The month of August brought increased median sale prices to much of the Richmond real estate market, according to the Long & Foster Market Minute reports. The Richmond region includes Chesterfield, Henrico, Goochland and Hanover counties and the city of Richmond.
Though home sales varied throughout the Richmond region last month, they rose by a staggering 82 percent in Goochland County. Hanover County experienced a 9 percent increase, while Chesterfield County experienced a 7 percent increase. Median sale prices were up in most parts of the area, including by 10 percent in Henrico County and 8 percent in Goochland County.
Active inventory fell in most parts of the Richmond region in August, though inventory grew by 1 percent in Goochland County. Other areas experienced decreases of 5 percent to 10 percent. Homes continued to sell swiftly in many areas. In Richmond City, the days on market average was 24 days, followed by Henrico County at 28 days.
“While inventory is starting to improve nationwide and rising sale prices are slowing down, it’s still a sellers’ market, which means buyers need to be prepared,” said Gary Scott, president of Long & Foster Real Estate. “The need for a real estate professional is heightened more than ever.”
Although spring is traditionally seen as the best time of the year to buy or sell property, consumers shouldn’t let seasonality dictate behavior, Scott said.
“As mortgage rates continue to be attractive, it’s still a good time to sell,” Scott said. “And if you’re buying, don’t take yourself out of the market – you never know when the right property will come along.”
Scott said buyers in this market need to do three things: watch prices in the neighborhood where you plan to buy, watch for inventory coming on the market, and be pre-approved for a mortgage and ready to make an offer.
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Central Virginia Regional multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.