Welcome to this monthโ€™s Richmond, Virginia metro area real estate report, including the counties of Chesterfield, Hanover, Henrico, and Richmond City. This report will get you up to date about the latest real estate statistics in the Richmond metro area to help you with your buying or selling decisions.

Are you ready to buy a home this month? If you are, we can help! Use our free search tool to find properties to tour, you can search by price, size, location and more! Once you find homes or condos you are interested in, be sure to save your searches andย sign up to be notifiedย as soon as new matching properties become available.

Are you ready to sell your home or condo? The first thing to do is get an idea of your homeโ€™s worth. We provide a free home valuation tool that will help you. Simply enter some basic information about your home, then we will provide you an estimate of your propertyโ€™s market value. Itโ€™s quick and easy! Give us a call and we can answer all of your questions about listings that interest you.

Give us a call and we can answer all of your questions about buying or selling your home.

๐Ÿ“Š Chesterfield, Hanover, Henrico, & Richmond City Housing Stats

At the end of September 2020, in the Richmond metro area, the average sale price for single family homes was $351,178, up 16.2% from $302,602 the previous September.

The year to date average sale price for single-family homes has increased 7.5% compared to this time last year, up from $309,566 to $332,803.

There were 1,393 single-family homes sold in the Chesterfield, Hanover, Henrico, and Richmond City areas last month. That is a year to year increase of 22.2% from 1,140 one year ago.

So far this year there have been 11,034 single-family homes sold, outpacing the total of 10,870 at this time one year ago.

A total of 1,484 single-family homes went under contract during September 2020, a 29.9% increase from 1,142 the previous September.

There are approximately 1,350 single-family homes listed for sale in the Richmond metro area. Total properties listed have shrunk 49.7% from 2,684 available at the end of the previous September.

Which indicates there is only 1.1 month of inventory available to buyers. A drop from 2.3 months of supply at this time last year.

Homes in the Richmond metro area are staying on the market for an average of 23 days before being sold, falling 25.8% from an average of 31 days the previous September.

As inventory has tightened, overbidding is increasing, sellers are getting 100.5% of their original asking price for their home, an increase of 2.6% from 98.0% during September 2019.

Chesterfield, Hanover, Henrico, & Richmond City Condo Stats

At the end of September 2020 the average sale price for condos in the Richmond metro area increased 10.8% year to year from $263,576 to $291,911.

The year to date average sale price is ahead 4.1% from the year to date average one year ago, up from $264,097 to $274,952.

There were 276 condos sold in Chesterfield, Hanover, Henrico, and Richmond City counties last month. An increase of 27.2% from 217 during September 2019.

Total sales of condos so far in 2020 is only slightly ahead of this time last year, up 0.1% to 1,964 from 1,962.

Richmond, Va city

There were 297 condo properties that went under contract during September 2020 in Chesterfield, Henrico, Hanover, and Richmond City counties. This is up 46.3% from 203 one year ago.

Condo inventory fell over the last 12 months, dropping from 517 units one year ago to 364 units available at the end of September. Which for condo buyers means 1.6 months of inventory available, down 33.3% from 2.4 of inventory available at the end of September 2019.

Condos averaged 24 days on the market before being sold, a drop of 31.4% from one year ago.

In the Richmond metro area, sellers were receiving 100.1% of their asking price for their property, a slight increase of 0.7% from 99.4% during the previous September.

๐Ÿ—ž What Does This Mean For Buyers?

Buyers looking for a home or condo in the Richmond metro area, covering ย Chesterfield, Hanover,ย Henrico, andย Richmond City, can expect declining inventory and higher prices.

There is strong competition among buyers as the original list to sale prices are at 100% or higher. Buyers in certain markets may be frustrated by the lack of choices available.

Buyers should make sure they have an experienced and knowledgeable agent working on their behalf. To find out how we can help you find the perfect home at the best price possible, give us a call today!

๐Ÿ’ธ What Does This Data Mean For Sellers?

If you are thinking of selling your property in the Richmond metro area, now is a good time to do it. With low-interest rates available to buyers, an increase in demand, sellers may see multiple bids on their property.

Sellers should have their home priced correctly and notable features highlighted for potential buyers. It is important to have your property show ready and marketed to the most qualified of buyers.

Give us a call today and we can answer all your questions about listing, selling, making your property stand out in this competitive market.

๐Ÿก 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 โ€“ all homes here are priced at $351,728 or less.


๐Ÿก 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 โ€“ all homes here are priced at $344,967 or less.


๐Ÿก 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 โ€“ all homes here are priced at $334,481 or less.


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