An increase in the number of homes sold was seen in parts of the Richmond area in February, according to the Long & Foster Real Estate Market Minute report. Goochland County saw the highest jump with a 27 percent increase. Median sale prices rose in most parts of the region, including an increase of 22 percent in Goochland County. Active inventory fell across the region, with the most notable decrease in Richmond City, which saw a 69 percent decline. 

The Long & Foster Real Estate Market Minute report for the Richmond region includes Chesterfield, Henrico, Goochland and Hanover counties, and the city of Richmond. 

 

Lately, industry headlines have been suggesting that we are in a housing bubble, but Long & Foster Real Estate President Gary Scott doesn’t believe that’s the case.  

“This real estate market looks nothing like the real estate bubble that we experienced in 2008,” Scott said. “In 2008, we had huge price appreciation, no inventory issues, higher interest rates and everybody could get a loan.” 

“We do have inventory challenges, as we can see in the Richmond region, but the fact that rates have dipped again to the lowest they’ve been in a while, bodes well for the market,” said Scott. “There are those who say inventory is easing, but we try not to generalize, since the numbers vary according to market and type of home.”  

If consumers are planning to buy or sell a home in the coming weeks, they should be looking for results when interviewing real estate agents, Scott noted. “It’s not necessarily that the agent is a top producer, it’s more about results,” he said. “You want their resume in terms of getting the job done better than the market gets the job done.” 

Scott said consumers should ask about certain key factors like the agent’s track record for average number of days on the market, the percentage of list to sale price and what percent of their listings sell without a price change. “It’s not necessarily about how much business the agent does, it’s about how well they do it,” said Scott.  

Scott added that he is optimistic about the real estate market outlook. “People feel pretty good about the market,” Scott said. “Interest rates are down and consumer confidence is high – and both these factors continue to be our friend.” 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.