Home Sales Rose in Much of the Greater Richmond Market in June

July 17, 2017

Market Minute Logo 2017Many parts of the greater Richmond real estate market experienced an increase in the number of homes sold during the month of June, 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 Chart June 2017

The number of homes sold increased in most parts of the Richmond region in June compared to year-ago levels. Goochland County experienced a 59 percent increase in home sales, followed by Hanover County with a 22 percent increase. In Richmond City, the number of homes sold rose by 11 percent, and Henrico County experienced an increase of 6 percent. In Chesterfield County, the number of homes sold remained the same year-over-year.

Median sale prices of homes also increased in numerous parts of the Richmond region in June when compared to the same month last year. In Goochland County, the median sale price rose by 26 percent, followed by a 9 percent increase in Chesterfield County. In Richmond City, the median sale price increased by 6 percent, and in Hanover County, it rose by 4 percent. Henrico County saw a 2 percent decrease in median sale prices.

Active inventory decreased in the entire region last month, falling by 30 percent in Richmond City and by 29 percent in Henrico County. In both Chesterfield and Goochland counties, active inventory fell by 21 percent, and in Hanover County, active inventory declined by 14 percent.

Houses sold at a steady pace in much of the Richmond area in June, with Henrico County seeing a days on market (DOM) average of 29 days. The DOM average in Richmond City was 33 days, followed by Chesterfield County with a DOM average of 37 days. In Hanover County, the DOM average was 38 days, and in Goochland County, the DOM average was 47 days.

“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”

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.