Long & Foster’s year-end report details real estate trends in Richmond area

The real estate market in the Richmond region remained steady in 2019, with a 4% rise in both luxury ($750K+ properties) and traditional sales. While high-end housing experienced a 10% increase in inventory, the number of homes for sale below $750,000 was down 23% in December compared to the year prior, according to the Long & Foster | Christie’s International Real Estate 2019 Year-End Richmond Region Market Report.

“Similar market conditions are expected in 2020, as inventory remains low and prices steadily appreciate,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “Interest rates are expected to stay around 4% and overall, a healthy real estate market is predicted for this year, with high consumer confidence and a strong stock market likely to continue.”

Within the City of Richmond, luxury home sales increased 15.8% and median sales prices were up by 2.5%. Average monthly inventory rose by 7.7%, while the days on market also was up by 48.7% to 58 compared to 39 days in 2018.

Luxury real estate sales also remained relatively strong in Henrico County throughout 2019, with units sold up by 6.3% and median sales prices down 1.5%. Average monthly inventory declined by 4% compared to 2018, while the average time properties spent on the market increased by 23.3%, selling slower than a year ago.

In Chesterfield County, the median sales price of luxury properties sold in 2019 declined by a slight 1% but the number of high-end homes sold grew by a significant 28.1%. Average monthly inventory of luxury homes for sale decreased by 44.2%, while the average marketing time decreased 38%, from 98 days in 2018 to 66 days in 2019.

Goochland County experienced a 13% drop in luxury home sales, after having seen the number of high-end properties sold increase 41 percent in 2018 versus 2017. While median sales prices were up by a modest 0.5%, inventory grew by 16%. The average days on market dropped 14.5% to 47 days.

In addition to highlighting major trends in the Richmond region, the Long & Foster | Christie’s Richmond Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. View the report in its entirety here.

For more information about Long & Foster, visit LongandFoster.com.