The Richmond real estate market enjoyed rising numbers of homes sold as well as rising median sale prices during the month of March, 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 Richmond region when compared to the same month in 2014. Henrico County experienced the highest jump at 44 percent, followed by both Chesterfield and Goochland counties at 41 percent. Richmond City saw the number of homes sold rise by 28 percent, while Hanover County increased by 13 percent.

The median sale price increased throughout the Richmond region in March compared to year-ago levels as well. Hanover County saw an increase of 17 percent, while Richmond City’s median sale price rose by 11 percent. Chesterfield County experienced a 6 percent increase, and Goochland County saw a 2 percent rise. Henrico County increased by 1 percent.

Active inventory decreased in most of the region, including by 25 percent in Richmond City and by 15 percent Chesterfield County. Goochland County saw a drop of 13 percent, followed by Henrico County at 9 percent. Hanover County experienced no change in levels of active inventory.

Houses are still selling at a quick pace in the Richmond area. Henrico County saw a days on market (DOM) average of 57 days, followed by Richmond City with an average DOM of 59 days. Chesterfield and Goochland counties experienced DOM averages of 69 days and 71 days, respectively, while Hanover County had a DOM average of 80 days.

“In March, we saw some positive trends in the Mid-Atlantic and Northeast real estate market, including in the Richmond region, where we saw increases in both the number of homes sold and median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We saw consumer spending increase in March for the first time since November, and with rising consumer spending comes higher consumer confidence, and that bodes well for the housing 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.