The Richmond real estate market saw an increase in the number of homes sold during the month of June, 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. Hanover County experienced a 41 percent jump in the number of homes sold. Chesterfield County saw an increase of 28 percent, followed closely by Hernrico County at 27 percent. Richmond City saw an increase of 6 percent, while Goochland County experienced a smaller 3 percent increase.

Median sale prices increased in parts of the Richmond region in June compared to year-ago levels. Goochland County saw an increase of 22 percent, while Chesterfield County’s median sale price rose by 5 percent. Henrico County experienced a 2 percent increase. Hanover County saw a 2 percent decrease and the median sale price in Richmond City fell by 3 percent.

Active inventory decreased in the region, including by 20 percent in Richmond City and by 5 percent in both Chesterfield and Goochland counties. Henrico County saw a drop of 3 percent, followed by Hanover County with a 2 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 38 days, followed by Henrico County with an average DOM of 42 days. Chesterfield County experienced a DOM average of 44 days, while Hanover County had an average DOM of 52 days and Goochland County’s average DOM was 69 days.

“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the Richmond region, where we saw an increase in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”

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.