The greater Richmond real estate market experienced an increase in median sale prices of homes during the month of April, 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.
Median sale prices of homes increased in the Richmond region in April when compared to the same month last year. In Richmond City, the median sale price rose by 7 percent, followed by a 6 percent increase in both Goochland and Henrico counties. In both Chesterfield and Hanover counties, the median sale price increased by 4 percent.
The number of homes sold varied in the Richmond region in April compared to year-ago levels. Chesterfield County experienced a 5 percent increase in home sales, followed by Richmond City with a 2 percent increase. In Henrico County, the number of homes sold fell by 2 percent, and Hanover County experienced a decline of 7 percent. In Goochland County, the number of homes sold decreased by 27 percent.
Active inventory decreased in the entire region last month, including by 40 percent in Richmond City and by 32 percent in Goochland County. In Henrico County, active inventory fell by 30 percent, and in Chesterfield County, active inventory declined by 29 percent. Hanover County experienced a 24 percent decline in active inventory.
Houses sold at a steady pace in much of the Richmond area, with three areas – Chesterfield and Henrico counties and Richmond City – seeing a days on market (DOM) average of 36 days in April. The DOM average in Goochland County 37 days, followed by Hanover County with a DOM average of 42 days.
“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the greater Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”
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.