Richmond VA housing market sees increased Prices


RICHMOND HOUSING MARKET SEES SOME INCREASED PRICES, LOWER INVENTORY IN DECEMBER

CHANTILLY, Va., January 27, 2011–

 

The greater Richmond real estate market, including Chesterfield, Henrico, and Hanover counties and Richmond City, has experienced some positive trends compared to December of last year, according to The Long & Foster Market Minute™ reports. The number of homes that sold in December increased in some areas compared to year-ago levels, and prices increased in some markets as well. Much of the region also experienced tightening inventory. The Long & Foster Market Minute™  reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales. 

In December, active inventory in the greater Richmond region generally decreased compared to this time last year. Richmond City and Hanover County experienced an 8 percent and 6 percent decrease in inventory, respectively, versus December 2009. Henrico County was down 4 percent compared to year-ago levels. Chesterfield County was the only area in the region to experienced a slight increase of 1 percent.

December data shows median sale price was mixed for Richmond-area counties compared to the same month last year. Richmond City experienced a 10 percent increase in median sale price versus year-ago levels, up to $159,450. Hanover County experienced a 3 percent increase in price to $261,000. Chesterfield and Henrico counties experienced year-over-year decreases in median sale price of 10 percent and 14 percent, respectively, to $209,950 and $190,000.

In December sales were mixed compared to year-ago levels throughout much of the Richmond region, with some areas up significantly and others down. Hanover County experienced a significant 30 percent increase in the number of homes that sold compared to the same month in 2009. Henrico County’s sales increased 4 percent versus year-ago levels, and sales in Chesterfield County were unchanged compared to December 2009. The number of units sold in Richmond City was down more significantly, as that area experienced in December a 27 percent decrease in the number of homes sold.

Houses, on average, are selling in less than three months in the Richmond region. In Richmond City, days on market (DOM) fell to 79 days. Henrico County’s DOM was 80 days and Hanover and Chesterfield counties had with DOMs of 86 days and 85 days, respectively. “As we wrapped up 2010 and now head through 2011, local residential housing market data will be more important than ever as consumers strive to make informed buying and selling decisions,” says Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies. “Individual markets’ stabilization and recovery can be very different than national housing statistics, which is why it’s so important to have current data on a local level.

“We see that, in December, prices and the number of homes that sold in some areas of greater Richmond either stabilized or increased and houses continue to sell, on average, in less than three months throughout most of the region,” Detwiler continues. “This data indicates continued stabilization and improving conditions in this marketplace, and we may see these trends continue as we make our way through the year.”  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 county’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. In addition to more than 100 counties in seven states it currently covers, The Long & Foster Market Minute will include more local areas and neighborhoods in future releases as the company expands to add even more local data for consumers. 

 

 

 

 

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