Much of Richmond Saw Increase in Homes Sold in December 2015

January 19, 2016

Market Minute LogoMost of the Richmond real estate market saw an increase in the number of homes sold during the month of December, 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 MM Dec15 chart

The number of homes sold increased in the majority of the Richmond region in December compared to year-ago levels. Goochland County experienced a 15 percent increase in home sales, with Chesterfield County following with a 10 percent increase. In Henrico County, the number of homes sold increased by 9 percent. Hanover County saw a 2 percent increase in home sales, while Richmond City experienced a 6 percent decline.

Median sale prices varied in the Richmond region when compared to the same month in 2014. Goochland County experienced a 50 percent jump in median sale price, followed by Henrico County with a 2 percent increase. In both Chesterfield and Hanover counties, there was no change in median sale price year-over-year, and in Richmond City the median sale price fell by 8 percent.

Active inventory decreased in the region, including by 22 percent in Goochland County, by 21 percent in Richmond City and by 19 percent in Hanover County. Chesterfield County saw a drop of 15 percent, and Henrico County saw a decrease of 14 percent.

Houses are still selling at a quick pace in most parts of the Richmond area, with Richmond City seeing a days on market (DOM) average of 45 days followed by Henrico County with a DOM average of 50 days. Chesterfield County experienced a DOM of 60 days and Hanover County experienced a DOM of 67 days. In Goochland County, the average days on market was 78 days.

“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in parts of the Richmond region where we saw increases in home sales. We look forward to what the 2016 market brings us.”

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, Inc.