Home sales remained relatively unchanged in the first half of 2018, as tightening inventory continue to affect the housing market in the Richmond region and across the country.
In the Richmond area, the overall number of homes for sale dropped almost 15 percent in the first half of 2018 compared to the year prior, according to the Long & Foster | Christie’s International Real Estate Mid-Year 2018 Richmond Region Market Report.
Inventory of luxury homes—those above $750,000 in the Richmond region—also declined about 1 percent, though high-end home sales outpaced the market, with a 12 percent increase in the first half of the year. Overall, with fewer houses on the market, homes generally sold faster than they have in the past. In both Richmond and Henrico County, the number of days that properties were listed on the market before selling dropped by over 50 percent.
“This is a complex and ever-changing market, but it also presents tremendous opportunities for both buyers and sellers,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “We have 50 years of expertise in real estate and we rank as the No. 1 brokerage firm in the Richmond region, both in traditional and luxury real estate sales. We know the neighborhoods, the market and the process, so we can successfully guide you on your journey home.”
Within Richmond, luxury home sales increased by 11.8 percent in the second quarter of the year, while median sale prices fell a little over 8 percent. Average monthly inventory fell by 17.1 percent, and the days on market dropped 55.9 percent to just 26 days in the second quarter of 2018. Richmond’s most prominent luxury neighborhoods—as rated by the percent of active listings over $750,000—included Near West End and Carytown/Museum District, both with 14 percent of listings falling into the luxury category, and the Fan District with 9 percent.
Luxury real estate sales increased in Henrico County in the second quarter of 2018, with units sold up by 20 percent. Average monthly inventory also increased by 15.3 percent compared to the second quarter of 2017, while median sale prices fell by 5.5 percent. The average time properties spent on the market declined by 60.6 percent, selling much faster than the same quarter last year. The Henrico areas with most luxury homes on the market included Tuckahoe, which had 10 percent luxury property listings, as well as Short Pump with 5 percent and Glen Allen with 4 percent.
In Chesterfield County, the number of luxury properties sold in the second quarter fell by 15 percent. Average monthly inventory of luxury homes for sale increased by 23.1 percent for the quarter, and the median sale price decreased by 3.3 percent. The average marketing time increased 70.6 percent to 87 days, up from 51 days in the same quarter in 2017. Among the area’s luxury neighborhoods, Robious Corridor had the highest percent of luxury listings at 15.3 percent.
In addition to highlighting major trends in the Richmond region, the Long & Foster | Christie’s 2018 Mid-Year 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. To view the report in its entirety, visit https://mydigitalpublication.com/view/long-and-foster/market-report-richmond-region/mid-year-2018-richmond-region-market-report.
For more information about Long & Foster, visit LongandFoster.com.