Virginia Home Sales Report
According to the Virginia REALTORS February 2018 Home Sales Report, the performance of the February residential real estate market continues to march forward as we head into the spring selling season. February 2018 volume (the sum of all sales) has risen 1.9 percent over the same period in 2017, from $2.149 billion in February 2017 to $2.190 billion in February 2018. Typical of industry seasonality, volume rose from the prior month by 1.9 percent (from $2.149 billion in January 2017).
Also in accordance with historical trends, the number of transactions in February increased month-over-month by 4.2 percent (from 6,570 to 6,847). Year-over-year, though, sales in February rose 1.4 percent from their 2017 benchmark (6,751).
Statewide median sales price for February 2018 was $265,000, an increase of 1.5 percent relative to last February ($261,000). Illustrating the continued trend of high demand, median price increased $2,000 from January to February (from $263,000). In addition to elevated median price, a year-over-year decline in median days on the illustrates continued buyer motivation. The median number of days on the market declined 14.5 percent year-over year, from 55 to 47 days.
The average 30-year fixed mortgage interest rate for February increased to 4.33 percent. Despite rate increases, financing remains historically affordable and,
coupled with high consumer confidence, continues to encourage market entry.