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Virginia Real Estate Summary
The Virginia real estate market is mixed. Some suburban areas are growing rapidly, while outlying, smaller towns have a stable market. Jobs continue to grow, and the economy is healthy, making Virginia relocations popular. The largest part of the population moving in to the state is military families and people who commute to Washington, DC.
Arlington real estate is hot. The market has many more buyers than sellers, making the demand for affordable housing high. The average sale price of a house in Arlington is $350,000, which is up 5% from the previous year. Houses are only on the market for two to three weeks before one or several offers come in. Houses are getting 100% or more of the asking price if it is in a desirable neighborhood.
Fredericksburg real estate is in a slowing market. The market is even between sellers and buyers and there is an adequate supply of houses in all price ranges. The average sale price of a house is $332,000, but it is on the market for 30 to 60 days before selling. The prices are about equal to last year. Sellers are getting between 92 to 97% of the asking price. | 