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Va. housing market broke records in 2021
Last year Virginia’s housing market was one for the record books, according to a new report released Jan. 21 by Virginia Realtors. In 2021, there were 154,340 home sales statewide, a 10.2% increase over 2020, according to the industry association. The median sales price was $350,000, a $30,000 jump, or 9.4% increase, from the previous […]
NoVa’s 2021 home sales surpassed 2020 total
In Northern Virginia, nearly 27,000 homes were sold in 2021, an increase of 17% over 2020’s total and the highest number of sales since 2005, the Northern Virginia Association of Realtors reported this week. “For the year, the NVAR footprint total sales volume was up by more than 23%, reaching almost $19 billion. This is […]
Hampton Roads home sales steady at end of 2021
The number of listings in the Hampton Roads real estate market dropped significantly, sales increased, and inventory dropped to a new low in December 2021, Real Estate Information Network Inc. reported. Last month, there were 2,821 active listings, down 26% year-over-year when compared to active listings in December 2020. But the number of properties that […]
Fifth District economy has moderate growth, Fed says
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) saw modest growth but was constrained by supply issues and labor shortages, 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 [&hellip[...]
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 […]
Hot property
Richmond real estate developer Andrew Basham’s company, Spy Rock Real Estate, owns so many properties within Scott’s Addition that local business owners jokingly refer to the neighborhood as “Andrew’s Addition.” As the area has become Richmond’s hottest neighborhood — literally and figuratively — Basham and his business partners at Spy Rock appear to have been [&h[...]
New luxury apartments coming to downtown Norfolk
With $56.2 million in financing in place, Marathon Development Group’s Frank “Buddy” Gadams is ready to start work on “Gravity 400 Apartments,” in downtown Norfolk, Berkadia Commercial Mortgage LLC and Breeden Construction announced. Located at 400 Waterside Drive, the 273-unit high-rise apartment tower will be have studio, one-, two-, and three-bedroom floor plans, in a [&he[...]
Reston’s Stanley Martin Homes breaks ground for RVA condos
Reston-based Stanley Martin Homes broke ground on a new downtown Richmond neighborhood, Carver Square, last month. Located in the city’s Carver neighborhood near Virginia Commonwealth University’s Siegel Center and across from Maggie Walker Governor’s School, Carver Square will feature 90 two-over-two-style garage condominiums on two acres at the corner of Moore and Lombary stree[...]
‘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 […]
