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‘Frenzied’ housing market is normalizing
The residential real estate market frenzy in Virginia may be slowing to more normal conditions, the chief economist with Virginia Realtors said in a new report out this week. For the first time in more than a year, sales activity slowed in September, compared with a year ago. Last month, there were 13,079 home sales […]
Fed says Fifth District economy sees moderate growth
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) saw modest growth in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times per year and is based on anecdotal information gathered from the 12 Federal Reserve […]
Dragas Cos. plans 150-home development in Chesapeake
Virginia Beach-based Dragas Cos. will break ground on a single-family residential development project in Chesapeake in 2022. The project, named Crestfield, will lie on 65 acres off Elbow Road near Centerville Turnpike North. It will have 150 single-family homes of roughly 2,450 to 2,800 square feet each. The houses are expected to sell in the […]
Capital Square buys Chesterfield apartment complex for $86M
Henrico County-based Capital Square 1031 purchased the Livingston Apartment Flats in Chesterfield County from Cosby Village Residences LLC for $86 million earlier this month. Whitson Huffman, Capital Square’s chief strategy and investment officer, noted that Chesterfield’s population grew 11% between 2010 and 2019 and is projected to grow another 12% by 2030, making the area […]
Hampton Roads reports continued seller’s market for homes
The Hampton Roads area was still seeing a tight market for homebuyers in July, according to the Real Estate Information Network Inc.’s latest report on the region. Compared to July 2020, there was a 17.13% decrease in active listings last month, along with higher prices. REIN, using the region’s Multiple Listing Service data, reported there […]
NoVa housing forecast: Still tight for single-family homebuyers
In the Northern Virginia Association of Realtors‘ mid-year forecast released Friday, a panel of real estate experts predict a continued tight market for single-family homes and higher residential prices in the second half of the year, but the market appears to be normalizing from last year’s heights. “This year, the mid-year update is particularly relevant […]
Fed says Fifth District economy growing moderately
[wpdiscuz-feedback id=”z7qx6rb9ba” question=”Why?” opened=”0″]Amid the post-pandemic recovery[/wpdiscuz-feedback], the Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has been seeing moderate economic growth in recent weeks, according to the latest edition of the Federal Reserve’s Beig[...]
Hampton Roads sees small increase in active home listings
The Hampton Roads area saw growth in new home listings, pending sales and settled sales in May 2021 compared to May 2020, the Real Estate Information Network Inc. reported in its monthly update on the region. All new listings (listed three days or less) were up 24.74% year-over-year in May, and settled sales saw a […]
Virginia sees 12% increase in new listings in April
The state saw a 12% increase in new residential real estate listings since March, according to Virginia Realtors‘ April 2021 Home Sales Report released last week. Although it’s typical for new listings to increase between March and April, the organization notes that this year’s gain was larger than in recent years, and new listings were […]
Virginia’s median home price jumps 9.8% over previous year
On April 20, Virginia Realtors reported that the median statewide home sales price for March was $335,000, up 9.8% from a year ago. Outlined in Virginia Realtors‘ March 2021 Home Sales Report, the trade association reports that home prices have been rising quickly since last summer, with year-to-date home prices up in nearly every market […]
NoVa housing market remains hot
Northern Virginia is continuing to see high levels of housing activity, a trend also taking place around the state and around the country. In an April 13 news release, the Northern Virginia Association of Realtors (NVAR) states that March saw a 54% month-over-month increase in new contract activity in the region, with 2,781 new pending […]
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 […]
