In 2015, Virginia saw its strongest residential real estate market since the Great Recession. The year ended with a transactional value of nearly $35 billion, eclipsing 2014 by $3.51 billion. Sales each month of 2015 surpassed those of 2014, leading to annual growth of nearly 11 percent for Virginia’s housing market. Annualized sales show that the Virginia residential real estate market is growing steadily and sustain-ably. The sales in December 2015 were 2.5 percent higher than December 2014, and sales in the fourth quarter of 2015 were 3.8 percent higher than in the fourth quarter of 2014. For the quarter, statewide median price remained static at $255,000, in comparison to the last quarter of 2014; the value is a 2.4 percent gain from 2013 and 5.8 percent higher than in the fourth quarter of 2012. Comparisons by month, quarter, and year between 2014 and 2015 show the number of days on the market have declined, indicating a quickening pace to market activity. While market growth may be more tempered in 2016, the combined factors of continued low interest rates and declining unemployment in Virginia suggest that the residential real estate market will show further performance improvement in the year ahead.
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Virginia experienced year-over-year increases in residential home sales and median sales price in November 2015, continuing a trend of market improvement. Year-to-date sales through November 30, 2015, account for more than $32.02 billion in sales volume. Relative to the same year-to-date period for 2014, the value of sales transactions has increased by 11.7 percent. The number of sales closed in November 2015 was 3.3 percent higher than for that of the same month in 2014. November 2015 median sales price ($251,500) was slightly higher than November 2014 ($250,000) and 2 percent higher than November 2013 ($245,000). Days on the market declined more than 2 percent from last November.
For the full November Home Sales Report, click here.
The Virginia Association of REALTORS® August 2015 Home Sales Report indicates a rise of nearly 4 percent from the same period last year, with slight increases in both volume and median price. The pace of sales has quickened by more than 5 percent from the same period last year, with average days on the market down to 69. August 2015 sales represent 3.22 billion dollars in transactional value. The year-over-year median sales price has risen from $262,000 to $266,500, an improvement of nearly 2 percent. Relative to July 2015, August performance reflects the typical seasonal decline that follows the industry sales peak in the second quarter. But bench marked to the same period in 2014, August 2015 residential real estate sales show moderate sustained strengthening in the market. The gradually decreasing unemployment rate combined with the Fed’s recent announcement to keep interest rates low may encourage buyers to enter the home market.
Your July RPR Market Data Report covering the Virginia Peninsula Association of REALTORS® market is available, as a PDF file, via the link below.
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