Chesterfield County home sales see four-year high - NBC12 - WWBT - Richmond, VA News On Your Side

Chesterfield County home sales see four-year high

CHESTERFIELD, VA (WWBT) -

Good news for people trying to sell their homes. Sales are up in Chesterfield, according to a new report by George Mason University. It shows the county hitting its highest mark in four years.

George Mason University along with Central Virginia Regional Multiple Listing Service released the report. Data collected shows 1,173 homes were sold in Chesterfield in the second quarter this year, a 53 percent increase over the first quarter and a four-year high.

"Buyers are out there saying 'ok, I need to get into a house now,'" said Taylor Steele with Virginia Realty and Relocation. "'Before the house prices start going back up, before the interest rates start going back up.' So they got off the fence and started buying."

Steele said the boost in home sales can be attributed to three things: home prices are low, inventory has shrunk and interest rates have declined.

The report also shows the increase isn't just in Chesterfield - Central Virginia is doing better than most of the United States and will likely only improve in the months ahead.

The university also reported some downside risks in the near future. Uncertainty about the national economy and potential job cuts could slow - but won't likely derail - Central Virginia's housing recovery.

So how well is Central Virginia doing? The report shows Chesterfield saw a 21 percent increase in home sales from this time last year. Richmond saw a nine percent increase, and Caroline county saw a whopping 78 percent increase.

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