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.

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U.S. home sales remained sluggish throughout the third quarter, as persistent affordability challenges weighed on demand, causing buyer activity to slump. Home prices have continued to hit record levels nationwide, and although mortgage rates recently fell to their lowest level in two years, having dropped nearly one full percentage point since July, the decline in rates has yet to translate to an increase in sales activity at the national level.

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New Listings increased 5.1 percent for Single Family and 12.6 percent for Condo/Town.

Pending Sales increased 6.1 percent for Single Family and 8.9 percent for Condo/Town.

Inventory increased 2.5 percent for Single Family and 14.7 percent for Condo/Town.

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Median Sales Price increased 6.0 percent to $425,000 for Single Family and 5.9 percent to $381,000 for Condo/Town.

Days on Market increased 31.3 percent for Single Family and 14.8 percent for Condo/Town. Months Supply of Inventory remained flat for Single Family but increased 10.5 percent for Condo/Town properties.

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Mortgage rates are expected to decrease through the end of the year, which should help bring more buyers and sellers back to the market. Inventory has continued to improve across the country, with supply now at the highest level since May 2020, according to recent data from Realtor.com. Buyers who are prepared to act quickly may find they not only have more options in their home search but are able to save some money as well.

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Single Family Homes

New Listings: 3,327

Closed Sales: 2,698

Average Days On Market: 21

Average Sales Price: $495,014