The Richmond real estate market saw an increase in median sale prices during the month of November, 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.
Median sale prices increased in the Richmond region in November compared to year-ago levels. Goochland County experienced an 81 percent increase in median sale price, with Chesterfield County following with a 10 percent increase. In Henrico County, median sale price increased by 4 percent. Richmond City and Hanover County saw increases of 2 percent and 1 percent, respectively.
The number of units sold rose in some areas of the Richmond region when compared to the same month in 2014. Goochland County experienced a 32 percent jump in the number of homes sold, followed by Chesterfield County with a 10 percent increase. In Richmond City, the number of homes sold increased by 3 percent and Hanover County experienced no change year-over-year. Henrico County saw the number of homes sold decrease by 5 percent.
Active inventory decreased in the region, including by 18 percent in Richmond City, by 15 percent in Hanover County and by 14 percent in Chesterfield County. Henrico County saw a drop of 12 percent, and Goochland County saw a decrease of 10 percent.
Houses are still selling at a quick pace in most parts of the Richmond area, with Henrico County seeing a days on market (DOM) average of 42 days closely followed by Richmond City with a DOM average of 46 days. Chesterfield County experienced a DOM of 61 days and Goochland County experienced a DOM of 62 days. In Hanover County, the average days on market was 75 days.
“November brought a number of positive things to the United States’ economy, with additional jobs and increases in home construction being among them, and we saw good signs within the Long & Foster market as well,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Within the Richmond region, we saw continued improvements in median sale prices, and we anticipate a steady and healthy real estate market in 2016.”
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.