New Properties Chesterfield with Real Estate Market Comparison

The Housing market in Chesterfield remains a critical piece of the local economy in a time when county leaders work to broaden Chesterfield’s commercial tax base and reduce the county’s reliance on residential property tax. There is good news for buyers and investors builders as both new home sales and existing residential property values continues a stable march toward pre-recession levels. As compared to the past years, new home closings in Chesterfield increased by 11%, according to the year-end report by the Home Building Association of Richmond and Commonwealth Partnership.

Last year, in Chesterfield total 1,286 new homes are purchased, 704 more than any other locality in the Richmond metropolitan area with an average sale price of $393,605. The chief executive officer of the Home Building Association of Richmond, Craig Toalson said, “The new home communities in Chesterfield boast first-class amenities, low maintenance options and authentic architecture”. He further said, “Many are large master planned communities with a wide range of housing types that can accommodate every buyer and generations”.

According to the New Home Market Chesterfield accounted for 43% of all new home sales in the 2016 RVA, which is also tracked activity in the city of Richmond and the some other counties. The number of building permits for new home construction also increased by 10% last year all across the region, reaching its highest level since 2007. According to the industry analysts it is a positive sign for continued robust sales in this year. A Maryland based economist said, “The housing market has almost completely cleaned up its mess from the recession”.

After the several years of decline, the overall value of residential property in Chesterfield rose for the past few consecutive years. The average single-family home has recovered most of the equity lost during the collapse of the housing market and it currently is assessed at approximately 97% of its 2008 value.

MEDIAN SALE PRICE: The median sale price for Chesterfield County homes last year was $239,998. And this march the sale price was approximately the same at $255,000. As compared to the march 2017 the current median sold price is higher.

ACTIVE INVENTORY: As compared to the last year the total number of homes available this month in Chesterfield County is lower by 225 units or 17% than March 2017. The total number of active inventory was 1087 in March 2018 as compared to 1,312 in March 2017. 1,087 of this month’s total are lower than the previous month’s total supply of available inventory of 1,106, a reduction of 2%.

MONTHS OF SUPPLY: In Chesterfield county there was 2.1 months of supply in March, compared to 2.4 in March 2017, also a decrease of 12% against a year ago. Months of supply indicates how many months would be needed to sell the entire inventory available at the current rate of demand.

NEW LISTINGS AND CURRENT CONTRACTS: In March 2018 there were 897 homes newly listed for sale in Chesterfield verses to 935 in March 2017, a diminution of 4%. There were 744 current contracts pending sale this month compared to 682 last year. The numbers of current contracts are 9% higher than the last year.

DAYS ON MARKET: In March 2018, the average number of days on market in Chesterfield County was 42, lower than the last year which was 45, a decrease of 7%.