The Long & Foster Market Minute

Focus On: Henrico County Housing Market February 2020

Units Sold
317
Active Inventory
556
Median Sale Price
$249,900
Days On Market
50
Up 14%
Vs. Year Ago
Down -34%
Vs. Year Ago
Up 5%
Vs. Year Ago
Up 28%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 317 sold this month in Henrico County Real Estate versus 281 last month, an increase of 13%. This month's total units sold was higher than at this time last year, an increase of 14% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 283 units or 34%. The total number of active inventory this February was 556 compared to 839 in February 2019. This month's total of 556 is lower than the previous month's total supply of available inventory of 626, a decrease of 11%.

Median Sale Price
Last February, the median sale price for Henrico County Homes was $237,975. This February, the median sale price was $249,900, an increase of 5% or $11,925 compared to last year. The current median sold price is 2% lower than in January.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
484
Current Contracts
469
Sold Vs. List Price
99.1%
Months of Supply
1.8
Up 6%
Vs. Year Ago
Up 18%
Vs. Year Ago
No Change
Vs. Year Ago
Down -42%
Vs. Year Ago

Months of Supply
In February, there was 1.8 months of supply available in Henrico County, compared to 3.0 in February 2019. That is a decrease of 42% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 484 homes newly listed for sale in Henrico County compared to 455 in February 2019, an increase of 6%. There were 469 current contracts pending sale this February compared to 397 a year ago. The number of current contracts is 18% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Henrico County was 99.1% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 50, higher than the average last year, which was 39, an increase of 28%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by CVRMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CVRMLS or Long & Foster Real Estate, Inc.