📊 Chesterfield County Stats
The February 2018 housing report for Chesterfield County, Virginia, is showing a market that is down slightly compared to this time last year. The units sold is down 2%, to 319 and the active inventory is down 15%, to 1,020 units. The good news is that the median sales price has increased by 3%, to $245,000, and days on market has decreased to 45 days, or 12% from a year ago.
💵 What does this mean for Chesterfield buyers?
At the end of January 2018, the supply of available houses was at 3.2 months, compared to 3.7 months at the same time last year. The supply is determined by calculating the current inventory divided by the current sales. This is a 14% decrease in supply, but there has been a 7% increase in newly listed properties and a 23% increase in current contracts. With the average days on market decreasing 12%, this means that houses are moving faster, and buyers will need to move faster too, to avoid missing out on their dream home. Buyers specifically will be glad to know that the downward trend of the median sales price looks like it will continue into the near future.
💰 What does it mean for Chesterfield sellers?
Compared to January 2017, the sales to list price average is 0.6% lower. However, the average sales price was still 99.5% of the list price, which is good news for sellers. The Chesterfield market does seem to be relatively balanced right now, with respect to both buyers and sellers, despite the downward trend of the median sales price. The downward trend of the average days on the market works in the seller’s favor.
📈 Henrico County Stats
The February 2018 market report for Henrico County, Virginia, is showing a housing report that is up slightly compared to this time last year. The units sold is up 8%, to 266 and the active inventory is down 28%, to 558 units. The good news is that the median sales price has increased by 5%, to $220,000, and days on market has decreased significantly from almost 60 days, down to 41 days, or a 28% decrease, from a year ago.
💲 What does this mean for Henrico buyers?
At the end of January 2018, the supply of available houses was at 2.1 months, compared to 3.1 months at the same time last year. The supply is determined by calculating the current inventory divided by the current sales. This is a 33% decrease in supply that most certainly favors the seller. However, buyers should be motivated to move quickly by the slight dip in available inventory. Buyers are encouraged to take action when they find a place they love – all indications point to the property not being available for very long.
💰 What does this mean for Henrico sellers?
The Henrico real estate market is favoring sellers at this point. With the increase of the median sales price and the decrease of the number of days on the market, buyers need to move quickly as inventory is doing the same. This means less time for negotiations which lines up with the sale price to list price ratio of 98.5%. The number of current contracts is up 18% from this time last year, and the trend looks like it will continue to move in that direction. This means that there are fewer homes listed, but more homes under contract this year than there were last year at this time, which is always a good indicator for potential sellers.
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