The entire greater Richmond area enjoyed rising median sale prices during the month of December, 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.
The median sale price increased throughout the Richmond region in December compared to year-ago levels. Richmond City saw a large increase of 31 percent, while Henrico County’s median sale price rose by a more moderate 10 percent. Chesterfield and Hanover counties experienced increases of 5 percent and 4 percent, respectively, while Goochland County saw a 1 percent increase.
The number of units sold rose in most of the Richmond region when compared to the same month in 2013. Goochland County experienced the highest jump at 30 percent, followed by Hanover County at 24 percent. The number of homes sold in Chesterfield County rose by 4 percent, while Richmond City saw a 1 percent increase. The only decrease was a 2 percent drop in Henrico County.
Active inventory decreased throughout the area, including by 20 percent in Goochland County and by 14 percent Richmond City. Hanover County saw a drop of 7 percent, followed by Chesterfield County at 6 percent and Henrico County at 4 percent.
Houses are still selling at a quick pace in the Richmond area. Richmond City saw a days on market (DOM) average of 52 days, followed by Henrico County with an average DOM of 65 days. Hanover and Chesterfield counties experienced DOM averages of 68 days and 74 days, respectively, while Goochland County had a DOM average of 78 days.
“December brought modest improvements to the Mid-Atlantic and Northeast real estate market, including in the Richmond area, with many areas enjoying rising numbers of homes sold and growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These developments are positive for the real estate market and leave us positioned for growth in 2015.”
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.
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