Saturday, November 5, 2011

The Real Estate Battle of the River in Richmond: North vs. South (ie. Henrico vs. Chesterfield)

So, while Interstate 288 has somewhat changed the old Richmond dynamic of North of the River vs. South of the River (where many old time Richmonders from the West End wouldn't dare enter Chesterfield and/or had no need to for that matter and vice versa), I thought that I would examine the current market and how the 2 major suburban counties of the Richmond Metro area play out against each other. I plan on revisiting this topic at least 1 month per quarter, as 50% of the entire area's sales are typically within Chesterfield County.

A couple of observations from examining October's MLS data for these 2 counties:
1. Its easier to sell in Henrico in the $225k-700k range (46 DOM vs. 72/73 for Chesterfield), but easier to sell in Chesterfield in the $700-$1MM and 0-$100k ranges.
2. The inventory for both counties is about even until you hit $150k and then Chesterfield has about 50% more properties until you hit the $700k price point where they even back out again.
3. Selling homes even in this market in both counties in the $300-700k range is looking quite positive, much more so than I would have expected, with sold price averages over list price in Henrico from $300-1MM.

All in all, if you're a luxury seller in Henrico or Chesterfield, your odds of selling are actually pretty good, unless you have an ultra luxury home (over $1mm) and then its going to be really tough sledding.

Contact me if you'd like to take a deeper dive on any of the local Richmond-area metrics!

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