The median sale price increased in all areas of the greater Richmond real estate market last month when compared to May 2013, according to The Long & Foster Market Minute reports. Additionally, homes are continuing to sell at a steady pace throughout the Richmond market, which includes Chesterfield, Henrico, Goochland and Hanover counties and Richmond City.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

The median sale price increased throughout the Richmond region in May compared to year-ago levels. Both Hanover and Henrico counties experienced increases of 5 percent, and both Chesterfield and Goochland counties experienced increases of 4 percent, while Richmond City saw a 2 percent increase.

Active inventory decreased in much of the area, including by 14 percent in Richmond City. Goochland County experienced a 9 percent decrease, while Henrico County saw a 6 percent decrease. Chesterfield County experienced a decrease of 5 percent and Hanover County saw an increase of 6 percent.

The number of units sold decreased in most of the Richmond area market, though Goochland County experienced a 4 percent increase in homes sold. Other areas experienced decreases from 3 percent to 24 percent.

Houses are still selling at a steady pace in the Richmond area. Henrico County and Richmond City both saw days on market (DOM) averages of 46 days, while Hanover County followed with an average DOM of 53 days. Chesterfield County experienced a DOM of 56 days, while Goochland County saw a DOM of 63 days.

“Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While median sale prices rose in many areas last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing. What we’re seeing is a steadying of the market, which will position the housing industry for future growth.”

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.