We are all taught that real estate is local but its always good to see how the other areas of your state are faring in the market.
If 2011 was a year of transition for Virginia home sales, 2012 was a year of strength in the residential housing market. Nearly every month during 2012 the residential home sales market experienced higher sales levels as compared to the same month during 2011. Many of these buyers committed to a home purchase because of increasing job stability and certainty, others purchased because of the historically low interest rates, and still others sensed that the bottom of the housing market had arrived, or even passed them by. While each of Virginia’s home buyers during 2012 may have purchased for their own individual reasons, collectively they helped surpass 2010 and 2011 home sales.
The Virginia Association of Realtors just released their annual report for 2012. The “Pieces of Home 2012 Housing Market Report” says Virginia saw an 8 percent growth year-over-year in home sales in 2012.
However, some regions fared better than others. According to VAR, the Central Virginia and Northern Virginia regions led the way with 11% and 9% growth respectively, though the Central Shenandoah Valley (+8%) and Roanoke / Lynchburg / Blacksburg (+7%) weren’t far behind.
Another highlight from the report is that Virginia’s median sales price increased 7 percent year-over-year, to $240,000. Home prices were higher than that in Northern Virginia. The report includes housing data, trends and comparisons, and articles by real estate experts from across the commonwealth.
Pieces of Home is a comprehensive housing market report including market data, trends and comparisons, articles by real estate experts from across the Commonwealth as well as an article from Governor Bob McDonnell on how Virginia has remained on top.
• Is it a buyers market or sellers market?
• Which Virginia region saw the greatest increase in home sales in 2012?
• Are foreclosures still lingering heavy in Virginia?
• How does the state compare to the US?
• How are mortgage lenders preparing for the new regulations?
• What do recent studies show regarding home pricing?