Home Sales Clear $10 Billion in Virginia for Second Quarter: Association of Realtors Reports

Virginia’s residential real estate market enjoyed its strongest second quarter in more than five years with sales volume reaching nearly $10.6 billion, an 11 percent increase from last year’s second quarter sales volume of $9.5 billion.

These figures are from the Second Quarter 2015 Home Sales Report released by Virginia Association of REALTORS® (VAR).

“This data showcases the hard work and entrepreneurial spirit of our 30,000 REALTORS® who are helping to drive the economic engine of the Commonwealth one transaction at a time,” VAR President Deborah Baisden told NBC 29 in Charlottesville. “The strength of these second quarter results points to sustained improvement in Virginia’s residential real estate market.”

The Second Quarter Report explained that median sales prices increased throughout most of the state, but that the spike in sales volume was more directly linked to the number of sales.

Median sales price also increased year-over-year through most of the state,” read the report. “Only the Hampton Roads/Chesapeake Bay region experienced a decrease in median price. Virginia, as a whole, experienced a 2.6% decrease in median sales price year-over-year. ...

“... Sales volume increased primarily due to increased sales, since increases in sales were much more significant than increases in price throughout the state.”

There were 17 percent more home sales in the first six months 2015 than in 2014 with more than 12,000 sales throughout the state so far this year. Second-quarter home sales increased in all price brands except the $0-100,000 range from 2014 second-quarter totals.

The Virginia Home Sales Report is published by the Virginia Association of REALTORS®. Current and past reports are available through the organization’s website.