The number of residential home sales in Virginia declined slightly in October from the same month a year ago, but the median price for those homes — with half selling for more and half for less — rose from a year ago, according to a report released Tuesday by the Virginia Association of Realtors.
A total of 8,789 houses were sold in the state in October, down 0.9 percent from a year ago. The median price was $262,500, up 5 percent from a year ago.
The market is still recovering from inventory constraints, so buyers are moving quickly on available properties and taking advantage of low interest rates, Forcier-Rowe said.
“It’s a great time to enter the market, as financing remains so accessible, and it’s a great time to consider listing, as sellers can anticipate that prices will be buoyed by buyer eagerness.”
The median price typically falls from June through December, so this year-over-year increase indicates sustained strength in the market, according to the report.
The October sales volume — the total sum of each home sale price in Virginia — rose 1 percent from the previous-year benchmark, from $2.787 billion to $2.815 billion. The increase in volume was attributed to the rise in median price, since the pace of sales fell, according to the report.
The average number of days on the market was 65, down from 78 days in October 2015.