REALTORS® are the Resource

Graphs Trends Businessman

2014 Year End Housing Market Report Signals Momentum into 2015

By on January 22, 2015

Graphs Trends BusinessmanAccording to a 2014 annual and fourth quarter housing market report released today by the Central Virginia Regional MLS, regional home sales activity for the year grew 2.6 percent from 2013, fueled largely by job growth twice the long-term annual average and economic recovery to levels higher than before the recession.

Sales in the region increased during the fourth quarter by 6 percent over the fourth quarter of 2013, the sharpest gain of the year. Sales in the fourth quarter of 2014 were higher than those in the fourth quarter of 2013 for ten out of sixteen jurisdictions, pointing to a strengthened market.

Home prices in the region climbed for the third year in a row, reflecting strong buyer demand and continued low active inventory. The 2014 annual median sales price in the Central Virginia market was $208,825, up 5.5 percent from 2013, with a gain of over $10,000. Home sales prices increased steadily throughout the year, rising all four quarters over 2013.

Price points within the region’s housing market continue to shift higher. Two percent more homes sold for $300,000 or more in the region over the previous year and 4 percent fewer homes sold for under $200,000. The Richmond Metro area market had its sharpest price gain of the year in the fourth quarter, with the average sales price climbing to $253,346, a 9 percent jump from last year. The average sales price in the City of Richmond increased 25 percent from the same quarter last year, with a notable gain of nearly $50,000.

Pending sales in the fourth quarter of 2013 were up 3 percent from the same quarter in 2013.

The number of active listings continued to stabilize in 2014. There was minimal growth in the number of listings; but the sharp declines experienced over the past few years have not been reoccurring, indicating that sellers are becoming increasingly confident in the market. The Richmond Metro Area market has seen the most consistent active listing gains in the region, increasing 3 out of 4 quarters in 2014 relative to 2013. Chesterfield County had an increase in active listings throughout 2014.

“The sales performance of 2014 and current economic indices bode well for 2015,” said John S. Finn, Jr., President of the Richmond Association of REALTORS® and Central Virginia Regional MLS.

“Buyer demand should remain strong this year, and it is predicted that interest rates will remain low into 2015 before gradually rising, providing a strong incentive for homebuyers on the fence to move forward now,” he added. “The stabilization of inventory indicates that sellers have gained confidence, seeing home prices in the region increase for three years in a row. There are strong incentives for both buying and selling in the current climate, and we anticipate a productive year.”

App-Featured-Photo

New Home Search App Launched by the Central Virginia Regional MLS

By on June 19, 2013

Central Virginia Regional Multiple Listing Service is proud to announce the launch of the RVA Homes app. RVA Homes provides the most accurate, on-the-go access for REALTORS® and consumers to search homes, explore real-time listing details, view photos, conduct location-based

Blueprint Table

REALTOR® Faye Hager’s 7-Year Hostel Project in Progress

By on January 7, 2015

Richmond REALTOR® Faye Hager watched her dream and 7-year campaign spring to life this September, as local construction company J.W. Enochs broke ground on Richmond’s first hostel. “I felt like I got married. I was on a high,” Hager said.

This is Richmond

The Valentine Revamped

By on January 5, 2015

After a multi-million dollar, year-long series of renovations, the museum that tells Richmond’s many stories has unveiled its fresh new spaces to the public. Along with the freshly renovated spaces will be fresh new exhibits and programming in the coming

Richmond Aerial (1)

Quirk Hotel & Other Developments to Spur Tourism in Richmond

By on December 30, 2014

At 201 W. Broad Street, an Italian renaissance revival style mid-rise building—which was built in 1916 for the J.B. Mosby and Co. Dry Goods Store—is in the midst of transformation into a stylish, modern boutique hotel, intended to immerse visitors

Money

First Time Homebuyer Savings Plan – FAQs

By on December 1, 2014

Below is a list of Frequently asked questions regarding Virginia’s new First Time Homebuyer Savings Plan. These FAQs were compiled by the Virginia Association of REALTORS®. What kinds of accounts can be FHSPs? Almost any account you have with a financial

Third Quarter Housing Market Report Indicates Resumed Sales Growth and Healthy Demand

By on October 22, 2014

Richmond, Va. – According to a third quarter 2014 housing market report just released by the Central Virginia Regional MLS, sales growth has resumed in the region after a flat second quarter this year. The region as a whole had a

prject-homes

Are You Getting a Cold Chill Waiting for those Winter Heating Bills?

By on October 17, 2014

Get a healthy and efficient home energy evaluation! The nonprofit organization project:HOMES , a participating contractor in Dominion Virginia Power’s energy conservation programs, is now offering a Home Energy Check-Up for only $25*! The Home Energy Check-Up gives single family

The Housing Interpreter Cover

Read & Share the Latest Edition of The Housing Interpreter – Digital Magazine

By on September 26, 2014

The latest edition of The Housing Interpreter is now available at WeAreTheR.com.  Both The Housing Interpreter and WeAreTheR.com provide a wealth of information about buying and selling homes, the value of using a REALTOR®, and housing related news and stories from

CRS

Central Virginia REALTORS® Help Clear the Clutter for a Cause

By on September 10, 2014

Each year, the Central Virginia Certified Residential Specialist (CRS) Chapter, (a non-profit organization recognizing REALTORS® for their professional accomplishments in both experience and education), selects a local charity to get involved with and support. This year, they have teamed up

480638689

Ready to Buy? Here are Some Quick Tips to Get Started.

By on September 1, 2014

Find a REALTOR® to be your trusted advisor, navigator, and supporter through this experience. A REALTOR® has a wealth of knowledge and experience that will simplify each step of this complex transaction; from helping obtain mortgage prequalification and identifying listings