The median sale price increased in some areas of the greater Richmond real estate market last month when compared to February 2013, according to The Long & Foster Market Minute reports. Inventory was also down across the Richmond market, 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 increased in some areas of the Richmond region in February compared to year-ago levels. Hanover County experienced a 16 percent increase in median sale price, while Henrico County followed closely behind with a 14 percent increase. Chesterfield County experienced an 8 percent increase in median sale price. Goochland County saw a 9 percent decrease in median sale price, while the city of Richmond saw a 15 percent decrease.
Active inventory decreased throughout the area, including by 15 percent in Richmond City. Henrico County saw a decrease of 12 percent, and Chesterfield County saw a 9 percent decrease. Goochland County experienced an 8 percent decrease, while Hanover County experienced a 1 percent decrease in active inventory levels.
The number of units sold varied throughout the Richmond market. Goochland County saw a 27 percent increase in the number of homes sold, while Hanover County experienced a 17 percent increase. The city of Richmond saw a 2 percent decrease in the number of homes sold, and both Chesterfield and Henrico counties saw decreases of 21 percent.
Houses are still selling at a good pace in the Richmond area. Goochland County experienced a days on market (DOM) average of 93 days, and Richmond City saw a DOM of 98 days, followed closely by the Henrico County at 100 days. Chesterfield County experienced a days on market average of 115 days, while Hanover County saw a DOM of 127 days.
“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the Richmond region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and speedy home sales, and going into spring, we anticipate a stronger and more vibrant market.”
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.