CENTRAL VIRGINIA
Market Snap Shot

This report covers residential real estate activity in Chesterfield, Hanover, Henrico, and Richmond City. Percent changes are calculated using rounded figures.

The U.S. housing market was cooler than expected in the second quarter, as ongoing affordability challenges continue to impact sales activity. Average 30-year mortgage rates hovered around 7% and sales prices reached new heights nationwide, causing existing-home sales to slump. If there’s a silver lining, it’s that a wave of new listings has hit the market in recent months, with inventory up significantly from last year.

New Listings increased 5.5 percent for Single Family but decreased 3.5 percent for Condo/Town.

Pending Sales increased 1.8 percent for Single Family but decreased 8.0 percent for Condo/Town.

Inventory increased 7.9 percent for Single Family and 13.1 percent for Condo/Town. 

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Median Sales Price increased 8.7 percent to $435,000 for Single Family and 6.8 percent to $373,965 for Condo/Town. Days on Market increased 31.3 percent for Single Family and 11.5 percent for Condo/Town. Months Supply of Inventory increased 7.7 percent for Single Family and 11.1 percent for Condo/Town.

Experts believe inventory will continue to increase in the months ahead, giving buyers additional options in their home search. However, the boost in supply may not be enough to lure some folks back to the market, as higher borrowing costs and elevated home prices continue to discourage many would-be buyers. Affordability remains a top priority for consumers, and without a meaningful reduction in rates or home prices, analysts say market activity will remain subdued for some time to come.

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Single Family Homes

New Listings: 3,665

Closed Sales: 3,001

Average Days On Market: 21

Average Sales Price: $510,346