The greater Richmond real estate market experienced an increase in home sales during the month of January, 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 January compared to year-ago levels, with Goochland County experiencing a 19 percent increase. Chesterfield County experienced a 17 percent increase in home sales, and in Richmond City the number of homes sold rose by 14 percent. In Hanover County, the number of homes sold increased by 12 percent, while Henrico County experienced an 8 percent increase.
Median sale prices rose in most of the Richmond region in January when compared to the same month last year. In Goochland County, the median sale price rose by 40 percent, followed by a 14 percent increase in Chesterfield County. Henrico County saw its median sale price increase by 11 percent and in Hanover County the median sale price rose by 4 percent. Richmond City experienced an 8 percent decrease in median sale price.
Active inventory decreased in the entire region last month, including by 25 percent in Richmond City and by 19 percent in Hanover County. In Henrico County, active inventory fell by 17 percent, followed by Chesterfield County with a 16 percent decline. Active inventory decreased by 13 percent in Goochland County.
Houses are selling at a steady pace in much of the Richmond area, with both Hanover County and Richmond City seeing a days on market (DOM) average of 48 days. The DOM average in Chesterfield County was 50 days, followed by Henrico County with a DOM average of 57 days. In Goochland County the DOM average was 110 days.
“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy spring market.”
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.