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Spring sales boost Virginia residential real estate market

Virginia’s residential real estate market recorded booming spring sales, according to the April 2016 Home Sales Report released by the Virginia Association of Realtors.

Bolstering market strength and economic impact, the number of sales, value of transactions, and median price rose markedly from this period last year, the report said. In April 2016, there were 9,945 sales recorded for a total volume of $3.23 billion. The value of transactions for this April was nearly 10 percent higher than the same month last year, and more than 18 percent higher than in April 2014 ($2.95 and $2.73 billion, respectively). Year-to-date, Virginia residential sales have totaled more than $9.61 billion.

“Virginia’s residential sales market is roaring with the start of spring,” according to 2016 VAR president Bill White. “Sellers are well positioned to capitalize on increasing demand, while buyers are able to take advantage of sustained low interest rates. We are seeing a bo...

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