Since the recession in 2008, real estate throughout the country has been struggling to recover and return to its old numbers. In 2015, Virginia’s real estate market has been experiencing the strongest numbers since that recession. During the second quarter of the year, sales volume reached nearly $10.6 billion which is about an 11% increase from the second quarter in 2014 for the state. “The strength of these second quarter results points to sustained improvement in Virginia’s residential real estate market,” says Virginia Association of Realtors President Deborah Baisden.
In addition to sales improving an impressive percentage from last year, interest rates are at “historic lows” where buyers are able to capitalize on lower mortgage rates. The only price range where the second quarter home sales did not increase was the lowest range of $0-$100K. These numbers could mean that there is low market inventory in this category and/or higher financial barrier to buyers in this market segment. The fact that the higher price ranges of $100K-$200K and $200K-$300K increased from the first quarter is a small contributing factor in the positive outlook of the market. Mainly, the second quarter boost for this year is due to the May to June sales increase of a whopping 21%. Overall, April, May and June’s numbers surpassed those of the same months in 2014.
In 2015 alone, the length of time on the market had a substantial decrease from the 1st quarter into the 2nd quarter. During the same period from last year to this year, the number of days on the market decreased by 6.8% — on trend with national numbers during the quickened pace of the season. The improvement in Virginia’s real estate market is positive for buyers and sellers alike, and shows the overall strength of the market. If you are thinking about buying a new home in Virginia, visit One Loudoun today! Miller & Smith and Camberley Homes only have 10 homes remaining and they won’t be here long! For more information about the remaining new homes for sale at One Loudoun, visit the Single Family Homes page on our website.