Central Va. housing prices continue to climb; Henrico housing inventory declines by half  

The local housing market continues to show signs of growth, with sales outpacing last year’s levels in most areas and home prices rising rapidly, according to a report released by the Central Virginia Regional Multiple Listing Service.

The median sales price in Metro Richmond during the first quarter was $310,000 – a $42,500 upswing from a year ago.  The 16-percent rise is the largest median price increase the area has had in more than five years.

The city of Richmond led all local markets in price growth, rising 24 percent from last year to $300,500, a gain of more than $58,000. The median sales price in both Hanover County and Henrico County rose 8 percent from last year, an increase of about $24,000 and $20,000, respectively compared to last year.

The supply of active listings continues to shrink to historic lows. At the end of the first quarter there were 1,236 active listings in the Richmond Metro Area – 1,127 fewer listings than a year ago, representing a 48 percent reduction.

All local markets saw steep inventory declines, most notably Henrico County, where the supply of listings was less than half the level it was a year ago (-52%).  As a result of the low inventory, homes are selling much faster on average in the CVR MLS footprint. The average days on market during the first quarter in the region was 23 days, which is three weeks faster than last year (-21 days).