The greater Richmond real estate market experienced an increase in median sale prices during the month of July, 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 July when compared to the same month in 2015. In Richmond City, the median sale price rose by 14 percent, followed by an 11 percent increase in both Goochland and Hanover counties. Henrico County saw its median sale price increase by 7 percent and in Chesterfield County the median sale price rose by 1 percent.

The number of homes sold varied in the Richmond region in July compared to year-ago levels, with both Chesterfield County and Richmond City seeing an increase of 2 percent. Henrico County experienced a 4 percent decrease in home sales, with Hanover County following with a 7 percent decrease. In Goochland County the number of homes sold fell by 24 percent.

Active inventory decreased in the entire region last month, including by 26 percent in Richmond City and by 23 percent in Hanover County. Chesterfield County experienced a 20 percent decline in active inventory, and Goochland County experienced a 19 percent drop. Henrico County saw active inventory decline by 14 percent.

Houses are still selling at a steady pace in the Richmond area, with both Henrico County and Richmond City seeing a days on market (DOM) average of just 33 days followed by Chesterfield County with a DOM average of 42 days. Hanover County experienced a DOM of 50 days and Goochland County experienced a DOM of 62 days.

“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly in real estate, home sales slowed in many areas, while median sale prices increased, including in the Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”

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.