Richmond Virginia Market Report - December 2017!

January 18, 2018

The last month of 2017 was one of those months that went in like a lion - and went out like a lion!  For the Richmond Virginia area, real estate continues to be strong!  Below, are the market stats for our area!

 

 

 

Hanover County

  • Homes Sold:                                                    151 (up 32% from last year)

  • # Active Listings as of end of month:          328 (down 6% from last year)

  • Median Sales Price:                                        $288,240 (up 5% from last year)

  • Days on Market:                                              46 (down 6% from last year)

  • # New Listings in December:                        112 (up 32% from last year)

  • # Homes Under Contract in December:      117 (up 38% from last year)

  • Sales Price vs Asking Price:                            98.9% (down .7% from last year)

  • Months Supply of Homes:                              2.2 (down 29% from last year)

Henrico County

  • Homes Sold:                                                     433 (up 12% from last year)

  • # Active Listings as of end of month:           606 (down 24% from last year)

  • Median Sales Price:                                         $247,000 (up 9% from last year)

  • Days on Market:                                               42 (down 22% from last year)

  • # New Listings in December:                         272 (down 3% from last year)

  • # Homes Under Contract in December:      311 (up 10% from last year)

  • Sales Price vs Asking Price:                             99.5% (up .7% from last year)

  • Months Supply of Homes:                              1.4 (down 32% from last year)

City of Richmond

  • Homes Sold:                                                     249 (up 15% from last year)

  • # Active Listings as of end of month:           330 (down 33% from last year)

  • Median Sales Price:                                         $232,500 (up 17% from last year)

  • Days on Market:                                               36 (down 31% from last year)

  • # New Listings in December:                         143 (down 22% from last year)

  • # Homes Under Contract in December:      184 (up 6% from last year)

  • Sales Price vs Asking Price:                             98.4% (up 1.1% from last year)

  • Months Supply of Homes:                              1.3 (down 42% from last year)

Chesterfield County

  • Homes Sold:                                                     507 (up 5% from last year)

  • # Active Listings as of end of month:           1,020 (down 18% from last year)

  • Median Sales Price:                                         $257,916 (up 7% from last year)

  • Days on Market:                                               41 (down 18% from last year)

  • # New Listings in December:                         370 (up 2% from last year)

  • # Homes Under Contract in December:      415 (up 31% from last year)

  • Sales Price vs Asking Price:                             100.3% (no change from last year)

  • Months Supply of Homes:                              2.0 (down 21% from last year)

 

As you can see, all of our areas continued to be very strong - median sales prices were up throughout, the number of active listings available to potential homebuyers at the end of December was way down from the previous year, the number of new listings were either up significantly or down slightly BUT the number of homes that went under contract was way up throughout, which led to a continued tightening of the number of homes available to the buyers out there!  Sellers, if they were priced right, were getting almost their asking prices, and many sellers were getting multiple offers!  The time it took for a house to go on the market and go under contract continued to decrease in December.  All of this means that we continue to have a very very strong seller's market!

 

So if you are thinking of buying a house in 2018, what do you need to do?  No longer is a buyer able to see a house and then think about it for a day or two - this means that when something comes on the market that looks good on paper, it is more important than ever to try to get into the house as soon as you can!  It means that you have to get educated about what the market values are in the different areas you are considering!  It means that you need to have your financing ready and a strong lender pre approval letter done, preferably by a local lender!  And it means that if you need closing costs to be paid by the seller, you may end up having to bump your price up in order to get the house!

 

And if you are a seller, does this mean that you can ask any price you want?  No.  But if you are priced within the market value for your home, and if your home shows well, then you may go under contract quickly.  That means that you have to get your home sale ready - it should be staged, a home inspection and all needed repairs should be done, it needs to be priced within the market for condition & location (but not above market value), it means that you need to know where you will go once your home is sold!

 

If you are thinking of buying a home and you have questions, or just want to know where to start, feel free to call or email me!  I would be happy to help!

 

If you are thinking of selling your home and have questions, or want to know what your home is worth, feel free to call or email me!  I would be happy to help!

 

Have a great day!

 

 

 

 

 

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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