According to the Second Quarter Home Sales Report released by the Virginia REALTORS®, the residential real estate market continued its rise over prior year benchmarks. The second quarter of 2017 saw 37,201 residential transactions closed, a 5.3 percent increase over the 35,317 units sold in the second quarter of 2016. The value of those transactions was magnified by a rising median price, and totaled $13.091 billion, an increase of 9.2 percent from 2016’s second quarter volume of $11.986 billion. Relative to the second quarter of 2015, volume rose 20.2 percent (from $10.970 billion). The average number of days on the market dropped from prior year benchmarks to an average of 54 for the 2017 second quarter, 14.3 percent lower than last year’s second quarter average (63 days). Each month of the year so far has outperformed its 2016 benchmark.
Read the full report here.