The Long & Foster Market Minute

Focus On: Chesterfield County Housing Market October 2022

Units Sold
500
Active Inventory
604
Median Sale Price
$374,900
Days On Market
16
Down -19%
Vs. Year Ago
Up 4%
Vs. Year Ago
Up 14%
Vs. Year Ago
Up 23%
Vs. Year Ago

Units Sold
The number of units sold remained stable in October, with 500 sold this month in Chesterfield County Real Estate. This month's total units sold was lower than at this time last year, a decrease of 27% versus October 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 22 units or 4%. The total number of active inventory this October was 604 compared to 582 in October 2021. This month's total of 604 is lower than the previous month's total supply of available inventory of 649, a decrease of 7%.

Median Sale Price
Last October, the median sale price for Chesterfield County Homes was $327,750. This October, the median sale price was $374,900, an increase of 14% or $47,150 compared to last year. The current median sold price is 1% higher than in September.

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


New Listings
470
Current Contracts
422
Sold Vs. List Price
101.5%
Months of Supply
1.2
Down -27%
Vs. Year Ago
Down -35%
Vs. Year Ago
Down -1.3%
Vs. Year Ago
Up 29%
Vs. Year Ago

Months of Supply
In October, there was 1.2 months of supply available in Chesterfield County, compared to 0.9 in October 2021. That is an increase of 28% 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 470 homes newly listed for sale in Chesterfield County compared to 648 in October 2021, a decrease of 27%. There were 422 current contracts pending sale this October compared to 646 a year ago. The number of current contracts is 35% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Chesterfield County was 101.5% of the average list price, which is 1.3% lower than at this time last year.

Days on Market
This month, the average number of days on market was 16, higher than the average last year, which was 13, an increase of 23%.

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.