Oct 201618

Median Sale Prices Rose in Much of Greater Richmond in September 2016

Oct 201618

Median Sale Prices Rose in Much of Greater Richmond in September 2016

Market Minute LogoMost parts of the greater Richmond real estate market experienced an increase in median sale prices during the month of September, 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 September 2016

Median sale prices increased in much of the Richmond region in September when compared to the same month last year. In Richmond City, the median sale price rose by 25 percent, followed by a 16 percent increase in Goochland County. Chesterfield County saw its median sale price increase by 6 percent and in Hanover County the median sale price rose by 1 percent. Henrico County experienced a 2 percent decrease in median sale price.

The number of homes sold varied in the Richmond region in September compared to year-ago levels, with Goochland County experiencing a 31 percent jump. Richmond City experienced a 12 percent increase in home sales, and in Henrico County the number of homes sold rose by 6 percent. In Chesterfield County, the number of homes sold declined by 4 percent, while Hanover County experienced a 10 percent decline.

Active inventory decreased in the entire region last month, including by 26 percent in Hanover County and by 24 percent in Goochland County. Richmond City experienced a 19 percent decline in active inventory, and Chesterfield County experienced a 15 percent drop. Henrico County saw active inventory decline by 14 percent.

Houses are still selling at a steady pace in the Richmond area, with Richmond City seeing a days on market (DOM) average of just 31 days. The DOM average in Chesterfield County was 41 days, followed by Henrico County with a DOM average of 42 days. Hanover County experienced a DOM of 44 days and Goochland County experienced a DOM of 72 days.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Richmond region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.