Richmond Real Estate Report - December 2018

January 18, 2019

 

As December came to a close, the real estate market in Richmond Virginia is definitely showing signs of a cool down!  It is definitely not a melt down, but is probably more like the traditional last quarter slow down, which we have not seen in many years since the market started to recover from the down turn!  

 

Below is the monthly marketing statistics for the Richmond Virginia real estate market for December 2018!

 

Hanover County

  • # Homes Sold:        94 (down from last year)

  • # Homes Available for Buyers at Month End:       332 (down 17% from last year)

  • Median Sales Price:   $275,750 (down 4% from last year)

  • Days on Market:  52 (up 13% from last year)

  • # Newly Listed Homes For Sale:  88 (down 23% from last year)

  • # Homes Under Under Contract In December:  95 (down 13% from last year)

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

  • Months Supply of Homes For Sale at Month End:  3.5 (up 34% from last year)

Henrico County

  • # Homes Sold:        386 (down 12%from last year)

  • # Homes Available for Buyers at Month End:     723 (down 11% from last year)

  • Median Sales Price:   $250,972 (up 2% from last year)

  • Days on Market:  36 (down 14% from last year)

  • # Newly Listed Homes For Sale:  236 (down 14% from last year)

  • # Homes Under Under Contract In December:  267 (down 7% from last year)

  • Sales Price vs List Price:  100.9% (up 1.2% from last year)

  • Months Supply of Homes For Sale at Month End:  1.9 (no change from last year)

City of Richmond

  • # Homes Sold:        227 (down 10% from last year)

  • # Homes Available for Buyers at Month End:       442 (down 7% from last year)

  • Median Sales Price:   $205,000  (down 10% from last year)

  • Days on Market:  34 (down 6% from last year)

  • # Newly Listed Homes For Sale:  164 (up 10% from last year)

  • # Homes Under Under Contract In December:  183 (up 13% from last year)

  • Sales Price vs List Price:  97.9% (no change from last year)

  • Months Supply of Homes For Sale at Month End:  2.0 (no change from last year)

Chesterfield County

  • # Homes Sold:        441 (down 15% from last year)

  • # Homes Available for Buyers at Month End:       1,139 (down 17% from last year)

  • Median Sales Price:   $254,738 (down 1% from last year)

  • Days on Market:  36 (down 12% from last year)

  • # Newly Listed Homes For Sale:  368 (down 2% from last year)

  • # Homes Under Under Contract In December:  379 (up 6% from last year)

  • Sales Price vs List Price:  100.2% (no change from last year)

  • Months Supply of Homes For Sale at Month End:  2.6 (no change from last year)

As you can see, the market has cooled down, but it is not completely dead!  Inventory levels are still tight and buyers are still putting homes under contract in less than 60 days.  Although prices have come down slightly in some areas it is not a significant drop in median sales prices from last year at this time.  Sellers still continue to get close to their asking prices, and in some areas, multiple offers are still occurring, if the house is priced right to begin with.

 

If you are a buyer looking to buy a home in today's real estate market, you will still need to go in with as strong an offer as you can, making sure you have as clean an offer as possible and as strong a pre approval letter as you can get!  And if you are a seller thinking of selling your home in this market, you still need to price your home for the market, it still needs to be staged to sell and your marketing needs to be top notch!  Buyers may still be purchasing homes, but they are savvy and picky about the homes that they are willing to purchase!

 

Thinking of buying a home in Richmond Virginia?  Thinking of selling your home?  Have a question on the market?  Feel free to call or email me and 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