The Long & Foster Market Minute

Focus On: Henrico County Housing Market October 2022

Units Sold
321
Active Inventory
433
Median Sale Price
$350,400
Days On Market
16
Down -34%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up 23%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 321 sold this month in Henrico County Real Estate versus 424 last month, a decrease of 24%. This month's total units sold was lower than at this time last year, a decrease of 34% versus October 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 58 units or 12%. The total number of active inventory this October was 433 compared to 491 in October 2021. This month's total of 433 is lower than the previous month's total supply of available inventory of 477, a decrease of 9%.

Median Sale Price
Last October, the median sale price for Henrico County Homes was $317,000. This October, the median sale price was approximately the same at $350,400. The current median sold price is 11% higher than in October 2021.

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


New Listings
366
Current Contracts
337
Sold Vs. List Price
101.8%
Months of Supply
1.3
Down -26%
Vs. Year Ago
Down -29%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Up 32%
Vs. Year Ago

Months of Supply
In October, there was 1.3 months of supply available in Henrico County, compared to 1.0 in October 2021. That is an increase of 33% 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 366 homes newly listed for sale in Henrico County compared to 497 in October 2021, a decrease of 26%. There were 337 current contracts pending sale this October compared to 474 a year ago. The number of current contracts is 29% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Henrico County was 101.8% of the average list price, which is 1.0% 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.