Some areas of the Richmond real estate market enjoyed rising median sale prices during the month of January, according to The Long & Foster Market Minute reports. The greater Richmond region 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 January compared to year-ago levels. Hanover County saw an increase of 5 percent, while Goochland County’s median sale price rose by 2 percent. Chesterfield County experienced a 1 percent increase, and both Henrico County and Richmond City saw no change in median sale price compared to January 2014.
The number of units sold varied in the Richmond region when compared to the same month in 2014. Goochland County experienced the highest jump at 53 percent, followed by Henrico County at 10 percent. Chesterfield County saw a 7 percent decrease in the number of units sold. Richmond City and Hanover County experienced decreases of 15 percent and 20 percent, respectively.
Active inventory decreased throughout the area, including by 21 percent in Goochland County and by 14 percent Richmond City. Chesterfield County saw a drop of 11 percent, followed by Hanover County at 8 percent and Henrico County at 5 percent.
Houses are still selling at a quick pace in the Richmond area. Richmond City saw a days on market (DOM) average of 57 days, followed by Henrico County with an average DOM of 60 days. Goochland and Chesterfield counties experienced DOM averages of 62 days and 65 days, respectively, while Hanover County had a DOM average of 75 days.
“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in the Richmond region, with areas seeing increases in median sale prices, as well as some increases in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market in 2015.”
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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