Virginia Real Estate Update
Although Virginia has followed the rest of the nations trends during these times of economic struggle due to the current recession, many real estate experts believe that the Virginia area real estate has hope for the future and is starting to rebound.
The Virginia Association of Realtors has reported a number of things that offer hope that Virginia real estate is poised to make a recovery in the near future. Although Virginia has suffered from a substantial amount of job losses, the rate of job losses in the state is beginning to slow, with rates being slightly better than that of neighboring states. With job security becoming less of a concern, many home buyers in Virginia will be more confident in choosing now to be the time to invest in a new home. According to the Virginia Association of Realtors, a recent study by Myers Research showed that Virginian consumer confidence for investing in a home in the current real estate market is significantly higher than that of other states, meaning that there are much more prospective home-buyers searching the market for the right house. Median home prices are also beginning to rise, even in Virginian cities such as Fredericksburg, Blue Ridge, and Lexington, which were hit hardest by foreclosures and the recession of 2008. Some localities reported median price increases by as much as 32 percent in the past months. The statewide median sales prices has increase by almost 18 percent from the fourth quarter of 2008.
House Hunt has also reported a positive outlook on the real estate in the Virginia area and individual cities within Virginia. Although Richmond is still experiencing problems in its real estate market, many experts believe that the Richmond area real estate is improving after hitting the bottom in the past months. The average home price is $275,000, which is down about 5.0% from the previous year. The East End of Henrico and the Tri-Cities area are currently experience the most significant growth in the real estate market.