Number of Homes Sold Increases in Parts of the Richmond Market in April 2015

May 22, 2015

Market Minute LogoParts of the Richmond real estate market saw rising number of homes sold and rising median sale prices during the month of April, 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.

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The number of units sold increased in areas of the Richmond region when compared to the same month in 2014. Goochland County experienced the highest jump at 31 percent, followed by Chesterfield and Henrico counties at 13 percent and 12 percent, respectively. In Richmond City, the number of homes sold dipped by 3 percent, and Hanover County saw the number of homes sold decline by 15 percent.

The median sale price increased in some parts of the Richmond region in April compared to year-ago levels. Goochland County saw an increase of 17 percent, while Henrico County’s median sale price rose by 16 percent. Chesterfield County experienced a 3 percent increase, and Hanover County saw a 6 percent decrease. The median sale price in Richmond City dropped by 10 percent.

Active inventory decreased in most of the region, including by 24 percent in Richmond City and by 16 percent Goochland County. Chesterfield County saw a drop of 10 percent, followed by Henrico County at 7 percent. Hanover County experienced a 4 percent decrease in active inventory.

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 45 days, followed by Henrico County with an average DOM of 52 days. Chesterfield and Hanover counties experienced DOM averages of 58 days and 69 days, respectively, while Goochland County had a DOM average of 114 days.

“April showed us that there are some great things happening in the Mid-Atlantic and Northeast real estate market, including in the Richmond region where we saw an increased number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The conditions of the real estate market in many areas of the country are providing excellent opportunities for both buyers and sellers, and we’re pleased to see a nice robust spring 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.

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