Richmond Virginia Real Estate Market Report - March 2018!

April 17, 2018

Another month come and gone, and the market continues to be very very tight!  Not just in one or two counties but throughout the entire area.  Here is the market information for March 2018 in Richmond Virginia!

 

 

 

Chesterfield County

  • # Homes Sold:  522 homes sold - down 6% from last year

  • # Homes Active on the Market at Month End:  1,087 - down 17% from last year

  • Median Sales Price:  $255,000 - up 6% from last year

  • Days on Market:  42 - down 7% from last year

  • # Homes New To The Market in March:  897 - down 4% from last year

  • # Homes That Went Under Contract in March:  744 - up 9% from last year

  • Sales Price vs. List Price:  99.9% - no change from last year

  • Months Supply of Homes For Sale:  2.1 Months - down 12% from last year

Hanover County

  • # Homes Sold:  152 homes sold - down 12% from last year

  • # Homes Active on the Market at Month End:  340 - down 20% from last year

  • Median Sales Price:  $305,000 - up 8% from last year

  • Days on Market:  55 - down 13% from last year

  • # Homes New To The Market in March:  205 - down 22% from last year

  • # Homes That Went Under Contract in March:  164 - down 12% from last year

  • Sales Price vs. List Price:  99.8% - down .5% from last year

  • Months Supply of Homes For Sale:  2.2 Months - down 28% from last year

Henrico County

  • # Homes Sold:  369 homes sold - down 12% from last year

  • # Homes Active on the Market at Month End:  671 - down 21% from last year

  • Median Sales Price:  $249,000 - up 9% from last year

  • Days on Market:  35 - down 10% from last year

  • # Homes New To The Market in March:  618 - down 8% from last year

  • # Homes That Went Under Contract in March:  511 - up 2% from last year

  • Sales Price vs. List Price:  99.8% - down 1.2% from last year

  • Months Supply of Homes For Sale:  1.8 Months - down 10% from last year

City of Richmond

  • # Homes Sold:  280 homes sold - down 13% from last year

  • # Homes Active on the Market at Month End:  340 - down 28% from last year

  • Median Sales Price:  $240,000 - up 14% from last year

  • Days on Market:  35 - down 13% from last year

  • # Homes New To The Market in March:  384 - down 8% from last year

  • # Homes That Went Under Contract in March:  340 - up 8% from last year

  • Sales Price vs. List Price:  99.6% - up .7% from last year

  • Months Supply of Homes For Sale:  1.2 Months - down 36% from last year

As you can see, across the board the numbers continue to suggest a very very tight sellers market!  Although the number of homes sold in the month of March was way down from last year, the number of homes that came on the market in March was way down, while the number of contracts that were taken in March was up above the number of new listings that came on the market!  This led to a tightened supply of homes for buyers to choose from in March.  As a result, many homes went under contract with multiple offers, which help to bid up the asking prices of the homes sold - even when those asking prices were well above what they should have been in a normal marketplace!  Sellers were continuing to get almost what they were asking for their homes, while the time it took for these sellers to get an accepted offer was way down from last year!  All indications are that the market is very very tight - and there are no signs that right now the market won't continue to be very tight!

 

If you are a seller, does this mean that you can ask anything you want - and get it?  NO!  You must still price your home within the market value - perhaps you can be a little bit aggressive on the pricing!  But if you decide to price your home aggressively, then the house absolutely must be in tip top shape, staged, neutral decor thoughout and move in ready!  A pre listing inspection will offer potential buyers peace of mind - and will save you from any surprises when the buyers do their own inspections!

 

If you are a buyer, this means that you need to be ready to move on a house as soon as it comes on the market!  You need to be pre approved for your loan (not just pre qualified), and your pre approval should be from a local lender!  You need to be prepared to possibly compete with other buyers, which means you may have to offer a price that you may think is too high in order to get the house that you want!  It may mean that you may have to compromise on some things you didn't think you wanted to compromise on!  

 

If you are thinking of buying a home, or selling your home, or just have a question on the market in Richmond, don't hesitate 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