Long & Foster’s Richmond Region Market Report details latest real estate trends
The spring selling season brought a slight increase in home sales to the Richmond area’s real estate market. In the first half of 2019, overall home sales increased by a modest 1.4%, while sales of properties listed between $750,000 and $1.9 million were up nearly 14% compared to mid-year 2018, according to the Long & Foster | Christie’s International Real Estate Mid-Year 2019 Richmond Region Market Report.
As a whole, the number of homes for sale in the Richmond region declined 13.2%, following a trend of falling inventory that’s been occurring around the country. Inventory of luxury homes (that is, properties priced at $750,000 and above in the Richmond area) also dropped by 11%.
“Inventory is likely to remain a challenge toward the end of 2019, but the expert guidance of a Long & Foster | Christie’s agent can help you achieve success,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “With over 50 years of real estate experience, our team ranks as the No. 1 brokerage in both traditional and luxury sales in the Richmond region.”
Within the City of Richmond, luxury home sales increased by 10.5% in the second quarter of the year, while median sale prices declined 2.7%. Average monthly inventory increased by 18.9%, and the days on market rose by 7.7% to 28 days.
Luxury real estate sales increased slightly in Henrico County in the second quarter of 2019, with units sold up 2.6%. Average monthly inventory dropped by 27.8% compared to the same time period in 2018, while median sale prices decreased 4.9%. The average time properties spent on the market increased by 44%, selling slower than a year ago.
In Chesterfield County, the number of luxury properties sold in the second quarter rose by a significant 50%. Average monthly inventory of luxury homes for sale declined by 15.9%, and the median sale price increased by 5.9%. The average marketing time dropped by 35.4% to 53 days, down from 82 days in the same time period in 2018.
Goochland County experienced a significant decline in luxury home sales, seeing the number of high-end properties sold decrease 47.1% in the second quarter. Active inventory decreased by 4.9%, while median sale prices grew by 9.4%. The average days on the market dropped 72.6% to 17 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.