Written by The Steele Group Sotheby’s International Realty
The housing market in Richmond Virginia has experienced an incredible surge in the past few years. This can be explained by the fact that houses, including Henrico county real estate, are gaining an increased appeal. The Central Virginia Region MLS has compiled figures obtained from groups of Virginia real estate agent. They have concluded that the sale of houses has risen by an average of 9% in 2013 and the sales figure reached 11.4% during this same year. The percentage increase in 2012 was at an average of 8%.
The most popular regions in Virginia consisted of Henrico County, Chesterfield and Richmond. Properties were mostly in demand in these regions. The demand is constantly on the rise and several reasons have been attributed to explain this increase. One of the major reasons is that the state of the real estate market in the region has regained a stability quite quickly compared to the other regions. This stability was certainly most welcomed after the decline in the supply of houses in the market. Homeowners have now regained their trust in the value of their properties and are more open to selling.
Throughout the state of Virginia, 2013 has been a positive year in terms of real estate. The same could be said for 2014 and speculations are abound that 2015 will benefit from the same steady recovery. The region has also on the overall seen a decline in the number of distressed properties on the market. This is yet another positive sign to show that the recovery is now a reality.