1st quarter 2015 real estate market report for virginia and hampton roads rose and womble realty

Home Sales Have Increased Across Virginia and Hampton Roads

According to an article in the Daily Press, 2015 first quarter home sales across Virginia have increased over first quarter home sales in 2014 in many metrics.

  • REALTORS® across Virginia sold over 19,200 houses in the first quarter of 2015.
  • This was an increase of 6.3% over sales in the first quarter of 2014.
  • Over $5 billion dollars in sales were reported for the first quarter of 2015, according to Virginia Association of REALTORS® – this is not all real estate transactions as not all real estate agents are REALTORS®. These numbers only include transactions where a REALTOR® was used.

According to Virginia Tech’s Virginia Center of Housing, the sales volume of 2015’s first quarter was nearly $1 Billion higher than sales in the same time period of 2012, and half billion in higher sales than the previous period in 2013.  2013 was considered by many real estate experts to have been an excellent year in real estate – and if the trend continues for 2015 we should see a banner real estate year.

Here in Hampton Roads, we are outperforming the state average.

  • Over 4,800 homes were sold in Hampton Roads during the first quarter of 2015.
  • This was 11.4% higher than the sales reported for the first quarter in 2014.
  • On the Southside, the cities of Suffolk and Chesapeake showed the most growth in sales. On the Peninsula, the areas of York and James City Counties were growing the fastest.

Home prices are also on the rise. The median sales price in Hampton Roads during the first quarter of 2015 was $202,000 – this was up 5% over the same time period in 2014.

Hampton Roads and Virginia First Quarter Real Estate Infographic Rose & Womble Realty Company
The First Quarter of 2015 shows signs of a strong real estate market throughout virginia and hampton roads.