While county leaders work to broaden Chesterfield’s commercial tax base and reduce the county’s reliance on residential property taxes, the housing market remains a critical piece of the local economy. There was good news on that front last week, as both new home sales and existing residential property values continue a steady march toward pre-recession levels. New home closings in Chesterfield increased 11 percent from 2015 to 2016, according to a year-end report released by the Home Building Association of Richmond and Commonwealth Partnerships. There were 1,286 new homes purchased in the county last year – 704 more than any other locality in the Richmond metropolitan area – at an average sale price of $393,605.
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