Average sale price of Henrico homes jumps 8 percent from last year

Homes in Henrico County sold for about eight percent more this February than they did last February, according to sales figures compiled by Long & Foster Real Estate.

The 277 Henrico homes that sold this February spent an average of only 40 days on the market – the shortest average time on the market among the region's four other primary localities (Richmond, Hanover, Chesterfield and Goochland).

The median sale price of $236,850 trailed such prices in each other locality except Richmond. By contrast, the median sale price of the 343 homes sold in Chesterfield in February was $249,725, down two percent from last February there.

Industry headlines have suggested recently that the region is in a housing bubble, but Long & Foster Real Estate President Gary Scott doesn’t believe that’s the case.

“This real estate market looks nothing like the real estate bubble that we experienced in 2008,” Scott said. “In 2008, we had huge price appreciation, no inventory issues, higher interest rates and everybody could get a loan.

“We do have inventory challenges, as we can see in the Richmond region, but the fact that rates have dipped again to the lowest they’ve been in a while, bodes well for the market. There are those who say inventory is easing, but we try not to generalize, since the numbers vary according to market and type of home.”