Homes are continuing to sell in about two months or less on average throughout the greater Richmond, according to The Long & Foster Market Minute reports. Additionally, median sale prices increased in some areas and inventory remained low across the region, which includes Chesterfield, Henrico, Goochland and Hanover counties and Richmond City.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The median sale price varied throughout the Richmond region in August compared to year-ago levels. Chesterfield County saw an increase of 6 percent, and Henrico County experienced a 3 percent improvement. Both Hanover County and Richmond City saw no change in median sale prices compared to last year, while Goochland County’s median sale price declined by 27 percent.
Active inventory decreased throughout the area, including by 24 percent in Goochland County and 20 percent in Richmond City. Both Chesterfield and Henrico counties saw declines of 16 percent, and Hanover County experienced a 3 percent drop in inventory.
Houses are still selling at a steady pace in the Richmond area. Goochland County saw a days on market (DOM) average of 44 days, followed by Richmond City with an average DOM of 45 days. Henrico County experienced a DOM average of 52 days, while Chesterfield and Hanover counties had DOMs of 57 days and 60 days, respectively.
The number of units sold decreased in much the Richmond region, with Hanover County experiencing no change when compared to the same month in 2013. Other areas of the market saw declines from 15 percent to 29 percent.
“In many areas across the Mid-Atlantic and Northeast, we’re seeing increased inventory, which means more options for those looking to purchase a home,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Median sale prices have also remained strong, and we’re seeing homes moving off the market at a fairly steady pace. Overall, the real estate market is in a healthy place for continued improvement.”
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.