Areas of the greater Richmond real estate market experienced an increase in the number of homes sold during the month of July, 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 increased in parts of the Richmond region in July compared to year-ago levels. Goochland County experienced a 33 percent increase in home sales, followed by Henrico County with a 4 percent increase. In Chesterfield County, the number of homes sold rose by 2 percent, and Hanover County experienced a decrease of 6 percent. In Richmond City, the number of homes sold declined by 11 percent in July.
Median sale prices of homes varied in the Richmond region in July when compared to the same month last year. In Chesterfield County, the median sale price rose by 10 percent, followed by an 8 percent increase in Hanover County. In Henrico County, the median sale price increased by 7 percent, and in Richmond City, it declined by 7 percent. Goochland County saw a 20 percent decrease in median sale price.
Active inventory decreased in the entire region last month, falling by 31 percent in Henrico County and by 29 percent in Richmond City. In both Chesterfield and Goochland counties, active inventory fell by 18 percent, and in Hanover County, active inventory declined by 15 percent.
Houses sold at a steady pace in much of the Richmond area in July, with Richmond City seeing a days on market (DOM) average of 24 days. The DOM average in Henrico County was 26 days, followed by Chesterfield County with a DOM average of 33 days. In Hanover County, the DOM average was 36 days, and in Goochland County, the DOM average was 42 days.
“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”
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.