🏠 Chesterfield & Henrico Counties Market Report – September 2022

Welcome to this month’s real estate market report for the Richmond Metro, Virginia, including the counties of Chesterfield, Hanover, Henrico, and Richmond City.  Sale prices for single-family homes and condos have climbed from August to September, and overbidding of properties continues. Rising home prices are having a slowing effect on the market, pending and closed sales activity has dropped year to year, and inventory remains tight with less than one month of housing and condo supply available. Find out more about the Richmond Metro real estate market in this helpful report.

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The average sale price for single-family homes in the Richmond Metro at the end of September 2022 was $413,798, this is up 11.2% compared to the previous September.

For the year so far, sale prices for single-family homes are 11% higher than at this time in 2021, sale prices are up from $335,205 to $375,000 in the Richmond Metro.

There was a total of 1,076 single-family homes closed during September, this is a drop of 22.6% in closing activity when compared to this time one year ago. For the year there have only been 10,414 single-family properties sold in the Richmond Metro, sales have slowed 14% year over year.

A total of 939 single-family properties went under contract, pending activity has dropped 24.7% year to year. For the pending sale, activity is also down, only 10,341 homes have gone under contract, this is down 17% from 12,502 that went under contract by this time in 2021.

New listing activity is down compared to the previous September, falling from 1,393 new listings at this time one year ago, to just 1,149 for the month of September 2022. There has been just 11,908 new listings to hit the market so far in 2022, this is down 14.7% from 13,958 new listings that came to market by this time in 2021.

In the Chesterfield, Hanover, Henrico, and Richmond City counties, single-family homes are on the market for an average of 15 days before being sold, up from 12 days one year ago. Sellers of single-family homes in the Richmond Metro are getting 100.8% of their asking price at closing. For the year though, the sellers list to sale price ratio is 104.9% which is a year-to-year increase of 1.3% from 103.6%.

At the end of September 2022, there was just one month of single-family home inventory available to buyers in the Richmond Metro.

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The average sale price for condos in the Richmond Metro at the end of September 2022 was $358,229, which is an increase of 13% compared to the previous September.

In Chesterfield, Hanover, Henrico, and Richmond City counties, condo sale prices for the year are 14% higher than at this time last year, up from $300,197 to $343,447.

There was a total of 240 condos sold in Chesterfield, Hanover, Henrico, and Richmond City counties last month, this is a drop in sales of 2.8% compared to this time one year ago. For the year there has been a slowdown in condo sales compared to one year ago, sales are down 8.8% from 2,248 to 2,050.

There was a total of 201 condos that went under contract in September in the Richmond Metro, this a drop, in closing activity of 23.6% from one year ago. There has been a total of 2,017 condos that have gone under a pending contract so far in 2022, this is down 17% from 2,429 at this time in 2021.

New listing activity is slowing down compared to this time one year ago, there were just 223 new listings to come to market in September in the Richmond metro, this is down from 305 one year ago. Overall new listing activity is down compared to 2021, new listings have dropped 18.7% from 2,747 at this time one year ago to 2,233 at the end of September.

Condos in the Richmond Metro are on the market for 24 days before being sold, this is down from 17 days one year ago. Sellers of condos are getting 101.3% of their asking price at closing, however, for the year the list-to-sale price ratio for sellers of condos is 103.4% which is up 1.3% from one year ago.

At the end of September in the Richmond Metro, there is just 1.1 months of inventory available.

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The outlook for buyers of single-family homes and condos is not the brightest. Higher listing and sale prices, rising interest rates, and overbidding of properties available is making it a difficult market to navigate for buyers. Overall inventory for the year is down significantly and buyers can expect this trend to continue through the winter season.

Buyers who are ready to buy a home need to have financing locked in and be ready to act when a property is found. Time is not on the side of buyers, prices will be on the increase for the near future. If you are searching for a home in the Richmond Metro area, give us a call, we are experts at finding homes for buyers in difficult markets.

🏦 Marketing Tips to Follow When Selling Real Estate

While the market for single-family homes and condos in the Richmond Metro area favors sellers, there is a slowdown in buying happening. Sale activity is down 14% for the year, and rising interest rates are pricing many buyers out of the market. While the difference isn’t much yet, homes and condos are staying on the market longer than at this time one year ago.

While sellers of homes can expect their home to be sold, and possibly for more than asking, the average list-to-sale price ratio is 104% for the Richmond Metro. Sellers who are thinking of selling their homes should give us a call. There is more to selling a home than just putting a sign in the yard. Sellers should have their homes priced perfectly and create a selling strategy that will get their homes sold and acquire a new property as quickly as possible.

💡 How to Decide What to Repair Before Selling Your Home

See Additional Reports on the Chesterfield and Henrico Counties Market Report