Areas of the Richmond Real Estate Market See Positive Trends in January 2016

February 21, 2016

Market Minute LogoA number of areas within the greater Richmond real estate market experienced positive gains during the month of January, 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.

Richmond MM Jan2016

The number of homes sold varied in the majority of the Richmond region in January compared to year-ago levels, with Hanover County seeing the largest increase of 12 percent. Richmond City experienced a 7 percent increase in home sales, with Chesterfield County following with a 2 percent increase. In Henrico County, the number of homes sold decreased by 5 percent. Goochland County saw a 33 percent decline in home sales.

Median sale prices also varied in the Richmond region when compared to the same month in 2015, and Richmond City experienced a 25 percent jump in median sale price. Henrico County experienced a 5 percent increase, followed by Chesterfield County with a 3 percent increase. In Hanover County, the median sale price fell by 7 percent, while it decreased by 23 percent in Goochland County.

Active inventory decreased throughout the region, including by 20 percent in both Hanover County and Richmond City. Chesterfield County experienced an 18 percent decline in active inventory and Henrico County saw a 15 percent decrease. In Goochland County, active inventory dropped by 11 percent.

Houses are still selling at a quick pace in most parts of the Richmond area, with Richmond City seeing a days on market (DOM) average of 47 days followed by Hanover County with a DOM average of 53 days. Henrico County experienced a DOM of 60 days and Chesterfield County experienced a DOM of 65 days. In Goochland County, the average days on market was 105 days.

“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the greater Richmond region real estate market for 2016.”

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.