Dec 201616

Number of Homes Sold Rose in Much of Greater Richmond in November 2016

Dec 201616

Number of Homes Sold Rose in Much of Greater Richmond in November 2016

Market Minute LogoMany parts of the greater Richmond real estate market experienced an increase in the number of homes sold during the month of November, 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 Market Minute Chart Nov16

The number of homes sold increased in much of the Richmond region in November compared to year-ago levels, with Chesterfield County experiencing a 39 percent increase. Hanover County experienced a 19 percent increase in home sales, and in Richmond City the number of homes sold rose by 9 percent. In Henrico County, the number of homes sold increased by 8 percent, while Goochland County experienced a 12 percent decline.

Median sale prices varied in the Richmond region in November when compared to the same month last year. In Hanover County, the median sale price rose by 14 percent, followed by an 11 percent increase in Goochland County. Henrico County saw its median sale price increase by 8 percent and in Chesterfield County the median sale price saw no change from the previous year. Richmond City experienced a 4 percent decrease in median sale price.

Active inventory decreased in the entire region last month, including by 23 percent in Hanover County and by 20 percent in Richmond City. In Chesterfield, Goochland and Henrico counties, active inventory fell by 18 percent.

Houses are selling at a steady pace in most parts of the Richmond area, with Richmond City seeing a days on market (DOM) average of 36 days. The DOM average in Henrico County was 44 days, followed by Chesterfield County with a DOM average of 46 days. Hanover County experienced a DOM of 51 days and in Goochland County the DOM average was 140 days.

“November was another good month for the United States economy, with consumer confidence hitting one of its highest numbers since 2007. In the Mid-Atlantic and Northeast housing market, we saw a number of positive trends as well, including in the Richmond region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although inventory is still sparse, many people are choosing to buy a home, taking advantage of mortgage rates while they remain low.”

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.