Housing market shows upward trend
Citizen Staff Reports11/25/12Housing sales are picking up in Henrico County, as they are across the greater Richmond real estate market, according to a Long & Foster market report.
Chesterfield, Henrico, Goochland and Hanover counties, in addition to the City of Richmond, experienced positive trends in home sales and median sale price compared to October of last year, while inventory continued to tighten throughout the entire Richmond region.
Goochland County led the region in the increase in number of homes sold, experiencing a 43 percent increase over the previous year. Compared to October 2011, Henrico County saw an increase of 16 percent in home sales. Median sale price increased throughout the region with a year-over-year increase of one percent in Henrico.
Active inventory decreased by more than 20 percent, on average, across the Richmond region. Richmond City saw the largest decline of inventory at 28 percent compared to last year, while Henrico County experienced the second largest decline at 24 percent.
Houses continued to sell quickly throughout the Richmond region in October. Days on Market (DOM) in Richmond City was 58 days while Henrico and Chesterfield counties saw an average DOM of 63 days and 65 days, respectively. According to the Long and Foster report (compiled from residential real estate transactions within specific geographic regions, not just Long & Foster sales), the remainder of the region saw homes sell within an average of four months.
“The Richmond housing market again followed an upward trend as historically low interest rates continued to boost consumer confidence in the real estate market in October,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies.
Detwiler added that while the Richmond housing market is experiencing healthy stabilization and growth, tightening inventory can be expected to continue to push home prices up.
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Have you had enough of crowds and long lines? Take a break at two beautiful places in Henrico – Lewis Ginter Botanical Garden and Lavender Fields Herb Farm. If you’re still reeling from those awkward Thanksgiving conversations, Don “DC” Curry is ready to provide some laughs at the Richmond Funny Bone. For all our top picks, click here! > Read more.The Henrico County Public Library, in partnership with Henrico County Public Schools and the Friends of Henrico County Public Library, will host New York Times bestselling author Adriana Trigiani on Wednesday, April 24, from 7 p.m. to 8:30 p.m. at Glen Allen High School, 10700 Staples Mill Rd., as part of its annual All Henrico Reads program.
The featured title – Trigiani’s novel The Shoemaker’s Wife – will be available for sale, as well as some of her other novels. She will autograph books following the program. > Read more.By Sarah Story, Citizen Events Editor 11/16/2012
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The show features a cast of people and puppets who tell the story of adult life in New York City in a funny and raunchy way. > Read more.