While the sale of homes in Chesterfield County is just a bit lower than last year; home prices have plummeted since its peak in July of last year. March 2015 posted 368 homes sold compared with 370 units in March of this year. Both are well below that measured last July (635 or about 18 percent).
Sales tend to trend up during the summer as families want to buy and get acclimated before their kids go to school. But the market has been a little tough in recent years. In July of 2014 the high point was 466 sold and in 2013 sales were as low as 449 as the nation was still climbing out of the recession. Mortgage rate had spiked to 4.07 percent moving through 2013.
The 2016 rise in home sales has caused a dip in the number of houses on the market. When that happens the sale prices rise. This year the median price of a home for sale is $225,000 compared with $212,000 last year.
Meanwhile, new home permits have increase due to builder confidence. This year 296 building permits were issued compared to 253 in March of last year.