Richmond Real Estate Market Report - January 2019

February 20, 2019

 

The holidays are over and we are now in the start of a new year!  Although I would say that the real estate market in Richmond Virginia continues to cool down, it is not a dead market!  But this real estate market definitely now provides some relief for the buyers of homes.  Although the median sales prices are still going up across the Richmond area, the number of homes sold in most areas decreased in January 2019 vs. last year.  Although the number of homes that were newly listed in January 2019 (vs. last year), the number of new contracts was below the number of homes that were listed.  Inventory levels continued to be down but time on the market increased from last year.  How much of the decrease in the number of homes sold was due to the shutdown probably is a big unknown, but anecdotally, I think it did have an impact.  

 

So below, please find the stats for the Richmond Virginia real estate market for January 2019!

 

Hanover County

  • # Homes Sold:                          83 (down 22% from last year)

  • # Active Listings:                     318 (down 17% from last year)

  • Median Sales Price:                $300,000 (up 9% from last year)

  • Days on Market:                      48 (up 7% from last year)

  • # Homes New to Market:      166 (up 14% from last year)

  • # Homes Under Contract:     132 in January 2019 (up 13% from last year)

  • Sales Price vs List Price:         98.8% (up .9% from last year)

  • Months Supply:                        3.8 months (up 6% from last year)

Henrico County

  • # Homes Sold:                          234 (down 13% from last year)

  • # Active Listings:                     772 (up 1% from last year)

  • Median Sales Price:                $238,400 (up 8% from last year)

  • Days on Market:                      44 (up 7% from last year)

  • # Homes New to Market:      473 (up 15% from last year)

  • # Homes Under Contract:     356 in January 2019 (up 1% from last year)

  • Sales Price vs List Price:         98.8% (no change from last year)

  • Months Supply:                        3.3 months (up 17% from last year)

City of Richmond

  • # Homes Sold:                          173 (up 2% from last year)

  • # Active Listings:                     377 (down 20% from last year)

  • Median Sales Price:                $210,000 (down 5% from last year)

  • Days on Market:                      48 (up 23% from last year)

  • # Homes New to Market:      242 (down 7% from last year)

  • # Homes Under Contract:     217 in January 2019 (up 8% from last year)

  • Sales Price vs List Price:         99.8% (up 1.6% from last year)

  • Months Supply:                        2.2 months (down 22% from last year)

Chesterfield County

  • # Homes Sold:                          356 (up 11% from last year)

  • # Active Listings:                     1,143 (down 16% from last year)

  • Median Sales Price:                $253,978 (up 4% from last year)

  • Days on Market:                      47 (up 4% from last year)

  • # Homes New to Market:      591 (down 5% from last year)

  • # Homes Under Contract:     460 in January 2019 (up 3% from last year)

  • Sales Price vs List Price:         99% (down .6% from last year)

  • Months Supply:                        3.2 months (down 25% from last year)

As you can see, things have continued to slow down.  But it is definitely a mixed bag - buyers are still buying, just not as quickly as they once were.  Where in the past we may have had a lot of multiple offers in the first day, that is no longer happening in many areas.  But prices are still rising - just not as quickly as they may have been several months ago.  Could some of this be due to the shutdown?  Is some of this just a normal seasonal slow down?  Will we begin to pick back up again once the spring market hits in a a month or so?  That is hard to know - we will just have to continue to watch the market!

 

If you are thinking about selling your home and want to know what is happening in your area and neighborhood, or if you are thinking of buying and want to know what is happening in the different neighborhoods of our market, 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