Median sale prices increase in many areas

The number of homes sold increased in most of the greater Richmond real estate market and often they are selling for higher prices compared to December 2012, according to The Long & Foster market Minute® reports. The Richmond market 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.

Active inventory fluctuated throughout the area, decreasing by 12 percent in Henrico County, by 8 percent in Chesterfield County, and by 7 percent in Richmond City. Active inventory increased in Hanover and Goochland counties by 3 percent and 9 percent, respectively.Median sale prices increased in many areas of the Richmond region in December compared to year-ago levels. Goochland County experienced a 12 percent increase in median sale price, while Hanover County followed closely behind with an 11 percent increase. Chesterfield and Henrico counties saw increases of 9 percent and 4 percent, respectively. The city of Richmond saw the area’s only decrease, at 5 percent.

Houses are still selling quickly in the Richmond area. Henrico County experienced a days on market (DOM) average of 56 days, while Chesterfield County saw a DOM of 59 days, followed closely by the city of Richmond at 60 days. Hanover County experienced a days on market average of 70 days, while Goochland County saw a DOM of 102 days.

“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in the Richmond region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”

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.

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