Many areas of the greater Richmond real estate market experienced an increase in the number of homes sold during the month of May, 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.

The number of homes sold increased in a number of areas of the Richmond region in May compared to year-ago levels, with Goochland County seeing a 94 percent increase. Chesterfield County experienced a 27 percent increase in home sales, with Henrico County following with a 14 percent increase. In Richmond City the number of homes sold increased by 7 percent, while it declined by 5 percent in Hanover County.

Median sale prices varied in the Richmond region when compared to the same month in 2015. In Henrico County the median sale price rose by 5 percent, followed by a 3 percent increase in Richmond City. Chesterfield County saw its median sale price increase by 1 percent and it fell by 5 percent in Hanover County. In Goochland County, the median sale price declined by 11 percent.

Active inventory decreased in the entire region last month, including by 25 percent in both Hanover County and Richmond City by 20 percent in Chesterfield County. Both Goochland and Henrico counties experienced a 12 percent decline in active inventory in May.

Houses are still selling at a steady pace in the Richmond area, with Richmond City seeing a days on market (DOM) average of 36 days followed by both Chesterfield and Henrico counties with a DOM average of 41 days. Hanover County experienced a DOM of 55 days and Goochland County experienced a DOM of 59 days.

“May was a good month for the real estate industry overall this year, as well as in the Richmond region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the summer.”

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.