Virginia’s Housing Sector: A Seller’s Market in 2017

Row of houses

Central Virginia’s housing sector in 2017 favored sellers more than buyers, following higher home prices for the seventh year in a row, according to the Central Virginia Regional Multiple Listing Service’s report.

Home sales in the region’s 16 localities also rose during the previous year, which meant the demand for properties remained high as supply fell short. The strong demand for homes causes an uptick in prices, whilst a tight inventory allows property owners to sell their homes to the highest bidders.

Huge Price Growth

If you own a house in Richmond, the median price for a house in the area in 2017 rose 6.7% to more than $245,000, based on the report. Richmond Association of Realtors CEO Laura Lafayette said that the previous year proved to be an “incredibly strong year” for the city’s housing market.

Lafayette expects this growth trend to continue in 2018 due to a low unemployment rate and high consumer sentiment. Therefore, property agents and sellers will find it easier to market their properties and find buyers who are willing to pay a premium. Around 32% of homes in Richmond changed possession for at least $300,000 last year, which was 29% higher than the amount in 2016.

Other Markets

In Northern Virginia, home sales increased to a record figure since 2005 after rising 6.9% in 2017, according to the Northern Virginia Association of Realtors. This should encourage more people to consider listing their properties on the market.

Those that want to sell their houses for a larger price may increase their chances of doing so by making some improvements or upgrades. These include siding replacement in Fairfax and any other locations. Hiring local service providers will likewise be a good way to support local businesses.

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The housing market in Virginia may continue to be a seller’s market in 2018, given the strong growth in sales and prices in the previous year.