Apr 201718

Home Sales Rose in Much of the Greater Richmond Market in March 2017

Apr 201718

Home Sales Rose in Much of the Greater Richmond Market in March 2017

Market Minute Logo 2017Many parts of the greater Richmond real estate market experienced an increase in the number of homes sold during the month of March, according to The Long & Foster Market Minute reports. The greater Richmond region includes Chesterfield, Henrico, Goochland and Hanover counties and Richmond City. The Long & Foster Market Minute reports are based on data provided by Central Virginia Regional multiple listing service and its member associations of Realtors and includes residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Richmond MM Chart March2017

The number of homes sold increased in much of the Richmond region in March compared to year-ago levels. Hanover County experienced a 35 percent increase, followed closely by Chesterfield County with a 34 percent increase. In Richmond City, the number of homes sold rose by 17 percent, and it increased by 16 percent in Henrico County. In Goochland County, the number of homes sold fell by 5 percent.

Median sale prices varied in the Richmond region in March when compared to the same month last year. In both Hanover and Henrico counties, the median sale price rose by 10 percent, followed by a 7 percent increase in Chesterfield County. In Richmond City, the median sale price decreased by 3 percent, while in Goochland County, it fell by 4 percent.

Active inventory decreased in the entire region last month, including by 24 percent in Richmond City and by 14 percent in Henrico County. In Chesterfield County, active inventory fell by 11 percent, and in both Goochland and Hanover counties, active inventory declined by 8 percent.

Houses sold at a steady pace in much of the Richmond area, with both Goochland and Henrico counties seeing a days on market (DOM) average of 39 days in March. The DOM average in Richmond City was 40 days, followed by Chesterfield County with a DOM average of 46 days. In Hanover County the DOM average was 63 days.

“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Richmond region where home sales increased in many areas,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing market.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by CVR, which is not responsible for its accuracy. The reports 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.