According to the October 2017 Home Sales Report released by the Virginia REALTORS®, the residential real estate market is approaching year end with sustained strength. Year-to-date volume (the sum of all sales) for the period January through October rose 8.5 percent over the same period in 2016, from $32.460 billion to $35.226 billion. Year-over-year, transactions in the month of October grew significantly by 7.4 percent, from 9,031 in 2016 to 9,697 in 2017. The boost in sales reflects loosened inventory meeting the high demand that has characterized the market all year. According to the 2018 President of the Virginia REALTORS®, Jay Mitchell, “The boost in October sales is a clear indicator that buyer urgency hasn’t cooled. With rates still low, buyers are eager to move quickly as homes come onto the market. They are closing faster and continuing to pay higher prices than in 2016.”
Statewide median sales price for October 2017 was $269,900, an increase of 2.6 percent from the median price last October ($263,000). The October 2017 volume (the sum of all transactions) was $3.191 billion, rising 9.8 percent over last October’s volume of $2.907 billion. As a multiplier of pace and price, the rise in volume reflects both higher median price and a jump in the number of transactions.
Click here to view the full October 2017 Home Sales Report.