The greater Richmond real estate market experienced an increase in median sale prices 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.

Median sale prices increased in the Richmond region in October when compared to the same month last year. In Goochland County, the median sale price rose by 28 percent, followed by a 26 percent increase in Richmond City. Henrico County saw its median sale price increase by 7 percent and in Chesterfield County the median sale price rose by 4 percent. Hanover County experienced a 2 percent increase in median sale price.

The number of homes sold declined in much of the Richmond region in October compared to year-ago levels, with Chesterfield County experiencing a 1 percent increase. Henrico County experienced a 1 percent decrease in home sales, and in Richmond City the number of homes sold fall by 14 percent. In Hanover County, the number of homes sold declined by 20 percent, while Goochland County experienced a 34 percent decline.

Active inventory decreased in the entire region last month, including by 25 percent in Goochland County and by 19 percent in both Hanover County and Richmond City. Chesterfield County experienced an 18 percent decline in active inventory, and Henrico County experienced a 15 percent drop.

Houses are still selling at a steady pace in most parts of the Richmond area, with Richmond City seeing a days on market (DOM) average of 39 days. The DOM average in both Chesterfield and Henrico counties was 44 days, followed by Hanover County with a DOM average of 69 days. Goochland County experienced a DOM of 85 days.

“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the Richmond region where we saw median sale prices increase,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”

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.