Median Sale Price Increased in Some Areas of the Richmond Market in July 2014

August 21, 2014

The median sale price increased in a number of areas of the greater Richmond real estate market last month when compared to July 2013, according to The Long & Foster Market Minute reports. Additionally, homes are continuing to sell at a steady pace throughout 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.

July2014 Richmond MarketMinute

The median sale price increased in some of the Richmond region in July compared to year-ago levels. Goochland County saw a large increase at 39 percent, followed by Richmond City, which experienced a 19 percent increase. Henrico County saw a 7 percent increase in median sale price. Chesterfield and Hanover counties experienced decreases of 3 percent and 13 percent, respectively.

Active inventory decreased throughout the area, including by 19 percent in Richmond City and 17 percent in Goochland County. Both Chesterfield and Henrico counties saw declines of 14 percent, and Hanover County experienced a 3 percent drop in inventory.

The number of units sold decreased in much the Richmond region, although Goochland County experienced a 41 percent increase. Other areas of the market experienced declines from 5 percent to 30 percent.

Houses are still selling at a steady pace in the Richmond area. Henrico County saw a days on market (DOM) average of 50 days, while both Chesterfield County and Richmond City followed with average DOMs of 52 days. Hanover County experienced a DOM of 57 days and Goochland County had a DOM average of 58 days.

“Throughout this summer the real estate market has stabilized and in many regions inventory is up, meaning more homes for buyers to choose from,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Meanwhile, sellers are continuing to benefit from speedy transactions, with our data showing days on market averages of three months or fewer in nearly all parts of the Mid-Atlantic. Overall, the market is well positioned for future growth.”

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.

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