The Richmond real estate market saw an increase in the number of homes sold during the month of July, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of units sold rose throughout the Richmond region when compared to the same month in 2014. Henrico County experienced a 52 percent jump in the number of homes sold. Chesterfield County saw an increase of 29 percent, followed closely by Richmond City at 28 percent. Hanover County saw an increase of 26 percent, while Goochland County experienced a 19 percent increase.
Median sale prices increased in parts of the Richmond region in July compared to year-ago levels. Hanover County saw an increase of 10 percent, while Chesterfield County’s median sale price rose by 6 percent. Richmond City experienced a 1 percent increase. Henrico County saw a 1 percent decrease and the median sale price in Goochland County fell by 5 percent.
Active inventory decreased in the region, including by 16 percent in Richmond City and by 9 percent in both Hanover and Henrico counties. Goochland County saw a drop of 6 percent, followed by Chesterfield County with a 5 percent decrease.
Houses are still selling at a quick pace in most parts of the Richmond area. Richmond City saw a days on market (DOM) average of 37 days, followed by Chesterfield County with an average DOM of 41 days. Henrico County experienced a DOM average of 45 days, while Hanover County had an average DOM of 54 days and Goochland County’s average DOM was 68 days.
“The United States’ economy has been having a good summer, and the positivity we’ve been seeing in previous months continued in July. The real estate industry also reflected these trends, which was evident in the uptick in the number of homes sold in the Richmond region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We feel confident that we’ll continue to see improvements in the market, and look forward to what the end of summer and start of fall will bring.”
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.
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