Is Henrico, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Henrico is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Henrico has remained a Seller's Market.

Key Takeaway

Henrico is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Henrico, VA

How much do homes in Henrico, VA cost?

Median Sold Price

$380,576

$222/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$30,578(+8.7%)

Key Takeaway

Homes in Henrico have sold for 8.7% more than they did a year ago.

Summary: The median home sold price in Henrico was $380,576 in May 2024, up 8.7% from last year, and the median price per square foot was $222.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $185K$199.7K
+8.0%
2 $245.7K$260K
+5.8%
3 $315K$340K
+7.9%
4 $440K$475.9K
+8.2%
5+ $704K$777.5K
+10.4%

Summary: Henrico housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 10.4%.

Median Sold Price Compared To Nearby Cities

Richmond
+9.2%
Fairfield
+9.0%
Richmond
+8.9%
Henrico
+8.7%
Varina
+4.4%

Housing Supply in Henrico, VA

How many homes are available in Henrico, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
690701+1.6%

Summary: The Henrico real estate market had 701 homes for sale in May 2024, a 1.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 24
+100.0%
2 8183
+2.5%
3 309335
+8.4%
4 222204
-8.1%
5+ 7675
-1.3%

Summary: The Henrico housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 8.4%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes decreased by 1.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
220216-1.8%

Asking Price vs. Sold Price

50 Homes Were Sold
Under Asking

30 Homes Were Sold
At Asking

133 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Henrico, you could pay more than the asking price. 62.4% of homes here sold above asking price last month.

Summary: A total of 216 homes were sold or pending in Henrico in May 2024, down by 1.8% month-over-month. Of the 213 sold homes, 23% were sold under asking, 14% were sold at asking, and 62% were sold over asking.

Days on Market for Henrico, VA

How long does it take to sell a home in Henrico, VA?

Average Sale Time

May 2023May 2024CHANGE
14 Days16 Days+14.1%

Summary: Homes in Henrico had an average of 16 days on market in May 2024, up by 14.1% compared to last year.

Breakdown of Home Sale Times

182 Homes Were Sold
Under 30 Days

24 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Henrico are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 216 homes were sold in Henrico; 84% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Henrico, VA

Nearby Markets to Henrico, VA

What housing markets are near Henrico, VA?