The majority of the Richmond real estate market saw an increase in the number of homes sold during the month of August, 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 units sold rose in most of the Richmond region when compared to the same month in 2014. Henrico County experienced a 45 percent jump in the number of homes sold. Meanwhile both Goochland and Hanover counties experienced 30 percent increases and Chesterfield County saw a 22 percent increase in the number of homes sold. Richmond City saw the area’s only decline at 1 percent.
Median sale prices increased in much of the Richmond region in August compared to year-ago levels. Goochland County saw an increase of 63 percent, while Richmond City’s median sale price rose by 7 percent. Chesterfield County experienced a 4 percent increase, followed by Hanover County with a 3 percent increase. Henrico County saw a 3 percent decrease in median sale price.
Active inventory decreased in the region, including by 17 percent in Richmond City, by 11 percent in Hanover County and by 10 percent in Henrico County. Chesterfield County saw a drop of 7 percent, followed by Goochland County with a 2 percent decrease.
Houses are still selling at a quick pace in most parts of the Richmond area. Both Goochland County and Richmond City saw a days on market (DOM) average of 41 days, followed by Henrico County with an average DOM of 44 days. Chesterfield County experienced a DOM average of 50 days, while Hanover County had an average DOM of 52 days.
“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The greater Richmond region continued to see improvements in the number of houses sold and median sale prices, and we’re looking forward to a strong fall 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, Inc.