March Surge Contributes to Significant Growth in First Quarter Residential Market
Market Summary - First Quarter 2017 Virginia Home Sales Report
The first quarter Virginia residential real estate market jumped notably over prior year performance. With a particularly strong end to the quarter, key metrics outperformed their prior year benchmarks. In particular, the number of sales, value of all transactions, and average length of time on the market illustrated impressive year-over-year gains.
The first quarter of 2017 saw 22,859 residential transactions closed, a 7.8 percent increase over the 21,213 units sold in the first three months of 2016. The value of those transactions was amplified by a higher median price, and totaled $7.287 billion, an increase of 12.2 percent from 2016’s first quarter volume of $6.492 billion. Relative to the first quarter of 2015, volume rose 16.6 percent (from $6.247 billion).
Click here to download the First Quarter 2017 Virginia Home Sales Report.