The zip code 23226 in Richmond Virginia primarily is well known by local residents for an area called Westhampton. Part of Windsor Farms also has this zip code. There also are a few adjoining neighborhoods in that zip code. It also happens to be fairly well known for having two prestigious college preparatory schools in the vicinity--- St. Christopher's and St. Catherine's.
Home prices typically are higher in 23226 than most other zip codes in the Richmond area. Below are bar graphs generated from the CVRMLS (Central Virginia Region Multiple Listing Service) to help explain single family home (attached and detached) trends in the Westhampton and surrounding area. Let's start with the home sale price averages bar graph.
Notice above how the highest average home selling prices for 23226 occurred last April. The second highest average sale prices were on homes that closed in July of last year. Does that mean sellers ought to aim to close on their homes in April or July? Well, I would say the answer is no, because many variables go into selling a specific home. It could be that more expensive homes happened to close during those two particular months anyway. Regardless, it's helpful to know market trends and be knowledgable of current market values.
Another interesting market trend is shown in the above bar graph. Homes placed on the market in last February look the longest to sell, and those homes placed on the market in April took the shortest average number of days to be sold.
There's also an interesting relationship between the last two bar graphs. Looking at the month of April in the graph above, one can see that sellers on average who closed during that month received at least 100 percent of their respective list price. In the middle bar graph, April also was the shortest average number of days on market for selling a home. A likely intrepretation of those two graphs is that April is a period of higher demand and lower supply, so that homes sell faster and also most likely sell right at the list price or higher!
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Are you looking to buy or sell a home in the Richmond Virginia area? Call me today, and let's get started on the path toward an exciting transaction for you right away!
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