Nearly the entire Richmond region real estate market saw an increase in the median sale prices in August, according to the Long & Foster Real Estate Market Minute Report. Goochland County was the only area with a 3% decline in median sale price.
The number of homes sold varied throughout the region, with Goochland County experiencing the deepest decline of 35%. Active inventory also fell by double-digits across the region, and days on the market ranged from 26 to 41 days.
“It is going to be a solid fall market,” said Gary Scott, president of Long & Foster Real Estate. “We’re experiencing incredibly low interest rates, a healthy rate of home price appreciation, full employment, a rising stock market and a large segment of millennials who desire homeownership and will try to achieve it.”
Scott also talked further about mortgage rates, which are having an effect on the overall market since they remain the lowest they have been in a few years. “Many people who are thinking about buying now are doing so because rates are so low,” said Scott. “About 80% of mortgages in the United States have interest rates less than 5%. If the magic refinance number is 1% less than your current rate, the buy-now (and refi-now) trend will continue for a while.”