Richmond Virginia Real Estate Market Stats - January 2018

February 26, 2018

The new year has started as strongly as it ended!  The real estate market continues to be a very very tight market, in all areas!  Here are the real estate market stats for January 2018 for the Richmond area!

 

Chesterfield County

  • # Homes Sold:  319 homes (down 2% from last year)

  • # Active Listings at Month End:  1,020 (down 15% from last year)

  • Median Sales Price:  $245,000 (up 3% from last year)

  • Time on Market:  45 days (down 12% from last year)

  • # Homes Newly Listed in January:  611 (up 7% from last year)

  • # Homes Under Contract in January:  485 (up 23% from last year)

  • Sales Price vs. List Price:  99.5% (down less than 1% from last year)

  • Months Supply of Inventory:  3.2 months (down 14% from last year)

Henrico County

  • # Homes Sold:  266 (up 8% from last year)

  • # Active Listings at Month End:  558 (down 28% from last year)

  • Median Sales Price:  $220,000 (up 5% from last year)

  • Time on Market:  41 days (down 28% from last year)

  • # Homes Newly Listed in January:  403 (down 8% from last year)

  • # Homes Under Contract in January:  383 (up 18% from last year)

  • Sales Price vs List Price:  98.5% (no change from last year)

  • Months Supply of Inventory:  2.1 months (down 33% from last year)

City of Richmond

  • # Homes Sold:  171 (up 2% from last year)

  • # Active Listings at Month End:  341 (down 26% from last year)

  • Median Sales Price:  $223,000 (up 9% from last year)

  • Time on Market:  38 days (down 19% from last year)

  • # Homes Newly Listed in January:  256 (down 1% from last year)

  • # Homes Under Contract in January:  219 (up 1% from last year)

  • Sales Price vs List Price:  98.2% (up less than 1% from last year)

  • Months Supply of Inventory:  2 Months (down 27% from last year)

Hanover County

  • # Homes Sold:  107 (up 20% from last year)

  • # Active Listings at Month End:  312 (down 14% from last year)

  • Median Sales Price:  $275,000 (up 11% from last year)

  • Time on Market:  45 days (down 13% from last year)

  • # Homes Newly Listed in January:  143 (down 23% from last year)

  • # Homes Under Contract in January:  124 (down 3% from last year)

  • Sales Price vs List Price:  98% (no change from last year)

  • Months Supply of Inventory:  2.9 months (down 28% from last year)

As you can see, throughout the area inventory continues to remain very tight.  The prices rose in January, sellers continued to get almost their asking price, the time it takes for the sellers to get an acceptable offer continues to decrease and there continues to be a decrease in the number of new listings that are coming on the market while the number of contracts received continues to increase!  All of this has led to a very very low number of homes available for buyers to choose from.  

 

Does this continued tight inventory market mean, however, that sellers can ask anything they want and expect the buyers to pay that price?  Possibly - or possibly not!  Buyers are very picky, and most buyers are not going to automatically jump at something they feel is overpriced!  But if they do decide to make an offer, even if they are uncomfortable with the price, it is very possible that they will then decide to become very picky on inspections or even begin to have second thoughts and possibly use the Property Owners Association Act to try to get out of the contract!

 

If you are selling your home, it is always wise to price the home within the market value for your area and neighborhood!  And if you are buying a home, keep in mind that if the house is priced well and shows well, there may be multiple offers, and the price may get bid up.  Make sure that you are comfortable with the price that you may have to pay to get the house you want!

 

If you are thinking of buying or selling, or just have a question, or want to know what is happening in your area, 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