The greater Richmond real estate market experienced an increase in median sale prices during the month of February, 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 rose in the Richmond region in February when compared to the same month last year. In Goochland County, the median sale price rose by 117 percent, followed by a 21 percent increase in Richmond City. In both Chesterfield and Hanover counties, the median sale price increased by 14 percent, while Henrico County experienced a 12 percent increase in median sale price.

The number of homes sold varied in the Richmond region in February compared to year-ago levels, with Goochland County experiencing a 50 percent increase. Richmond City experienced a 12 percent increase in home sales, and in Henrico County the number of homes sold rose by 9 percent. Both Chesterfield and Hanover counties saw a 12 percent decline in the number of homes sold in February.

Active inventory decreased in the entire region last month, including by 25 percent in both Goochland County and Richmond City and by 14 percent in both Hanover and Henrico counties. In Chesterfield County, active inventory fell by 13 percent.

Houses are selling at a steady pace in much of the Richmond area, with Richmond City seeing a days on market (DOM) average of 45 days. The DOM average in Henrico County was 54 days, followed by Chesterfield County with a DOM average of 56 days. In Hanover County the DOM average was 65 days, while Goochland County had a DOM average of 104 days.

“The United States economy continued to make gains in many areas in February, and at Long & Foster we saw positive indicators of growth in the real estate market as well, including in the Richmond area,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Sale prices of homes continued to rise for many in the Mid-Atlantic and Northeast regions and numerous locales also experienced increased numbers of homes sold. With continued high demand for homes, we expect to see a busy spring 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.