The Long & Foster Market Minute

Focus On: Henrico County Housing Market March 2021

Units Sold
386
Active Inventory
287
Median Sale Price
$275,500
Days On Market
20
Down -3%
Vs. Year Ago
Down -66%
Vs. Year Ago
No Change
Vs. Year Ago
Down -43%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 386 sold this month in Henrico County Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 547 units or 66%. The total number of active inventory this March was 287 compared to 834 in March 2020. This month's total of 287 is lower than the previous month's total supply of available inventory of 355, a decrease of 19%.

Median Sale Price
Last March, the median sale price for Henrico County Homes was $275,000. This March, the median sale price was $275,500, which is similar compared to a year ago. The current median sold price is 4% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
491
Current Contracts
513
Sold Vs. List Price
102.2%
Months of Supply
0.7
Down -16%
Vs. Year Ago
Up 12%
Vs. Year Ago
Up 2.7%
Vs. Year Ago
Down -65%
Vs. Year Ago

Months of Supply
In March, there was 0.7 months of supply available in Henrico County, compared to 2.1 in March 2020. That is a decrease of 65% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 491 homes newly listed for sale in Henrico County compared to 586 in March 2020, a decrease of 16%. There were 513 current contracts pending sale this March compared to 458 a year ago. The number of current contracts is 12% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Henrico County was 102.2% of the average list price, which is 2.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 20, lower than the average last year, which was 35, a decrease of 43%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by CVRMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CVRMLS or Long & Foster Real Estate, Inc.