The Long & Foster Market Minute

Focus On: Henrico County Housing Market August 2021

Units Sold
540
Active Inventory
393
Median Sale Price
$319,000
Days On Market
12
Up 7%
Vs. Year Ago
Down -36%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -50%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 540 sold this month in Henrico County Real Estate versus 569 last month, a decrease of 5%. This month's total units sold was higher than at this time last year, an increase of 7% versus August 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 224 units or 36%. The total number of active inventory this August was 393 compared to 617 in August 2020. This month's total of 393 is lower than the previous month's total supply of available inventory of 488, a decrease of 19%.

Median Sale Price
Last August, the median sale price for Henrico County Homes was $288,500. This August, the median sale price was $319,000, an increase of 11% or $30,500 compared to last year. The current median sold price is 3% lower than in July.

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


New Listings
553
Current Contracts
571
Sold Vs. List Price
102.8%
Months of Supply
0.7
Up 8%
Vs. Year Ago
Up 13%
Vs. Year Ago
Up 2.3%
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In August, there was 0.7 months of supply available in Henrico County, compared to 1.2 in August 2020. That is a decrease of 41% 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 553 homes newly listed for sale in Henrico County compared to 511 in August 2020, an increase of 8%. There were 571 current contracts pending sale this August compared to 505 a year ago. The number of current contracts is 13% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Henrico County was 102.8% of the average list price, which is 2.3% higher than at this time last year.

Days on Market
This month, the average number of days on market was 12, lower than the average last year, which was 24, a decrease of 50%.

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.