🏠 Chesterfield & Henrico Counties Market Report – May 2020

Welcome to this month’s Chesterfield and Henrico Counties real estate market report, presented to you by The Wilson Group, Let Us Put Our Experience To Work For You!

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The average sale price for single family homes in Chesterfield County, Virginia, ended the month of May 2020 at $310,537, up 3.3% from May 2019. The average list price during that same period was $309,132, an increase of 2.85% from one year ago.

There were a total of 549 units sold during May, 53 of these were attached units, and the remaining 496 were detached units. There were a total of 13 condos sold last month.

The average sale price to list ratio was 100.3% at the end of May, homes stayed on the market an average of 24 days before being sold.

There were only 701 new listings that hit the market last month, a slowdown from the previous May total of 963. The Covid-19 pandemic slowed down most of the buying and selling activity last month.

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There were 496 detached units sold in Chesterfield County during the month of May, a slowdown from the 600 that were sold during May 2019. Detached units sold for an average sale price of $316,318, an increase of 3.39% from one year ago.

There were nine two-bedroom or less two bedrooms detached homes sold last month, down from 11 during this time last year. The average sale price of two-bedroom or less detached housing was $196,328, an increase of 37.14% from $143,164, the previous May.

There were 178 detached three-bedroom homes sold in Chesterfield County last month, a drop from 208 sold during May 2019. The average sale price for three-bedroom detached housing was $237,247, a slight decrease from the $237,598 average during this time last year.

A total of 309 four-bedroom or more detached homes sold in May 2020 in Chesterfield County, down from 381 sold the previous May. The average sale price for four-bedroom or more homes was $365,361, a year to year increase from $347,945.

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The average sale price for attached housing in Chesterfield County at the end of May 2020 was $256,435, this is a slight year to year increase of 0.14% from $256,072. There were a total of 53 attached units sold last month, a decrease of 29.33% from 75 one year ago.

There were a total of four two-bedroom or less homes sold during May in Chesterfield County, a decrease from 11 sold the previous May.  The average sale price of two-bedroom or less homes began the month of June at $208,048, a drop of 7.26% from $225,323 this time last year.

A total of 30 three-bedroom attached units sold in Chesterfield County during May 2020, an increase of one from the 29 sold the previous may. The average sale price for attached three-bedroom homes was $259,694, which is an increase of 2.9% from the average of $252,370 one year ago.

There were only six four-bedroom or more attached homes sold last month, an increase from five during this same period one year ago. The average sale price for four-bedroom or more attached homes was $280,132, an increase of 15% from $243,506 one year ago.

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There were only 13 condos sold in Chesterfield County last month, a slowdown from the 30 sold one year ago. Condo sales prices average $252,866, also a decrease of 7.51% from $273,387.

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The average sale price for homes in Henrico County, Virginia, ended the month of May at $312,548, a slight year to year increase of 1.43% from $308,130.

There were a total of 422 units sold during May, also a slowdown compared to the 517 sold this month one year ago. Detached units made up the majority of sales with 345, a decrease from 400 one year ago. There were 77 attached units sold last month, a decrease from 117 sold the previous May.

Sellers were getting 100.2% of their original list price for their homes, the average list price for sellers ended May at $312,399, an increase of 1.24% over the last 12 months. Also, homes stayed on the market an average of 22 days before being sold.

There were a total of 532 homes that went under contract during May 2020, a slight drop from the 585 units sold during May 2019. A total of 449 new listings hit the market last month, a drop of 30.28% when compared to this time last year.

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There were a total of 12 two-bedroom or less detached homes sold in Henrico County during May 2020, compared to 26 during May 2019. Two-bedroom or less homes sold for an average of $184,146, an increase from the average of $153,514 one year ago.

There were 149 three-bedroom detached homes sold in Henrico County last month, a decrease from the 169 sold at this time last year. The average sale price for three-bedroom detached homes was $237,017, a slight increase from the average of $236,677 twelve months ago.

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There were a total of 77 attached single-family homes sold in Henrico County during May 2020, a drop from 117 sold during the previous May. The attached home sales average selling price was $272,851, a slight decrease of 1.61% from $277,308.

There were only eight two-bedroom or less attached homes sold last month, only a slight decrease from nine the previous May. Attached two-bedroom or less homes sold for an average of $212,468, which is an increase from $200,111 one year ago.

There were 41 three-bedroom attached homes sold in Henrico County during May 2020, a drop from the 63 sold during May 2019. The average sale price of three-bedroom attached housing was $272,358, also a drop of 2.36% from $278,939 one year ago.

There were only five four-bedroom or more attached homes sold during May, a decrease from nine the year before. The average sales price for a four-bedroom or more attached home in Henrico County was $472,001, a fall of 8.97% from $433,138 one year ago.

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In Henrico County, during May 2020 there were a total of 23 condos sold, a decrease from the 36 sold the previous May. The average sale price for condos ended the month at $251,440, a slight decrease of 1.32% from $254,795 at the end of May 2019.

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Buyers in Chesterfield and Henrico Counties can expect to see prices rising higher and inventory shrinking in most price points. However, some markets have seen a decline in prices as inventory sits on the market longer.

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See Additional Reports on the Chesterfield and Henrico Counties Market Report