The Market Report for Virginia Realtors showed an increase in home sales for the month of May compared to last year. This is the first increase in 8 consecutive months. Prior to this month, sales activity has been flat or declining compared to last year. The increase in May was largely the result of several specific areas experiencing significant growth throughout the state. The area with the most growth throughout all of Virginia compared to last year was right here in the Valley! There were 708 sales in the Valley in May, which is 104 more than last year, equating to an increase of 17%. Hampton Roads and Central Virginia were the other two regions that experienced significant growth.
The median sales price of homes increased approximately 5% throughout the state, rising to 309,900. This is an estimated increase of 15,000. As in the valley, the state’s median price has risen largely due to the low number of active listings. Low inventory levels continues to drive the price of homes upwards and the number of days on the market down. The average days of homes on the market statewide is 47 days, 3 days less than a year ago. Fewer homes were listed at the end of May than a year ago. Roughly 55,090 homes were listed statewide, about 5,800 less than last year, representing a reduction of 10 percent.
Info obtained from: May 2019 Virginia Realtors Home Sales Report.