Apr 201628

Median Sale Prices Increase in Much of Richmond in March 2016

Apr 201628

Median Sale Prices Increase in Much of Richmond in March 2016

Market Minute LogoMuch of the greater Richmond real estate market experienced an increase in median sale price during the month of March, 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 based on data provided by Central Virginia Regional multiple listing service and its member associations of Realtors and includes residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Richmond MMMarch2016 chart

Median sale prices rose in most of the Richmond region when compared to the same month in 2015. In Goochland County it rose by 10 percent, followed by an 8 percent increase in Richmond City. Chesterfield County saw median sale price increase by 6 percent and it increased by 1 percent in Hanover County. In Henrico County, the median sale price fell by 1 percent.

The number of homes sold declined in many parts of the Richmond region in March compared to year-ago levels, though Chesterfield County saw no change from the previous year. Richmond City experienced a 7 percent decrease in home sales, with Henrico County following with an 11 percent decrease. Other areas experienced declines of 15 percent to 34 percent.

Active inventory decreased the entire region last month, including by 21 percent in Hanover County and by 15 percent in Chesterfield County. Richmond City experienced a 14 percent decline in active inventory and Goochland County saw an 11 percent decrease. In Henrico County, active inventory fell by 10 percent.

Houses are still selling at a solid pace in most parts of the Richmond area, with Richmond City seeing a days on market (DOM) average of 52 days followed by Henrico County with a DOM average of 58 days. Chesterfield County experienced a DOM of 64 days and Hanover County experienced a DOM of 82 days. In Goochland County, the average days on market was 106 days.

“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends in the months ahead.”

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.    Information included in this report is based on data supplied by CVR, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CVR or Long & Foster Real Estate, Inc.