Long & Foster Market Minute® reports show continued tightening of inventory

The greater Richmond real estate market, including Chesterfield, Henrico, Goochland and Hanover counties and Richmond City, experienced some positive trends compared to April of last year, according to The Long & Foster Market Minute® reports. According to data, median sale price increased while inventory continued to tighten throughout the entire Richmond region.

The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

According to April data, median sale price increased throughout the entire region with a 15 percent increase in Henrico County and a year-over-year increase of 12 percent in both Richmond City and Goochland County. Hanover County saw an increase of 7 percent, while Chesterfield County reported a 2 percent increase, compared to a year ago.

Active inventory continued to steadily decline across the Richmond region. Henrico and Hanover counties both saw the largest declines of inventory at 21 percent, compared to last year. Richmond City and Chesterfield County both saw declines of 16 percent, in active inventory in April. Active inventory in Goochland County tightened by 5 percent compared to April 2012.

In April, the number of homes sold varied across the Richmond region. Henrico County saw a 10 percent increase in home sales. Hanover County and Richmond City saw increase of 9 percent and 6 percent, respectively.

Houses continued to sell in less than three months on average throughout the Richmond region in April. Days on market (DOM) in Richmond City was 53 days. Henrico and Chesterfield counties saw an average DOM of 54 days and 56 days, respectively. Goochland County saw a DOM of 71 days, while Hanover County saw 79 days.

“The residential real estate market continues to bloom in the Richmond region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“Although housing inventory is still low, limiting buyers’ options, the Richmond market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the Richmond region’s local housing market, and just go to show it’s a great time for those considering buying to fulfill their dreams of homeownership.”

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 users can subscribe to free updates for the reports in which they’re interested.