Richmond Virginia Real Estate Market Report - November 2017

December 18, 2017

 

Another month is now in the books, and as we draw near to the end of the year, it is interesting to look at the real estate market to see how strong the market here in Richmond Virginia continues to be!  Below is the information on the real estate market in Hanover, Henrico & Chesterfield Counties, as well as the City of Richmond!

 

Hanover County

# Homes Sold:  109 homes sold in November, down 29% from last year!

# Homes Available:  412 homes were available for buyers in the area at month end, down 7% from last year!

Median Sales Price:  The median price of a home sold in November was $288,975, up 4% from last year!

Days on Market:  Homes in Hanover County were on the market an average of 39 days before the seller accepted an offer - down 24% from last year!
# New Listings:  There were 138 homes that were new to the market in November in Hanover County, up 2% from last year!

# Contracts:  However, there were also 128 homes that went under contract in Hanover County in November, up 16% from last year!
Sales Price vs List Price:  Sellers in Hanover County received about 99.6% of their asking price, up a little less than 1% from last year!
Months Supply of Homes:  Assuming no other homes come on the market, it would take about 3.8 months for all the actively listed homes to sell!  This is up 15% from last year!

 

Henrico County

# Homes Sold:  439 homes sold in November, up from last year!

# Homes Available:  776 homes were available for buyers in the area at month end, down 24% from last year!

Median Sales Price:  The median price of a home sold in November was $243,000, up 8% from last year!

Days on Market:  Homes in Henrico County were on the market an average of 41 days before the seller accepted an offer - down 20% from last year!

# New Listings:  There were 343 homes that were new to the market in November in Henrico County, up 7% from last year!

# Contracts:  However, there were also 314 homes that went under contract in Henrico County in November, up 6% from last year!

Sales Price vs List Price:  Sellers in Henrico County received 99.9% of their asking price, up a little over 1% from last year!

Months Supply of Homes:  Assuming no other homes come on the market, it would take about 1.8 months for all the actively listed homes to sell!  This is down 46% from last year!

 

Chesterfield County

# Homes Sold:  483 homes sold in November, up 7% from last year!

# Homes Available:  1,285 homes were available for buyers in the area at month end, down 16% from last year!

Median Sales Price:  The median price of a home sold in November was $244,000, up 6% from last year!

Days on Market:  Homes in Chesterfield County were on the market an average of 39 days before the seller accepted an offer - down 15% from last year!

# New Listings:  There were 525 homes that were new to the market in November in Chesterfield County, up 11% from last year!

# Contracts:  However, there were also 441 homes that went under contract in Chesterfield County in November, up 14% from last year!

Sales Price vs List Price:  Sellers in Chesterfield County got 100% of their asking price, no change from last year!

Months Supply of Homes:  Assuming no other homes come on the market, it would take about 2.7 months for all the actively listed homes to sell!  This is down 22% from last year!

 

City of Richmond

# Homes Sold:  255 homes sold in November, up 27% from last year!

# Homes Available:  428 homes were available for buyers in the area at month end, down 31% from last year!

Median Sales Price:  The median price of a home sold in November was $230,000, up 5% from last year!

Days on Market:  Homes in the City of Richmond were on the market an average of 25 days before the seller accepted an offer - down 31% from last year!

# New Listings:  There were 238 homes that were new to the market in November in the City of Richmond, up 20% from last year!

# Contracts:  However, there were also 235 homes that went under contract in the City of Richmond in November, up 26% from last year!

Sales Price vs List Price:  Sellers in the City of Richmond got 99.1% of their asking price, up 2% from last year!

Months Supply of Homes:  Assuming no other homes come on the market, it would take about 1.7 months for all the actively listed homes to sell!  This is down 46% from last year!

 

My Take Aways!

Normally, around October, we begin to see a seasonal slowdown!  And in some areas, we are starting to see that.  For instance, in Hanover County, you are starting to see a little bit of a slowdown!  But overall, the market continues to remain very very strong!  Prices continue to appreciate in all areas, new listings to the market are beginning to increase, but the number of homes going under contract in the same month is close to or above the number of homes that have hit the market in November, which has been continuing to lead to very very tight inventory levels throughout much of the area!

 

If you are a seller, you are in a good position - but your home needs to be priced well, staged, even pre-inspected and professional photos are a must in order to be able to get top dollar!  Even with a tight market that we are in, buyers are still not willing to overpay for a home!

 

If you are a buyer, you have to be able to move quickly on that house that is the right one for you - you need to have your pre approval in order, you need to know the market and you need to write a strong and clean offer!  In many cases, a home is still going under contract with multiple offers!

 

Thinking of selling your home?  Thinking of buying a home?  Have a question?  Want to know what is happening in your area?  Feel free to contact me and I would be happy to help!

 

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Barbara A. Reagan

ABR, GRI, CRS, SFR

Long & Foster Realtors

2931 Polo Pkwy

Midlothian, VA  23113

Phone:  804-869-1191

Email:  BReagan2@gmail.com

Barbara A. Reagan - Long & Foster Realtors - 2931 Polo Pkwy - Midlothian, VA  23113