Richmond VA Real Estate Market Report - June 2018

July 17, 2018

 

 

The real estate market here continues to be strong!  Interest rates may have ticked up slightly but they are still at very very low levels - and buyers are out there buying homes!  We are in the middle of the busy real estate selling season - and the market still continues to be hot hot hot!!!  The numbers don't lie - here they are for the month of June 2018!

 

Chesterfield County

  • # Homes Sold:                                                      710 (down 4% from last year)

  • # Homes Available for Sale at Month End:  1,312 (down 16% from last year)

  • Median Sales Price:                                            $262,000 (up 1% from last year)

  • Days on Market:                                                  28 (down 24% from last year)

  • # New Listings Taken in June:                          820 (down 10% from last year)

  • # Homes Under Contract in June:                   710 (up 15% from last year)

  • Sales Price vs. List Price:                                    99.8% (no change from last year)

  • Months of Inventory at Month End:              1.0 (down 50% from last year)

Hanover County

  • # Homes Sold:                                                      186 (down 20% from last year)

  • # Homes Available for Sale at Month End:  427 (down 18% from last year)

  • Median Sales Price:                                            $290,000 (up 2% from last year)

  • Days on Market:                                                 29 (down 24% from last year)

  • # New Listings Taken in June:                         236 (down 9% from last year)

  • # Homes Under Contract in June:                  189 (up 24% from last year)

  • Sales Price vs. List Price:                                   99.2% (no change from last year)

  • Months of Inventory at Month End:              2.0 (no change from last year)

Henrico County

  • # Homes Sold:                                                      578 (down 2% from last year)

  • # Homes Available for Sale at Month End:  836 (down 15% from last year)

  • Median Sales Price:                                            $270,000 (up 13% from last year)

  • Days on Market:                                                  21 (down 28% from last year)

  • # New Listings Taken in June:                          597 (down 8% from last year)

  • # Homes Under Contract in June:                   533 (up 6% from last year)

  • Sales Price vs. List Price:                                   100.5% (up 1.1% from last year)

  • Months of Inventory at Month End:              1.0 (no change from last year)

City of Richmond

  • # Homes Sold:                                                      366 (down 2% from last year)

  • # Homes Available for Sale at Month End:  424 (down 23% from last year)

  • Median Sales Price:                                            $274,950 (up 10% from last year)

  • Days on Market:                                                  23 (down 28% from last year)

  • # New Listings Taken in June:                         359 (down 11% from last year)

  • # Homes Under Contract in June:                  311 (up 8% from last year)

  • Sales Price vs. List Price:                                   101.2% (up 1.7% from last year)

  • Months of Inventory at Month End:              1.0 (no change from last year)

As you can see, things are still tight in the real estate market!  If you are a buyer, you may end up making an offer on a house where there are multiple offers - make sure you are ready to go in with a strong offer!  And if you are a seller, and you price your home right, make sure it is in show ready condition & have great pictures, you will have plenty of buyers looking at it - and may sell with multiple offers!

 

Thinking about buying a home?  Thinking about selling your home?  Just want to know what is happening in your neighborhood?  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