VAR Home Sales Report: double digit growth in residential real estate in 2015 #REALTORS

Fourth Quarter 2015

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.
Read the full report here.