A number of areas within the greater Richmond real estate market experienced positive gains during the month of February, 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 varied in the Richmond region in February compared to year-ago levels, with Chesterfield County seeing the largest increase of 28 percent. Hanover County experienced a 20 percent increase in home sales, with Richmond City following with an 11 percent increase. In Henrico County, the number of homes sold decreased by 14 percent. Goochland County saw a 43 percent decline in home sales.

Median sale prices also varied in the Richmond region when compared to the same month in 2015. In Chesterfield and Henrico counties, as well as Richmond City, the median sale price rose by 1 percent. In Hanover County, the median sale price fell by 12 percent, while it decreased by 37 percent in Goochland County.

Active inventory decreased in a number of areas in the region, including by 22 percent in Hanover County and by 18 percent in Richmond City. Chesterfield County experienced a 15 percent decline in active inventory and Henrico County saw a 14 percent decrease. In Goochland County, active inventory increased by 6 percent.

Houses are still selling at a solid pace in most parts of the Richmond area, with Richmond City seeing a days on market (DOM) average of 56 days followed by Henrico County with a DOM average of 62 days. Chesterfield County experienced a DOM of 66 days and Hanover County experienced a DOM of 79 days. In Goochland County, the average days on market was 107 days.

“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, including in the greater Richmond region. Though low inventory is having big impacts, we anticipate an upturn in the spring will help alleviate demand.”

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, Inc.