Where Are Home Prices Going Lately?

Mission Realty Real Estate Podcast with Clayton Gits

Home prices have risen all across Central Virginia because the pending activity has created a modicum of active listings.

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How are home prices doing in our market currently?

I just got a report from a local appraiser who pulled information directly from our MLS that will give you a general idea. The following is a list of surrounding counties and how their average sales price has fared year over year through the second quarter of 2016:

• Chesterfield County is up 4%.
• Henrico County is up 2%.
• Hanover County is up 5%.
• Richmond County is up 10%.
• Goochland County is up 1%.
• Powhatan County is down 2%. This is the only county that saw a reduction.
• New Kent County is up 2%.
• Metro Richmond is up 4%.

“

Prices are up and inventory is
down in Central Virginia.

”

There are some interesting conclusions we can draw from this data, and one of those is in regard to pending home sales. The pending activity has created even fewer active listings, and that’s been a concern for the past two or three years because when there are fewer active listings in the marketplace, there are fewer homes for buyers to choose from. This effect has pushed home values up and increased prices.

Year over year, active listings in Central Virginia are down 18% overall compared to last year. In the city of Richmond, there are 23% fewer units than there were through the end of the second quarter of last year. In terms of inventory, Henrico County is down 13%, Chesterfield County is down 17%, and Hanover County is down 22%.

This is good news for sellers, but not for buyers. If you’re thinking about selling your home, now is an excellent time because there’s no competition out there.

There are pockets in Richmond where the market is very strong and pockets where it’s not. If you’re curious which pocket your home sits in, give me a call or shoot me an email and I’d be happy to do a free market analysis of your property. I look forward to helping you!