Nov 201414

Number of Homes Sold Increased in Much of the Richmond Market in October 2014

Nov 201414

Number of Homes Sold Increased in Much of the Richmond Market in October 2014

Market Minute LogoThe number of homes sold increased in most of the greater Richmond area during the month of October, according to The Long & Foster Market Minute reports. The greater Richmond region, which includes Chesterfield, Henrico, Goochland and Hanover counties and Richmond City, also saw a rise in median sale prices in most areas.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Richmond MM Oct2014

The number of units sold increased in much the Richmond region when compared to the same month in 2013, with Hanover County experiencing the highest jump at 27 percent. Richmond City saw a 6 percent increase, while the number of homes sold rose by 5 percent in both Chesterfield and Henrico counties. Goochland County had the only decrease of 11 percent.

The median sale price increased in much of the Richmond region in October compared to year-ago levels. Henrico County saw an increase of 11 percent, followed by Chesterfield County with an improvement of 7 percent. Both Chesterfield and Henrico counties experienced a 3 percent rise. Meanwhile, Goochland County had a 40 percent decrease in median sale price.

Active inventory decreased throughout the area, including by 32 percent in Goochland County and by 20 percent Richmond City. Chesterfield County saw a drop of 14 percent, followed by Hanover County at 11 percent. Henrico County experienced a 9 percent decrease.

Houses are still selling at a quick pace in the Richmond area. Richmond City saw a days on market (DOM) average of 49 days, followed by Henrico County with an average DOM of 54 days. Both Chesterfield and Hanover counties experienced DOM averages of 59 days, while Goochland County had a DOM average of 66 days.

“October brought modest improvements to the Mid-Atlantic real estate market, including in the Richmond region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many areas we saw increases in the number of homes being sold, as well as some positive trends in median sale prices. These are welcome signs for real estate in the region, and with continued improvements being made in the economy, we expect a smooth end to 2014.”

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.