Many areas of the greater Richmond real estate market experienced an increase in median sale price during the month of June, 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 increased in most of the Richmond region when compared to the same month in 2015. In Richmond City, the median sale price rose by 11 percent, followed by a 4 percent increase in Chesterfield County. Both Hanover and Henrico counties saw its median sale price increase by 2 percent and it fell by 19 percent in Goochland County.

The number of homes sold decreased in most areas of the Richmond region in June compared to year-ago levels, although Chesterfield County saw an 8 percent increase. Richmond City experienced a 1 percent decrease in home sales, with Henrico County following with a 3 percent decrease. In Goochland County the number of homes sold fell by 9 percent, while it declined by 12 percent in Hanover County.

Active inventory decreased in the entire region last month, including by 23 percent in Hanover County and by 21 percent in Richmond City. Goochland County experienced a 20 percent decline in active inventory, and Chesterfield County experienced a 17 percent drop. Henrico County saw active inventory decline by 15 percent.

Houses are still selling at a steady pace in the Richmond area, with Richmond City seeing a days on market (DOM) average of just 29 days followed by Henrico County with a DOM average of 36 days. Chesterfield County experienced a DOM of 39 days and Hanover County experienced a DOM of 40 days. In Goochland County, homes sold in about 41 days on average.

“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the greater Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.”

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.