The national economy and real estate market did well last year (and you can read the US market recap on our previous blog post).
In Virginia, the real estate market tends to follow national patterns in the number of home sales and in the median sales value, though Virginia’s overall sales values tend to be higher than the US average.
But let’s see how the local market actually fared in 2015, and what these real estate trends mean for 2016.
2015 Virginia Real Estate Market Trends
The latest market report from the Virginia Association of Realtors showed that the real estate market did well in 2015. The top seasonal trends were the increasing number of home sales, stable home values, and steady long-term growth in residential real estate.
The Virginia real estate market was busier than in 2014, with quarterly sales of single-family homes, townhomes, and condos increasing from the same time a year before. Specifically, real estate sales in the fourth quarter have increased year-to-year since 2012.
Home Values were Steady
This same report also showed that the median sales prices for single-family homes, townhomes, and condos in the Virginia area, including the countryside, did not change overall from fourth quarter of 2014 to fourth quarter of 2015, meaning that home values remain stable.
The days on the market statistics have been slowly dropping year-over-year, and the fourth quarter of 2015 saw a decrease from 81 days on the market to 78 days on the market — about a 3.7% decrease.
Good News for Home Sellers in 2016
With such great news coming out of 2015, we can see these trends continuing into 2016, and home sellers may experience a quicker sale on their property.
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