Welcome to this month’s Richmond, Virginia metro area real estate market report covering the communities of Chesterfield, Hanover, Henrico, and Richmond City. Here you can find out the latest single-family home and condo statistics that can help you make a better buying or selling decision.
If you are a buyer searching for a home, you can begin your search here, find homes by price, size, or location. Make sure to save your searches, and sign up to be notified as soon as matching properties become available. Give us a call and we can answer all of your questions about listings that interest you.
Are you planning to sell your home soon and want to get an idea of its market value? Take advantage of our free home valuation tool. Simply answer a few questions about your home or condo and we will provide you with an estimate of what it might sell for.
📊 Chesterfield, Hanover, Henrico, & Richmond City Housing Stats
The average sale price for single family homes in Chesterfield, Hanover, Henrico, and Richmond City for August is $355,458, an increase of 11% compared to one year ago. The year to date average sale price is $339,005, also an increase from $310,372 compared to this time last year.
There were a total of 1,461 sales of single-family homes that closed in Chesterfield, Hanover, Henrico, and Richmond City areas, a slight one year increase of 2.1% from 1,431.
There were 1,640 pending sales at the end of August 2020, a 36.0% increase from 1,206 during the previous August.
A total of 1,571 new listings hit the Richmond metro area at the end of August 2020, up 3.8% from 1,513 twelve months ago.
Single-family homes averaged 25 days on the market before being sold, shrinking from the 28-day average this time last year. The Chesterfield, Hanover, Henrico, and Richmond City year to date average is only slightly higher at 29 days.
There is heavy competition for single-family homes in the Richmond metro area and the list to sale price ratio reflects that, ending August at 100.3%, a 1.6% increase from 98.7% a year ago.
Single-family home supply has dropped year to year, at the end of August there is only 1.1 month of inventory available to buyers in Chesterfield, Hanover, Henrico, and Richmond City areas, a drop of 52.3% compared to one year ago
Chesterfield, Hanover, Henrico, & Richmond City Condo Stats
There were a total of 260 condos sold during August in the Richmond Metro area, condos sales decreased this year by 3.4% from 1,745.
A total of 309 condos went under contract last month, demand increased this year, increasing 35% from 228 one year ago.
A total of 326 new condo listings hit the market in Chesterfield, Hanover, Henrico, and Richmond City areas during the month of August.
Condos were on the market for an average of 32 days before being sold, dropping from an average of 38 days one year ago.
Condo sellers in Chesterfield, Hanover, Henrico, and Richmond City were receiving 100% of asking price when selling their condo, this average has dropped only slightly from 100.4% one year ago.
Richmond metro ended August 2020 with 1.5 months of condo inventory available, supply tightened year to year falling from 2.2 months available at the end of August 2019.
🗞 What Does This Mean For Buyers?
Buyers should have financing in place and be decisive when the perfect property is found. It is important to have a realtor on your side whose experience and knowledge put you ahead of the competition.
💸 What Does This Data Mean For Sellers?
Now is a good time to sell your home. As interest rates remain low and inventory tightens home values will increase. Giving sellers plenty of motivation to get off the fence and get their property listed.
If you are thinking of selling your home give us a call today so we can show you how we market your home to sell to the most qualified buyers. Our experience will go to work for you, pricing your home competitively to net you the most amount of money. Give us a call today!
🏡 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 $355,458 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 $336,884 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 $363,713 or less.
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