In Virginia, All Real Estate Is Local


In Virginia, All Real Estate Is Local
By Scott Rogers • January 28, 2008
Last week, the Virginia Association of Realtors released the 2007 Year-End Market Report, which creates a context for year end market data throughout the state of Virginia. Along with providing insight and analysis into the many local, state and national issues that affected this Virginia's real estate market this year, the report also points out that market conditions vary considerably in different areas of the state. For example, of the 23 local markets for which data was available, only two markets showed an increase in the number of homes sold in 2007 (versus 2006). The other 21 local markets all showed a decline in sales as compared to 2006. Overall, the state of Virginia showed an 18.46% decrease in homes sold, but there were quite a few outliers: Dulles Area (+ 9.61%) Southwest Virginia (+ 1.44%) Eastern Shore (- 46.68%) Prince William (-30.46%) Northern Neck (- 29.74%) However, despite the decrease in number of real estate transfers this past year, sales prices remained relatively flat as compared to 2006. Median Prices were up 1.2 percent in 2007, and average prices were down 3.1 percent. Overall, the report is hopeful . . . "Virginia faces stronger market fundamentals than many other states, with a relatively strong economy and a housing market with a relatively small share of investors." "We expect that markets in Virginia that have strong job growth and low unemployment rates—which includes most of the metropolitan areas throughout the state—will see increases in the demand for housing in 2008 and prices will begin to rise." In April, we will see more great analysis and insights from the George Mason University School of Public Policy, whose staff will be continuing to provide these reports for each quarter of 2008. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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