Richmond Virginia’s housing market is very very competitive! And the number of homes available for buyers to look at is extremely low! 2019 was a good year, everyone thought – but it turned out that, even in a pandemic, real estate was a good investment for many people!
So today, let’s look at how the real estate market in Henrico County was in December 2020! Henrico County has 5 different real estate areas – all a little bit different from each other:
Area 22 – includes Short Pump and the Far West End
Area 32 – includes the Lakeside area
Area 34 – is Glen Allen area
Area 40 – is the east end and Varina
Area 42 – is the east end and Sandston/Highland Springs
So let’s look at the stats for these areas to see just how hot the market was in December 2020 compared to the same time last year (December 2019)!
MEDIAN SALES PRICE
|
Area # |
Dec 2020 Median Sales Price |
Dec 2019 Median Sales Price |
|
22 |
$360,000 |
$290,000 |
|
32 |
$229,900 |
$219,525 |
|
34 |
$349,500 |
$358,750 |
|
40 |
$248,075 |
$236,570 |
|
42 |
$197,975 |
$157,500 |
As you can see, all areas had strong price increases, except Area 34, which saw a slight decrease!
# HOMES SOLD
|
Area # |
Dec 2020 # Homes Sold |
Dec 2019 # Homes Sold |
|
22 |
95 |
83 |
|
32 |
53 |
48 |
|
34 |
90 |
90 |
|
40 |
48 |
50 |
|
42 |
40 |
34 |
Overall the county saw about 7% more homes sold in December 2020 than in December 2019!
MEDIAN TIME ON MARKET
|
Area # |
Dec 2020 Time on Market |
Dec 2019 Time on Market |
|
22 |
6 Days |
16 Days |
|
32 |
4 Days |
10 Days |
|
34 |
6 Days |
15 Days |
|
40 |
5 Days |
14 Days |
|
42 |
4 Days |
18 Days |
Although less than 2 weeks on the market was a great amount of time, in 2020 it obviously became less with most homes going under contract in less than 1 week, most times with multiple offers!
SALES PRICE TO LIST PRICE %
|
Area # |
Dec 2020 Sales Price/List Price % |
Dec 2019 Sales Price/List Price % |
|
22 |
102.05% |
99.15% |
|
32 |
101.19% |
99.89% |
|
34 |
100.23% |
99.24% |
|
40 |
101.03% |
99.14% |
|
42 |
102.08% |
97.86% |
In 2019, sellers were getting what they were asking, but in December 2020 the sellers were getting over their asking price on average, another indication that most homes were going under contract with multiple offers!
# HOMES WITH SALES PRICE ABOVE ASKING PRICE
|
Area # |
Dec 2020 # Sales Prices Above |
Dec 2019 # Sales Prices Above |
|
22 |
55 |
12 |
|
32 |
28 |
10 |
|
34 |
45 |
27 |
|
40 |
16 |
12 |
|
42 |
21 |
2 |
Another indication that most homes sold in December 2020 in all areas of Henrico County were selling with multiple offers.
# HOMES THAT HAD PRICE REDUCTIONS BEFORE GOING UNDER CONTRACT
|
Area # |
Dec 2020 # Homes |
Dec 2019 # Homes |
|
22 |
10 |
34 |
|
32 |
3 |
11 |
|
34 |
17 |
25 |
|
40 |
4 |
8 |
|
42 |
2 |
11 |
As you can see, in December 2020, fewer sellers had to take price reductions in order to get their homes sold!
# ACTIVE LISTINGS AS OF 1/3/2020
|
Area # |
# Active Listings |
Average Asking Price |
|
22 |
36 |
$646,639 |
|
32 |
10 |
$265,409 |
|
34 |
43 |
$558,450 |
|
40 |
22 |
$386,154 |
|
42 |
9 |
$303,083 |
With interest rates at continued low levels and very few homes for buyers to choose from, the market going into 2021 in Henrico County will continue to be extremely competitive!
Want to know what is happening in your area and your neighborhood? Feel free to contact me and I would be happy to send you information on market activity in your area! Have a question? Feel free to call or email me and let me know how I can help!
