Richmond VA Real Estate Market Trends

Read articles about real estate in Richmond, VA. Get up-to-date reports on real estate market trends and home sales in Midlothian and metro Richmond Virginia.

There are currently 6 blog entries related to this category.

BY ANNEMARIE HENSLEY

It’s hard to believe that 2013 is half over! The first six months of the year have been a whirlwind for Team Hensley Real Estate, real estate sales in Midlothian and even beyond, into the Greater Richmond region.

According to the Richmond Association of Realtors and the Virginia Association of Realtors, home sales and prices rose in Central Virginia and across the Commonwealth in the first quarter and are on pace to continue on an upward trajectory for the second quarter as well.

And this just in from the Weekly Economic Update by Chmura Economics & Analytics: “Offering more evidence of a housing market rebound, the Case-Shiller 20-city index posted a 10.9% year-over-year increase in March and pending home sales rose to a

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A recent article in the Richmond Times-Dispatch puts some numbers to what Team Hensley has been reporting for the last few Midlothian Real Estatemonths; the real estate market in Richmond VA is coming back to normal levels of activity.  The Richmond Times-Dispatch reports that the number of homes sold in the third quarter rose 16 percent compared to the same period last year.  

Team Hensley has observed that the total volume has indeed increased, but there are still some important qualifications to the improvement.  The increase in sales volumes is still inconsistent and is driven by sporadic activity.  There are definitely more buyers and sellers in the market, but there also seem to be a number of potential participants that are still sitting on the sidelines.  

For

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Barring any significant shifts in the trends (distinct possibility), the prices of homes are going to start rising over the next year or two.  This rise in home values will bring millions of homeowners that have been "underwater" with the low value of their homes, back to the surface and put them back into the black.  Not only does that mean that there will likely be more activity in the market, but once those sellers are able to get out from under their overpriced homes they will be in the market as buyers themselves, which will further accelerate the market activity.  If you are considering a purchase, consider that in the near future the market may get noticeably more crowded.  An article from Inman News highlights the situation

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In a recent article in The Economist magazine, the author points to compelling data that shows that many of the houses that have come on the market when owners could not make their mortgage payments are being picked up by savvy investors that are realizing that those same previous owners are now making good tenants.  During the recent recession many owners found themselves unable to make the payments on the houses that they purchased.  Compounding the problem is that many of those houses were purchased at very high prices.

The flood of foreclosed houses, short sales, or just families that are "up-side-down" in their houses is widely recognized, but it is recently that investors are beginning to realize that by buying those same houses at, in some cases,

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The news about Richmond's Real Estate Recovery is becoming more consistent with positive signs making regular appearances. This article (below) cites some new recent figures that show that the combination of a stable economy, low financing costs, and a significantly reduced inventory are working to bring a healthy Real Estate market back to the Richmond area.

2nd Quarter Report: Home Sales Reach Highest Volume Since 2007

Richmond, VA – According to a market analysis conducted by George Mason University on behalf of the Central Virginia Regional Multiple Listing Service, the continued job growth and unemployment decline in the Central Virginia region, coupled with a draw down in the area’s distressed property inventory, has catalyzed home sales in

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From the National Association of Realtors:

Existing-Home Sales Constrained by Tight Supply in May, Prices Continue to Gain

WASHINGTON (June 21, 2012) - Limited supplies of housing inventory held back existing-home sales in May, but sales maintained a strong lead over year-ago levels and home prices are on a sustained uptrend in all regions, according to the National Association of Realtors®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.5 percent to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April, but are 9.6 percent above the 4.15 million-unit pace in May 2011.

Lawrence Yun, NAR chief economist, said inventory shortages

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