Real estate rates increase in Richmond area
4/23/2014, 2:52 p.m.
The median sale price increased in many areas of the greater Richmond real estate market last month when compared to March 2013, according to The Long & Foster Market Minute reports. Inventory was also down across the majority of the Richmond market, which includes Chesterfield, Henrico, Goochland and Hanover counties and Richmond City.
The Long & Foster Market Minute reports are compiled from data from all residential real estate transactions within specific geographic regions.
The median sale price increased in many areas of the Richmond region in March compared to year-ago levels. Goochland County experienced a 10 percent increase in median sale price, while Chesterfield and Henrico counties followed closely behind, each with an 8 percent increase. Richmond City experienced a 2 percent increase in median sale price, while Hanover County saw a small decrease of 3 percent.
Active inventory decreased in much of the area, including by 15 percent in Goochland County and Richmond. Henrico County saw a decrease of 12 percent, and Chesterfield County saw a 4 percent decrease. Hanover County saw the only increase at 1 percent.
The number of units sold varied throughout the Richmond market. Goochland County saw a 40 percent increase in the number of homes sold, while Hanover County experienced a 7 percent increase. Henrico County saw a 7 percent decrease in the number of units sold, while other areas experienced decreases of 13 percent to 22 percent.
Houses are still selling at a good pace in the Richmond area. Henrico County experienced a days on market (DOM) average of 67 days, and Richmond City saw a DOM of 72 days, followed closely by Goochland County at 74 days. Chesterfield County experienced a days on market average of 76 days, while Hanover County saw a DOM of 83 days.
“Though the housing market got a slow start this year after a harsh winter, we’re beginning to see some positive trends happening in the real estate market, including in the Richmond region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many places, we’re seeing homes selling quickly and increasing in median sale price. Now that the temperatures are heating up, we expect to see many continued improvements in the market.”