Dec 201417

Median Sale Prices Rise in Most of the Richmond Market in November 2014

Dec 201417

Median Sale Prices Rise in Most of the Richmond Market in November 2014

Market Minute LogoNumber of homes sold increases in some areas

Almost all the greater Richmond area enjoyed rising median sale prices during the month of November, according to The Long & Foster Market Minute reports. Parts of the greater Richmond region, which includes Chesterfield, Henrico, Goochland and Hanover counties and Richmond City, also experienced increases in units sold compared to the past year’s figures.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

RichmondNovember2014

The median sale price increased in almost all the Richmond region in November compared to year-ago levels. Richmond City saw a tremendous increase of 38 percent, while Henrico County’s median sale price rose by a more moderate 8 percent. Goochland and Hanover counties both experienced improvements of 1 percent, while Chesterfield County had the only decline at 8 percent.

The number of units sold rose in parts of the Richmond region when compared to the same month in 2013. Goochland County experienced the highest jump at 46 percent, and Hanover County saw a rise in units sold of 22 percent. Other parts of the region saw declines of 2 percent to 15 percent.

Active inventory decreased throughout the area, including by 25 percent in Goochland County and by 19 percent Richmond City. Chesterfield County saw a drop of 13 percent, followed by Hanover and Henrico counties at 8 percent each.

Houses are still selling at a quick pace in the Richmond area. Richmond City saw a days on market (DOM) average of 43 days, followed by Henrico County with an average DOM of 54 days. Chesterfield and Goochland counties experienced DOM averages of 57 days and 61 days, respectively, while Hanover County had a DOM average of 88 days.

“Throughout the Mid-Atlantic and Northeast regions, including in the Richmond area, we’ve seen many positive trends in real estate, from increased activity to rising median sales prices,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”

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.