The Virginia Association of REALTORS® released its 2014 Fourth Quarter Housing Report stating that the Virginia real estate market finished 2014 on the upswing.
“This was a great way to finish 2014,” said Deborah Baisden, president of the Virginia Association of REALTORS®. She added, “Year over year, the Virginia real estate market performed well in the fourth quarter; home sales increased substantially in December, with 2.3% more sales and a 4.9% increase in volume (dollar value) over the fourth quarter of 2013.”
- The number of sales increased year-over-year in every region of Virginia except for Northern Virginia, where sales decreased 2%. The change in number of sales in Virginia has tracked the trajectory of sales in the United States as whole consistently throughout the year.
- The median sales price in Virginia increased 2.4% over the past year to $255,000. The median sales price for the United States as a whole has decreased steadily since June. In the fourth quarter of 2014, the price decreased marginally from the third to fourth quarter of 2014, exhibiting the typical seasonal trend.
Looking at the longer-term trend, the median sales price has increased by 13.7% over 2011-Q4. Given the real estate market performance over the previous two quarters, we may even see an increase in median price in the first quarter of this year.
The Virginia Quarterly Housing Report is published by the Virginia Association of REALTORS® with analysis provided by the Virginia Center for Housing Research at Virginia Tech. To review the entire report you may visit VAR Q4 Housing Report.