The Richmond real estate market experienced an increase in the number of homes sold during the month of April, 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 the Richmond region in April compared to year-ago levels, with Goochland County seeing a 67 percent increase. Hanover County experienced a 38 percent increase in home sales, with Henrico County following with a 7 percent increase. In both Chesterfield County and Richmond City the number of homes sold increased by 3 percent.
Median sale prices rose in most of the Richmond region when compared to the same month in 2015. In Richmond City it rose by 16 percent, followed by a 15 percent increase in Hanover County. Chesterfield County saw median sale price increase by 6 percent and it increased by 2 percent in Henrico County. In Goochland County, the median sale didn’t change from the previous year.
Active inventory decreased the entire region last month, including by 23 percent in Hanover County and by 20 percent in Richmond City. Both Henrico and Chesterfield counties experienced a 16 percent decline in active inventory and Goochland County saw a 15 percent decrease.
Houses are still selling at a solid pace in the Richmond area, with Henrico County seeing a days on market (DOM) average of 40 days followed by Richmond City with a DOM average of 43 days. Hanover County experienced a DOM of 52 days and Chesterfield County experienced a DOM of 55 days. In Goochland County, the average days on market was 58 days.
“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into 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.