Richmond Real Estate Market Report - April 2019

May 28, 2019

 

 

The summer is hot here in Richmond, Virginia!  And the real estate market continues to be very hot!  We had a very brief cool down last summer, but I don't think we will go into another cool down any time soon.  Below are listed the real estate market stats for the area for April 2019 (vs. April 2018). 

 

Hanover County

  • # Homes Sold:  126 homes (down 11% from last year)

  • # Homes Active on the Market:  385 homes (down 11% from last year)

  • Median Sales Price:  $322,500 (up 13% from last year)

  • Days on Market:  38 (down 7% from last year)

  • # New Listings:  253 homes (down 10% from last year)

  • # Homes Under Contract in April:  187 (down 7% from last year)

  • Sales Price vs. List Price:  100% (no change from last year)

  • Months Supply of Inventory:  3.1 Months (no change from last year)

 

Henrico County

  • # Homes Sold:  424 (down 3% from last year)

  • # Homes Active on the Market:  751 homes (down 13% from last year)

  • Median Sales Price:  $259,950 (down 2% from last year)

  • Days on Market:  32 (up 32% from last year)

  • # New Listings:  636 homes (up 5% from last year)

  • # Homes Under Contract in April:  538 (up 5% from last year)

  • Sales Price vs List Price:  100% (no change from last year)

  • Months Supply of Inventory:  1.8 Months (down 11% from last year)

 

City of Richmond

  • # Homes Sold:  263 homes (up 1% from last year)

  • # Homes Active on the Market:  490 homes (up 3% from last year)

  • Median Sales Price:  $255,000 (up 15% from last year)

  • Days on Market:  27 (up 17% from last year)

  • # New Listings:  465 homes (up 19% from last year)

  • # Homes Under Contract in April:  387 (up 14% from last year)

  • Sales Price vs List Price:  100% (down less than 1% from last year)

  • Months Supply of Inventory:  1.9 Months (no change from last year)

 

Chesterfield County

  • # Homes Sold:  552 homes (up 5% from last year)

  • # Homes Active on the Market:  1,241 homes (down 18% from last year)

  • Median Sales Price:  $263,750 (up 5% from last year)

  • Days on Market:  30 (down 19% from last year)

  • # New Listings:  920 homes (up 3% from last year)

  • # Homes Under Contract in April:  717 (up 11% from last year)

  • Sales Price vs List Price:  100% (no change from last year)

  • Months Supply of Inventory:  2.2 Months (down 21% from last year)

So, as you can see, the market continues to be very tight.  If you are a seller, the market is great for you.  Homes are going under contract very quickly, many times with multiple offers.

 

But, if you are buyer, the market can pose some challenges for you.  For instance, if you have a house to sell, many times it is hard to find a seller that will be willing to take an offer that is contingent on the sale of your home.  Many buyers end up competing with multiple buyers, which means that you may have to consider what things you are willing to compromise on (price, appraisal, inspections, closing date) and it is of paramount importance that you have a strong lender letter, preferably from a local lender.  

 

So if you are thinking of selling your home, or if you are thinking of buying a home, or you need to possibly do both, and you want to find out just what is happening in your area and neighborhood, feel free to contact me and I would be happy to assist!  Happy summer!

 

 

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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