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Home sales slowed in 2023 and in final month of year
Home sales in Virginia dropped 20% last year, compared with 2022, and were the lowest the market had seen since 2014, according to new data released Tuesday by Virginia Realtors. Across Virginia, 98,464 homes sold in 2023, which is 24,780 fewer than the number of sales in 2022. Nine out of every 10 counties and […]
Arlington taps community planning, housing leader
Samia Byrd has been named to lead Arlington County’s Department of Community Planning, Housing and Development beginning Jan. 3, 2024, the county announced Wednesday. Byrd’s responsibilities will include leading the next generation of land use regulations, plans, development policies and practices, housing, and community and neighborhood planning programs. She succeeds Claude Williamso[...]
Danville considers new rules for short-term rentals
Amid a boom in local short-term residential rentals like Airbnbs, Danville officials are examining ways to regulate the practice. Caesars Entertainment opened its temporary Danville Casino in May, drawing some area visitors. Additional factors driving short-term rentals, speculates Danville City Manager Ken Larking, may include construction on local projects such as the $100 million White [&hellip[...]
Amazon HQ2 impact on housing market short-lived, report says
The June opening of Amazon.com’s $2.5 billion East Coast headquarters in Arlington County only had a short-lived impact on home prices, and it’s hard to pinpoint HQ2’s direct impact due to other factors affecting residential costs, according to a report released this month by Bright MLS Research. When Amazon announced it would bring 25,000 highly-paid […]
Communities must rally to solve housing issues, Barkin says
Homeownership is becoming increasingly unattainable for too many workers, and communities are going to need to make innovative decisions to create more affordable housing if they want to attract talent, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Wednesday during the Virginia Governor’s Housing Conference in Hampton. Barkin said the nation’s housing crunch [&hel[...]
September Va. housing market slowest in over a decade
Virginia’s housing market last month was the slowest September the state has had in more than a decade, according to a Virginia Realtors report released Friday. Virginia home sales in September dropped 21.1% from the same month last year. Home sales totaled 8,023 last month, down 2,149 home sales compared with September 2022. The September […]
August NoVa home price growth outpaces national rate
Home prices grew faster in Northern Virginia than nationally in August, according to a Northern Virginia Association of Realtors report released Monday. The Northern Virginia market also had lower inventory than the nationwide market, but sales declined in both markets. “Despite mortgage rate increases, demand for housing is outstripping available options in our region. Low […]
NoVa home prices increase, Hampton Roads sees inventory boost
Median home prices in Northern Virginia continue to increase, hitting $700,000 in August, an 11.6% percent increase over the previous year, according to the latest report from the Northern Virginia Association of Realtors. At the same time, year-over-year sales declined, decreasing 12.4% from August 2022, but month-over-month sales increased as the summer reaches its end. […]
Virginia Housing CEO to retire
Virginia Housing CEO Susan Dewey will retire Dec. 31, after 24 years heading the Richmond-based authority. “Under Susan’s leadership, Virginia Housing made critical and timely strategic changes over the years to position us for success,” Bill Shelton, chairman of the Virginia Housing Board of Commissioners, said in a statement released Tuesday. “We thank her for […]
Tight housing markets continue in NoVa, Hampton Roads
Home sales in Northern Virginia in June were up 3.6% from the previous month, but still down 16% compared with the same period a year ago, according to a report from the Northern Virginia Association of Realtors released Wednesday. “Many factors” are pointing to the region’s market normalizing when comparing it to five-year trends, the report […]
Arlington residents sue over ‘missing middle’ zoning
Ten Arlington County residents filed a lawsuit against the county in April that claims Arlington’s new “missing middle” zoning ordinance was passed in March without proper notice and violates Virginia law. “Missing middle” refers to the range of options that fall between affordable housing and single-family homes, including duplexes and other higher-density residences. On March [&hel[...]
NoVa housing forecast: sellers’ market to continue
Northern Virginia’s housing market will likely remain a sellers’ market for the rest of 2023, according to a Northern Virginia Association of Realtors market forecast released June 6. NVAR and George Mason University’s Center for Regional Analysis predict a continuing housing inventory shortage and pent-up demand from buyers amid positive economic conditions but mounting risks. [[...]
