates remain low buyers are continuing to seek out properties. Single-family home prices are continuing to climb and this trend should continue the remainder of the year.
Demand for condos is returning as prices are rising slightly and sales of condos are ahead of last year’s pace.
If you are thinking of buying or selling a home in Chesterfield, Hanover, Henrico, and Richmond City counties, give us a call today at 804-396-4625 and find out how we put our experience and knowledge to work for you!
🏡 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 $372,431 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 $330,000 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 $313,880 or less.
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