As we head deeper into January, coming face to face with Henrico County‘s cool seasonal weather, decreases in the real estate market are becoming present with the season again.

πŸ“Š Housing Market Stats

In November 2017, 440 units sold compared to December 2017, where 433 units sold. Those numbers present a decrease of 2%. In Chesterfield, 507 units were sold resulting in an increase of 5% from November’s reported 485 units sold.

There are less available homes for sale in Chesterfield County. Last month, 1,020 homes were available. In Henrico, 606 units were available last month and in November 814 units were available. This shows a 26% decrease.

🏠 What Does this Data Mean?

The total median of homes sold in Chesterfield for last month was $257,916 which is 6% higher than November. In Henrico, the median amount last month totaled to $247, 000, which is 9% more than last year. In November 2017, the price was 2% higher. The median sale price is calculated as an average amount of sales for one specific area.

πŸ’΅ What This Means for Henrico County Buyers

There were 1.4 months of supply available last month, a decrease of 32% from November 2017. The months of supply is calculated by dividing current inventory by current sales. A balanced market is one with at least 6 months of inventory available.

πŸ“ˆ What This Means for Henrico County Sellers

There were 274 newly listed homes in December 2017, a 3% decrease from November’s 281 newly listed homes. There were 311 contracts pending sale in December 2017, compared to December 2016 where 282 were still pending sale. This is a 10% increase. The average sale price for 2017 was 99.5% which is 0.7% higher than 2016.

In December homes stayed on the market an average number of 42 days. A decrease of 22% from last year which held 52 days on the market. What this means for sellers is times are good to put a house up for sale, as sales are moving faster.

🏑 What This Means for Chesterfield County Buyers

In December 2017, 2.0 months of supply was available showing a decrease of 21% compared to 2016. It will take two months to sell the full available list. Since there has been a decrease in supply buyers will need to act fast.

πŸ’° What This Means for Chesterfield County Sellers

Chesterfield had 370 newly listed homes in December 2017, versus December 2016 with only 364 newly listed homes, a 2% increase. There were also 415 contracts pending sale in 2017, compared to 316 in 2016. The average sale price for December was 100.3% showing similarity with last year’s price. Last month the average number of days was 41 which is an 18% decrease from last year’s 50 days. This means that sellers will experience a much faster turnaround placing their house on the market.

Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.

See Additional Reports on the Chesterfield and Henrico Counties Market Report

Here’s the most recent home listings just added to the database in the average price range for

Chesterfield County – all homes here are priced at $257,916 ,or less

Henrico County – all homes here are priced at $247, 000or less

View All Market Report Posts

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