The Richmond real estate market saw rising median sale prices during the month of May, 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.
Median sale prices increased in the Richmond region in May compared to year-ago levels. Goochland County saw an increase of 41 percent, while Hanover County’s median sale price rose by 9 percent. Chesterfield County experienced a 7 percent increase, and Richmond City saw a 5 percent increase. The median sale price in Henrico County rose by 4 percent.
The number of units sold varied in the Richmond region when compared to the same month in 2014. Hanover County experienced the highest jump at 36 percent, followed by Richmond City at 11 percent. Other areas of the region experienced decreases of 1 percent to 32 percent.
Active inventory decreased in the region, including by 21 percent in Richmond City and by 19 percent Goochland County. Henrico County saw a drop of 10 percent, followed by Chesterfield County at 9 percent. Hanover County experienced a 3 percent decrease in active inventory.
Houses are still selling at a quick pace in most parts of the Richmond area. Richmond City saw a days on market (DOM) average of 40 days, followed by Henrico County with an average DOM of 48 days. Chesterfield and Goochland counties both experienced DOM averages of 50 days, while Hanover County had a DOM average of 72 days.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May including in the Richmond region where we saw improvements in median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through the summer.”
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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