Chester va real estate
Chester VA is essentially a bedroom or commuter community, with a vast majority of the population of around 20,000 working outside the city. It lies along State Route 10 and is easily accessible from most cities and towns around it. The community is socially and culturally vibrant and the atmosphere is relaxed in this fast growing area. All civic amenities are available.
Chester VA Real Estate Trends:
Real estate trends in Chester remain stagnant. Only one unit was listed at $488,000. New homes stood around 60 at an average of $300,000. There were about 325 real estate advertisements at an average of nearly $265,000. There were two foreclosures at an average rate of about $266,000. Percentage variations over the previous months figures have been insignificant.
Changes in mortgage rates applicable in Chester are just marginal. Current mortgage rates and variations over the previous weeks figures are as follows:
1) 5.793% for 15 year fixed category, up 0.202%,
2)
6.161% for 30 year fixed category, up 0.135%
4) 5.455% for 3/1 year adjustable rate mortgage, up 0.570% and
5) 5.487% for 5/1 year adjustable rate mortgage, up 0.419%. Present mortgage rates have not had much of an impact on real estate conditions in Chester.
The apparent rise in list prices is not too significant with respect to actual sales prices. Listing prices for homes in Chester currently vary according to different categories, at an average rate of about $310,000 to $315,000. Average rates and weekly variations for different units are approximately $212,000 for two bedrooms up 6.4%, $245,000 for three bedrooms up 1.6%, and $315,000 for four bedrooms down 2.2%.
Real estate in Chester is definitely down with respect to conditions prevalent in the corresponding period last year. The number of units sold has dropped from about 190 this time last year and now stands at 90. Average sales prices and change over the year were approximately $140,000 for 2 bed down over 40%, $205,000 for 3 beds up nearly 4%, $260,000 for 4 bed down 7.4%. The average for all units was about $265,000 down nearly 3%. The average rate per square foot and weekly variations are $162 for 2 bed down 11%, $127 for 3 bed up 2.5%, and unchanged at $118 for 4 bed. Average square foot rate for all types is $124 up 1.5%.
Conclusion
The area around the intersection of State Route 10 and U. S. Route 1 is attracting the interest of commercial developers and some activity is already taking place. This is likely to stimulate interest in all round real estate values. Some agencies are still using higher 2006 data for assessing property values even though data for 2007, which is much lower, is available. Right now genuine sellers are reducing prices to get properties sold. Considering all the positive aspects and the current low prices, buyers looking to relocate in this region should find Chester an attractive proposition.
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