Richmond's Under $200,000 Real Estate Market - It's Hot!

January 10, 2018

 

If you are thinking of buying a house in today's market, and your price point is under $200,000, you may find that this part of Richmond's real estate market is hot - hot - hot!!!

 

For many home buyers in the Richmond area, they are not able, or willing, to go buy a house that is priced over $200,000!  I am working with first time home buyers as well as investors, who are trying to stick to a $200,000 max price point!  But the Richmond real estate market, even in the "slow" winter selling months, seems to continue to be strong & active!

 

So today, I took a look at the market statistics for the single family homes priced under $200,000 that have sold in the month of December, 2017!  Below are the stats!

 

City of Richmond Market – December 2017

 

Area 10                                                                                      Area 20

22 homes sold in December                                                        1 home sold in December

57 average days on market                                                          4 average days on market

Average List Price = $109,564                                                      Average List Price = $179,000

Average Sales Price = $104,475                                                   Average Sales Price = $175,000

Average Sales Price/SF = $83                                                       Average Sales Price/SF = $195

23 Active Listings as of 1/10/18                                                   0 Active Listings as of 1/10/18

 

Area 30                                                                                      Area 60

15 homes sold in December                                                        28 homes sold in December

23 average days on market                                                          36 average days on market

Average List Price = $150,847                                                      Average List Price = $138,636

Average Sales Price = $152,063                                                   Average Sales Price = $135,177

Average Sales Price/SF = $98                                                       Average Sales Price/SF $103

28 Active Listings as of 1/10/18                                                   24 Active Listings as of 1/10/18

 

Area 50

27 homes sold in December

51 average days on market

Average List Price = $114,062

Average Sales Price = $109,447

Average Sales Price/SF = $79

51 Active Listings as of 1/10/18  

 

Henrico County Market – December 2017

 

Area 22                                                                                      Area 32

9 homes sold in December                                                          30 homes sold in December

39 average days on market                                                          34 average days on market

Average List Price = $180,977                                                      Average List Price = $156,777

Average Sales Price = $174,100                                                   Average Sales Price = $152,631

Average Sales Price/SF = $154                                                     Average Sales Price/SF = $119

5 Active Listings as of 1/10/18                                                     17 Active Listings as of 1/10/18

 

Area 34                                                                                      Area 40

11 homes sold in December                                                        21 homes sold in December

27 average days on market                                                          22 average days on market

Average List Price = $173,200                                                      Average List Price = $151,524

Average Sales Price = $170,573                                                   Average Sales Price = $148,814

Average Sales Price/SF = $126                                                     Average Sales Price/SF = $110

2 Active Listings as of 1/10/18                                                     30 Active Listings as of 1/10/18

 

Area 42

35 homes sold in December

33 average days on market

Average List Price = $134,978

Average Sales Price = $132,037

Average Sales Price/SF  = $98

44 Active Listings as of 1/10/18

 

Chesterfield County Market – December 2017

 

Area 52                                                                                      Area 54

44 homes sold in December                                                        45 homes sold in December

34 average days on market                                                          28 average days on market

Average List Price = $159,457                                                      Average List Price = $156,776

Average Sales Price = $158,318                                                   Average Sales Price = $156,533

Average Sales Price/SF = $107                                                     Average Sales Price/SF = $108

66 Active Listings as of 1/10/18                                                   56 Active Listings as of 1/10/18

 

Area 62                                                                                      Area 64

27 homes sold in December                                                        8 homes sold in December

24 average days on market                                                          26 average days on market

Average List Price = $181,550                                                      Average List Price = $172,135

Average Sales Price = $172,135                                                  Average Sales Price = $186,788

Average Sales Price/SF = $117                                                    Average Sales Price/SF = $122

24 Active Listings as of 1/10/18                                                   3 Active Listings as of 1/10/18

 

Hanover County Market – December 2017

 

Area 36                                                                                      Area 44

6 homes sold in December                                                          17 homes sold in December

21 average days on market                                                          25 average days on market

Average List Price = $173,800                                                      Average List Price = $186,399

Average Sales Price = $165,250                                                   Average Sales Price = $179,135

Average Sales Price/SF = $133                                                     Average Sales Price/SF = $126

10 Active Listings as of 1/10/18                                                   13 Active Listings as of 1/10/18

 

As you can see, inventory in all areas of Richmond remain hot - homes that come on the market, priced under $200,000 will sell quickly, sometimes for more than what the seller is asking!  And many times, those homes that are staged & show well will even sell the same day it hits the market!

 

So if you are thinking of buying a home, and you are looking at homes that are priced under $200,000, there are some steps you will want to make sure you take:  know the market, have your financing lined up, be prepared to write your strongest offer the day you see the house, and be prepared to maybe be in a multiple offer situation!  Don't nitpick the sellers on repair items, and if you don't need closing costs, don't ask for them!  If you need closing costs assistance, you may need to bump the price up on the house you are looking at!  The key is to be ready, be prepared & move quickly!

 

If you are thinking of buying a home priced under $200,000, and you have questions, feel free to contact me - 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