The greater Richmond real estate market experienced an increase in the number of homes sold during the month of May, 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 homes sold increased in the Richmond region in May compared to year-ago levels. Richmond City experienced a 17 percent increase in home sales, followed by Hanover County with an 11 percent increase. In both Chesterfield and Goochland counties, the number of homes sold rose by 9 percent, and Henrico County experienced an increase of 7 percent.

Median sale prices of homes also increased in the Richmond region in May when compared to the same month last year. In Goochland County, the median sale price rose by 17 percent, followed by an 8 percent increase in Chesterfield County. In Henrico County, the median sale price increased by 6 percent, and in Richmond City, it rose by 5 percent. Hanover County saw a 2 percent increase in median sale prices.

Active inventory decreased in the entire region last month, including by 34 percent in Richmond City and by 32 percent in Henrico County. In Goochland County, active inventory fell by 28 percent, and in Chesterfield County, active inventory declined by 24 percent. Hanover County experienced a 22 percent decline in active inventory.

Houses sold at a steady pace in much of the Richmond area in May, with Richmond City seeing a days on market (DOM) average of 27 days. The DOM average in Henrico County was 32 days, followed by Hanover County with a DOM average of 33 days. In Chesterfield County, the DOM average was 35 days, and in Goochland County, the DOM average was 47 days.

“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales last month, including in the Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer 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.