Virginia Real Estate

By: Tom Beaty

Virginia real estate is some of the finest in the country and it is reasonably priced. There are a number of cities with historic significance and even entire historical towns, which are run exactly as they were when they were founded or during the colonial period.

Arlington, Virginia is one area of Virginia real estate that if you are going to buy you needs to be ready to move. The closest metro area is Washington D.C. making this a popular spot for people who work or who are associated with anything happening in the Nation's capital. Homes are selling in as little as fourteen days after listing with more buyers than sellers on the market and an extremely tight inventory. The average home is selling for $350,000 on an increasing market trend, which is not bad for being so close to Washington D.C. The prices are up five percent from last year's numbers. There are multiple offers on homes so competition can be fierce and first time buyers and move up buyers are sowing the most activity. Sellers are receiving somewhere around ninety-nine percent of the asking price of their home and good economic news is helping to drive the market.

If you do not need to be near the nation's capital consider Virginia Beach North. This area of Virginia real estate also has more buyers than sellers; however, homes are sitting on the market for 60-90 days with an increasing market trend and a good supply of homes, unlike Arlington. Homes are going for around $325,000, which is up 0-5% from last years numbers. First time buyers are leading the market with job growth driving it. Sellers are receiving 95-100% of their asking price with no multiple offers.

Another option for Virginia real estate is South Virginia Beach. This area is located near Norfolk. There are more sellers than buyers in this real estate market, the market trend shows no change and homes are sitting on the market for 60-90 days. There is a good solid supply of homes in all price ranges and prices are down 5-10% with the average price now sitting at $225,000 dollars. Sellers are receiving 90-95% of their asking price with no multiple offers and single-family homes are showing the greatest amount of activity. Population growth due to the naval installations provides a solid base for this market.

Newport News or Norfolk Virginia real estate is seeing an increase in activity with more buyers than sellers. Homes are selling with a month of being listed and the inventory is very tight. Prices are up 10-15% with the average home pricing being around $150,000. There are multiple offers and sellers are receiving more than 100% of their asking price. Move up buyers are showing the greatest activity. This area has highly affordable housing and a strong demand that is exceeding the available supply. This spells good news for the seller and a competitive race for the buyers. This area is close to the Norfolk navel base so may people in this area may work either as military or civilian. This helps to keep the market steady but can provide issues with supply and demand.

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