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Virginia Realtors has a new CEO
Rick Lugg is Virginia Realtors‘ new CEO, effective immediately, the trade organization announced Friday. The association’s longtime chief financial officer and chief operating officer, Lugg replaces Terrie Suit, who retired last fall. Martin K. Johnson, Virginia Realtors‘ chief external affairs officer, served as interim CEO. Glen Allen-based Virginia Realtors represents nearly 3[...]
Top Five May 2024
The top five most-read daily news stories on VirginiaBusiness.com from March 13 to April 12 were led by news that Altria would sell a large portion of its stake in Anheuser-Busch InBev. 1 | Altria plans to sell 35 million Anheuser-Busch InBev shares The Henrico County-based Fortune 500 tobacco manufacturer holds about 197 […]
Va. real estate industry weighs in on $418M Realtors settlement
UPDATED MARCH 21, 2 P.M. A landmark, $418 million proposed court settlement from the National Association of Realtors over allegations of a conspiracy to boost agent commissions could have seismic implications for the residential real estate industry, with some national experts going so far as to call it one of the biggest changes to the […]
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 […]
Mortgage rates above 7% shock volatile housing market
Charlottesville Realtor Denise Ramey has a client who put in multiple bids for houses over the summer, when the market was booming, but they were all turned down. Now, with mortgage rates topping 7% for the first time in more than 20 years, he’s not sure if he will buy a house at all — […]
Homes inventory declined sharply last month in Va.
Virginia’s inventory of homes continues to decline, but buyer demand remains high, according to a report released Tuesday by Virginia Realtors. At the end of November, there were 16,242 active listings across the commonwealth, nearly 25% fewer than the same time last year. The rate of decline in homes on the market slowed down over […]
Home sales, price growth to slow in 2022 after rapid 2021 rises
Virginia home sales in 2022 will be down by about a tenth of a percent compared to 2021 sales, according to a forecast report released Friday by Virginia Realtors. In 2021, the report projects a total of about 148,600 home sales in Virginia, up 6.2% from 2020. “While home sales activity in 2021 will surpass […]
Virginia sees major housing inventory shortage
Across Virginia and the nation, real estate experts are singing the same tune: We’re facing a major housing inventory shortage that shows no signs of letting up soon. “Inventory is down about 44% compared to a year ago and it’s about a third of what it was five years ago,” says Lisa Sturtevant, chief economist […]
Homes sell above listing price in Virginia
In its February 2021 Home Sales Report, Virginia Realtors says that homes in Virginia sold above their asking price on average, sales have quickened, and housing inventory has continued to shrink last month. For several months, strong demand, limited inventory and historically low mortgage rates have driven price growth in Virginia. In February, the median […]
Hampton Roads Realtors Association installs new chairman
Berkshire Hathaway HomeServices Towne Realty announced last week that Tanya Monroe, the managing broker of its Chesapeake sales office, has been installed as Hampton Roads Realtors Association’s (HRRA) chairman for 2021. With 20 years of experience in the real estate industry, Monroe has experience as an agent and as president of the Tidewater Association of […]
Va. home prices, sales up during October
Home prices in Virginia continued to surge during October due to high demand, low inventory and mortgage rates, according to a report released by Virginia Realtors on Tuesday. Northern Virginia, Central Virginia and Hampton Roads saw median home prices rise by 15% when compared with the same time last year. The median statewide home sales […]
Hampton Roads Realtor receives lifetime achievement award
The Hampton Roads Realtors Association presented Berkshire Hathaway HomeServices Towne Realty Chairman and CEO Barbara Wolcott with its 2019 HRRA Lifetime Achievement Award, the company announced Monday. The award is given to tenured HRRA association members who have made a recognizable and identifiable difference in multiple facets of the real estate industry. An association member […]
