Written by The Steele Group Sotheby’s International Realty
The state of the housing market in Richmond Virginia has been subject to quite a surge in the last few years. Houses are gaining an accrued appeal. As per the figures compiled by the Central Virginia Region MLS, the sales of house units has risen by around 9% on average in 2013, the total sales figure was around 11.4% in the same year. A surge experienced in 2012 was at 8%.
Regions that experienced the most demands in the state of Virginia comprised of Richmond, Henrico County and Chesterfield. The demand for home Richmond Virginia is on the rise and various reasons have been associated to this increase. The main reason being that the inventory in the real estate market is facing a stable situation. This stability has come after sellers had witnessed drops in the supply of houses for sale. Homeowners have also started trusting the value and equity of their residential properties, making them more open to selling.
Across the state of Virginia, in 2013, for the third year in the row, the real estate market has experienced a positive year. This recovery and consequent steady growth have brought back sellers’ and buyers’ trust in the regional housing market. Yet another positive sign in the market is that the sales figures have not experienced a plateau. This shows steady growth and recovery that is bound to be felt for several years to come. Overall, the region has also seen a decline in distressed properties.