Jan 201717

Median Sale Prices Rise in Much of Greater Richmond in December 2016

Jan 201717

Median Sale Prices Rise in Much of Greater Richmond in December 2016

Market Minute LogoMany parts of the greater Richmond real estate market experienced an increase in median sale prices during the month of December, 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 MarketMinute Chart Dec2016

Median sale prices rose in most of the Richmond region in December when compared to the same month last year. In Chesterfield County, the median sale price rose by 6 percent, followed by a 5 percent increase in Hanover County. Richmond City saw its median sale price increase by 4 percent and in Henrico County the median sale price rose by 3 percent. Goochland County experienced a 19 percent decrease in median sale price.

The number of homes sold varied in the Richmond region in December compared to year-ago levels, with Richmond City experiencing a 14 percent increase. Chesterfield County experienced a 13 percent increase in home sales, and in Henrico County the number of homes sold rose by 4 percent. In Goochland County, the number of homes sold decreased by 16 percent, while Hanover County experienced a 19 percent decline.

Active inventory decreased in the entire region last month, including by 24 percent in Hanover County and by 18 percent in both Chesterfield and Henrico counties. In Richmond City, active inventory fell by 17 percent, followed by Goochland County with a 13 percent decline.

Houses are selling at a steady pace in the Richmond area, with Hanover County seeing a days on market (DOM) average of 49 days. The DOM average in Chesterfield County was 50 days, followed by Richmond City with a DOM average of 52 days. Henrico County experienced a DOM of 54 days and in Goochland County the DOM average was 73 days.

“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”

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.