Henrico County Real Estate Market Update 2014

Henrico County Real Estate Market Update 2014

As part of the Richmond Virginia Metro Area, Henrico County offers plenty of choices when it comes to housing and 2014 proved to be another year of growth. Take a look at the Henrico County Real Estate Market Update for 2014:

Single Family Homes Sold in Henrico County 2014:

Total Sold: 3142

Average List Price: $268,314

Average Sales Price: $263,361

List to Sales Price Ratio: 98%

Average Days on Market: 53

Townhouses/Condos Sold in Henrico County 2014:

Total Sold: 780

Average List Price: $253,671

Average Sales Price: $253,913

List to Sales Price Ratio: 100%+

Average Days on Market: 53

The list to sales price ratio is very strong, however these numbers don't mean much unless we compare them to last year. Let's take a look at the Henrico County Real Estate Market Update for 2013:

Single Family Homes Sold in Henrico County 2013:

Total Sold: 3288 

Average List Price: $258,139

Average Sales Price: $252,672

List to Sales Price Ratio: 98%

Average Days on Market: 52

Townhouses/Condos Sold in Henrico County 2013:

Total Sold: 852

Average List Price: $240,294

Average Sales Price: $240,371

List to Sales Price Ratio:100%+

Average Days on Market: 55

Evaluating the numbers of the Henrico County Real Estate Market for 2014 versus 2013

As you can see, the number of single family homes sold in 2014 compared to 2013 had declined by 146 units, however the average list price has increased by 4% and the average sales price has increased by 4%. The list price to the actual sold price remained the same and the average days on market has increased insignificantly by 1 day. As your Richmond VA Realtor, I am encouraged by the increased amount of growth we have experienced in regards to price. While there has been a 4% increase, home ownership is still within reach today, especially since rates have declined and new loan programs are becoming available to qualify those who otherwise could not under the strict lending guidelines. 

Now let's take a look at the townhouse/condo market for 2014 versus 2013. The total units sold had decreased by 72 units, which is interesting as the RVA Home Team with Keller Williams Realty Richmond West is personally experiencing more inquiries into the less maintenance properties. It will be great to watch the trend over 2015 and re-evaluate the numbers next year. The average list price increased by 6% and the average sales price increased by 6% as well. The list to sales price ratio remained unchanged while the days on market decreased by 2 days. 

While the amount of units has decreased since 2013 on both single family homes and the townhouse/condo market, it is exciting to see home values rise for our sellers and lending becoming more attainable for our buyers. Realtors say it all the time, however I truly think 2015 is a great time to buy or sell a home! 

Richmond VA Real Estate with the RVA Home Team

Do your New Year's Resolutions include moving on or moving up? Give me, your Richmond VA real estate agent at the RVA Home Team with Keller Williams Realty, a call today so we can assist you in achieving your real estate goals!

*All information is from the CVRMLS and is deemed reliable but not guaranteed. Curious about your specific neighborhood and its market trends? Contact us and we would be happy to run a report for your specific needs. 

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Discussion

#1 By G. K. Nedrow at 7/20/2015 8:44 AM

Although your analysis of the market is now six months old, it still appears to be valid. Apparently, the middle market (between $300,000 and $750,000) still has not recovered the value or demand levels we had before the mortgage bubble burst . What is the sales price ratio and avg. days on the market for that price range at present (July 2015)? Between 2000 and 2015, the Richmond metropolitan areas lost a substantial number of middle class jobs due to the recession, mergers, and corporate bankruptcies or financial retrenching. New companies (home grown or transplanted) do not appear to have generated equivalent jobs and salaries to create demand for homes in this middle market. Do you have any statistics to either prove or disprove my anecdotal observations?

#2 By Shannon Milligan at 1/3/2016 7:47 AM

I apologize for the very late response. I am just now seeing this comment. If you are still interested, I would be happy to run a new report for you!

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