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Chesterfield home are prices up, foreclosures are down

Posted at 11:50 AM, Jan 29, 2016
and last updated 2016-01-29 11:50:58-05

CHESTERFIELD COUNTY, Va. — Chesterfield painted a rosy picture of the county’s current real estate market. A county spokesman revealed Friday home sales and home sale prices were up in 2015, while foreclosures were down.

“The average county home value increased by 2.5 percent during 2015, though homeowners have yet to recoup all of the equity losses experienced during the recent recession,” Chesterfield Public Information Manager Dave Goode said. “The average assessed home value in Chesterfield County, as updated in January 2016, is still 6.5 percent below its peak level, while the corresponding residential tax bill is $131 less than it was in 2008.”

The county said a sight dip in existing home value growth in 2015 compared to 2014 (2.5 vs. 2.9) was offset by commercial real estate values.

“Looking ahead, Chesterfield County’s forecast looks for further measured growth in real property values in response to solid underlying market fundamentals and the fact that many of the county’s communities are among the region’s most sought after destinations,” Goode said.

The report from Chesterfield came as the Richmond Association of REALTORS® released its end-of-year-numbers.

“2015 ended on a strong note for our region’s housing market,” Dawn Bradley, 2016 President of the Richmond Association of REALTORS®, said. “With continued local job growth and interest rates remaining at historical lows, sales growth is likely to continue this year—though this will be somewhat dependent on the availability of local listings.”

Central Virginia home sales rose 14-percent from 2014 to 2015, according to the association.

“Chesterfield County led the growth in this sub-market at 14 percent—followed by Hanover at 11 percent, Henrico at 5 percent, and the City of Richmond at 4 percent,” according to Richmond Association of REALTORS® Chief Executive Officer Laura Lafayette said. “From an annual perspective, Chesterfield County had 17 percent more sales in 2015 over the previous year, a gain of 784 sales. Within the Tri-Cities sub-market, Colonial Heights led all jurisdictions in fourth quarter sales growth, up 40 percent from a year ago.”

The median 2015 home sales prices in Central Virginia rose $8,000 to $217,000 in 2015.