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Email Post to a Friend: Central Virginia Real Estate Market Update

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July
29

Va. home sales record strongest second quarter in seven years - By CAROL HAZARD Richmond Times-Dispatch 

The Virginia residential real estate market saw its strongest second quarter since the 2008 recession, with sales volume reaching $10.6 billion, up 11 percent from the same period a year ago, according to a report released Tuesday by Virginia Association of Realtors.

The rise in dollar value was attributed to an increase in the number of homes sold, since the median sales... price — with half the homes selling for more and half for less — fell slightly.

The median price in Virginia was $259,990 in the second quarter, down 2.6 percent from the same period a year ago, according to the report.  The number of sales statewide in the same time period rose 9.9 percent to 31,650.  The median price rose in six of seven regions, including central Virginia, where it ticked up 5.7 percent in the second quarter to $219,000 from a year ago.

Central Virginia is made up of Richmond, the Tri-Cities and 18 surrounding counties. (The Richmond Association of Realtors reported last week that the median sales price was $223,530 for the 16-jurisdiction that makes up its Central Virginia region.)

The number of sales in the region during the quarter rose 13.9 percent from a year ago to 5,336, the Virginia Association of Realtors said. "The strength of these second-quarter results points to sustained improvement in Virginia's residential real estate market," said Deborah Baisden, president of the Virginia Association of Realtors.

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