Richmond Virginia Real Estate Report - September 2018

October 22, 2018

 

The real estate market here in the Richmond Virginia area is starting to move into a cool down!  This is not untypical for this time of year, but with the strong seller's market we have been having over the past few years, some sellers are fearing that we are headed back to a downturn like we experienced from about 2008 on!  I don't think we are going to see that - but some sellers are feeling uncomfortable when their homes are not going under contract in one day with multiple offers!  There are still some very strong signs that the buyers are out there - we just may not be seeing multiple offers on day one!

 

So below are the real estate numbers for the various counties & City of Richmond for September 2018!

 

CHESTERFIELD COUNTY

  • # Homes Sold:                                                451 (down 21% from last year)

  • # Homes Available for Buyers:                  1,404 (down 26% from last year)

  • Median Sales Price:                                       $260,000 (up 6% from last year)

  • Days on Market:                                             27 (down 16% from last year)

  • # Homes Newly Listed in September:      627 (down 7% from last year)

  • # Homes Under Contract in September: 507 (up 16% from last year)

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

  • Months Supply of Homes:                            3.1 (down 7% from last year)

HANOVER COUNTY

  • # Homes Sold:                                                 149 (up 3% from last year)

  • # Homes Available for Buyers:                   439 (down 15% from last year)

  • Median Sales Price:                                        $272,500 (down 1% from last year)

  • Days on Market:                                              33 (up 3% from last year)

  • # Homes Newly Listed in September:       163 (up 6% from last year)

  • # Homes Under Contract in September:  135 (up 22% from last year)

  • Sales Price vs. List Price:                                98.5% (down .8% from last year)

  • Months Supply of Homes:                             3.0 (down 17% from last year)

HENRICO COUNTY

  • # Homes Sold:                                                 365 (down 9% from last year)

  • # Homes Available for Buyers:                   936 (down 17% from last year)

  • Median Sales Price:                                        $240,000 (up 4% from last year)

  • Days on Market:                                              31 (down 6% from last year)

  • # Homes Newly Listed in September:       502 (down 19% from last year)

  • # Homes Under Contract in September:  374 (down 19% from last year)

  • Sales Price vs. List Price:                               100.2% (up 1.1% from last year)

  • Months Supply of Homes:                             2.6 (down 10% from last year)

CITY OF RICHMOND

  • # Homes Sold:                                                 193 (down 23% from last year)

  • # Homes Available for Buyers:                   537 (down 20% from last year)

  • Median Sales Price:                                        $206,050 (down 8% from last year)

  • Days on Market:                                              21 (down 16% from last year)

  • # Homes Newly Listed in September:       319 (up 3% from last year)

  • # Homes Under Contract in September:  243 (up 7% from last year)

  • Sales Price vs. List Price:                               98.9% (no change from last year)

  • Months Supply of Homes:                             2.8 (no change from last year)

What Does This Mean For Richmond Area Home Buyers?

 

As you can see from the numbers the months supply of homes available for buyers to choose from is still very low - for a market to be considered balanced, there should be a 6 month supply of homes!  So this shows that we are still in a very tight seller's market!  If you are looking for a home, it is still important for you to know when something hits the market that matches what you are looking for in a home and see the home before it is sold!  Sellers are still getting close to or even above what they are asking for, so it is important to know the market and what you will need to pay to get the house that you want!  The prices are still increasing and there are still very few deals out there!  Know the market, be ready to move quickly and make strong offers to get the house you want!

 

What Does This Mean For Richmond Area Home Sellers?

 

Sellers are still getting close to what they are asking for, but sales are cooling off!  So, although we still continue to have very tight inventory levels, it is more important to know just what your home is worth in this market, price it accordingly, have it staged to show in the best possible light and professional pictures will all help make your home stand head & shoulders above the others in the market!  This will help you get top dollar for your home, even in this slightly cooled down market!

 

How Can I Help!

 

If you are thinking of buying a home in the Richmond area, create a search so that you can be notified as soon as new listings come on the market!  Waiting to see it on a search engine like Zillow may mean that you miss out on any new listings that come on the market!  If you are thinking of selling your home, find out what your home is worth in today's market!  Have a question?  Feel free to get in touch with me!  I can help and would be happy to answer any questions you may have!

 

 

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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