Most areas of the Richmond real estate market enjoyed rising numbers of homes sold as well as rising median sale prices during the month of February, 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 increased in the majority of the Richmond region when compared to the same month in 2014. Henrico County experienced the highest jump at 12 percent, followed by Goochland County at 11 percent. Hanover County saw a 6 percent increase, and in Chesterfield County the number of homes sold increased by 5 percent. Meanwhile, Richmond City experienced a decrease of 9 percent.

The median sale price increased in most areas of the Richmond region in February compared to year-ago levels as well. Goochland County saw an increase of 19 percent, while Hanover County’s median sale price rose by 17 percent. Richmond City experienced an 8 percent increase, and Henrico County saw a 4 percent rise. Chesterfield County, the only area to see a decrease, fell by just 1 percent.

Active inventory decreased throughout the region, including by 26 percent in Goochland County and by 24 percent Richmond City. Chesterfield County saw a drop of 14 percent, followed by Henrico County at 13 percent and Hanover County at 6 percent.

Houses are still selling at a quick pace in the Richmond area. Henrico County saw a days on market (DOM) average of 62 days, followed by Richmond City with an average DOM of 64 days. Chesterfield and Hanover counties experienced DOM averages of 71 days and 78 days, respectively, while Goochland County had a DOM average of 86 days.

“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the Richmond region, with areas seeing rising numbers of homes sold and growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”

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.