Jun 201822

Greater Richmond Real Estate Market Continued its Hectic Pace in May

Jun 201822

Greater Richmond Real Estate Market Continued its Hectic Pace in May

Market Minute Logo 2017 smallMost of the greater Richmond real estate market moved at a swift pace in May with rising median sale prices and low days on market averages, according to the Long & Foster Market Minute reports. The Richmond region includes Chesterfield, Henrico, Goochland and Hanover counties and the city of Richmond.

Richmond Market Minute May 2018

Though most of the Richmond region saw the number of homes sold decline in May, most of the declines were small. Richmond City, the exception, experienced a 1 percent bump over May of last year. Median sale prices rose in most areas, including in Hanover County where it increased by 12 percent, and in Henrico County where it increased by 11 percent.

Active inventory levels decreased in all areas except Goochland County, which experienced a 15 percent increase in inventory. Homes in the Richmond region sold quickly in May, with Henrico County seeing a days on market average of just 20 days. Goochland County experienced the longest days on market average at 59 days. In two areas – Richmond City and Chesterfield County – the average sale price was more than 100 percent of the list price.

Many worry that if they didn’t buy a home during the spring season, they have missed out on the best opportunities. According to Gary Scott, president of Long & Foster Real Estate, that isn’t necessarily true, as each season’s market has its own pros and cons.

“While more homes are listed in the spring than any other season, the hot market also means you have more people competing to buy the same properties,” Scott said. “During other times of year there may be fewer choices, but there can also be more room for negotiation with fewer buyers on the market.”

Scott said home buyers who wait until next spring to purchase are likely to face higher sale prices and higher mortgage rates. He said he advises most buyers that they shouldn’t try to play the market.

“The time to buy a house is when you want to buy a house and it’s right for your personal situation,” Scott said. “You never know when the right home for your family will come on the market, but a knowledgeable real estate agent can help you be as prepared as possible for when it does.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.

Information included in this report is based on data supplied by Central Virginia Regional multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CVR or Long & Foster Real Estate.