The Richmond real estate market saw an increase in the number of homes sold during the month of October, 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.
The number of units sold rose in the Richmond region when compared to the same month in 2014. Goochland County experienced a 72 percent jump in the number of homes sold, followed by Hanover County with a 25 percent increase. Meanwhile in Chesterfield County and Richmond City, the number of homes sold increased by 18 percent and 11 percent, respectively. In Henrico County, the number of homes sold increase by 5 percent.
Median sale prices increased in most of the Richmond region in October compared to year-ago levels. Goochland County experienced a 66 percent increase in median sale price, with Richmond City following with a 9 percent increase. In Chesterfield County, median sale price increased by 7 percent, and it increased by 5 percent in Hanover County. Henrico County experienced no change year-over-year.
Active inventory decreased in the region, including by 17 percent in Richmond City, by 14 percent in Hanover County and by 12 percent in Chesterfield County. Henrico County saw a drop of 9 percent, and Goochland County saw a decrease of 2 percent.
Houses are still selling at a quick pace in most parts of the Richmond area, with both Goochland and Henrico counties seeing a days on market (DOM) average of 47 days, followed by Chesterfield County with a DOM of 49 days. In Richmond City, homes are selling in 54 days on average, and in Hanover County the DOM average is 58 days.
“Consumer confidence increased once again in October and the labor market’s performing well ”“ both of which are good news for the economy,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “At Long & Foster, business remained steady, including in the greater Richmond region where we saw improvements in the number of homes sold and median sale prices. We predict to see continued stability in housing as 2015 comes to a close.”
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, Inc.