The greater Richmond real estate market experienced an increase in median sale prices during the month of August, 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.
Median sale prices increased in the Richmond region in August when compared to the same month last year. In Hanover County, the median sale price rose by 7 percent, followed by a 6 percent increase in Richmond City. Chesterfield County saw its median sale price increase by 5 percent and in Goochland County the median sale price rose by 2 percent. Henrico County experienced a 1 percent increase in median sale price.
The number of homes sold varied in the Richmond region in August compared to year-ago levels, with both Chesterfield County and Richmond City seeing an increase of 30 percent. Goochland County experienced a 25 percent increase in home sales, and in Henrico County the number of homes sold fell by 4 percent. In Hanover County the number of homes sold declined by 12 percent.
Active inventory decreased in the entire region last month, including by 28 percent in Richmond City and by 27 percent in Hanover County. Chesterfield County experienced a 17 percent decline in active inventory, and Goochland County experienced a 16 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 32 days. The DOM average in Henrico County was 37 days, followed by Hanover County with a DOM average of 39 days. Chesterfield County experienced a DOM of 43 days and Goochland County experienced a DOM of 58 days.
“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the Richmond region, where we saw median sale prices increase,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”
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.