As we look forawrd to a great 2016, we took some time to look back and review the housing market of 2015. Our business here at Base Camp Realty saw a lot of success and growth, which was indicative of the overall success of the Real Estate market in Central VA. In terms of activity, 2015 far outpaced 2014 in single family sales. All jurisdictions saw more single family sales in 2015 than 2014, and most saw an increase in the average sales price as well.
We are about to break down some of the most important stats regarding the market, so lets start with Central Virginia as a whole. The following are just single family resale homes.
Over 15,00 homes were sold in Central Virginia last year, outpacing 2014 by 13%. In Chesterfield County alone, over 7,000 homes were sold, a 14% increase from 2014.
Average List Price
The average list price for single family homes in 2015 was $293,486, a 9% increase from last year.
Average Sale Price
Single Family homes in Central Virgnia had an average sales price of $256,334, a 6% increase from last year. In Chesterfield county alone, the average sales price was $257,623, a 5% increase from 2014.
Average Days on Market
The average days on the market stayed relatively unchanged from last year in Central Virginia, with 63 days.
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So where do we go from here? The NAR recently released their outlook for 2016 and it looks like we will continue to keep a level pace compared to 2015. Some of the factors that will affect this is that it is an election year, the job market itself has taken a beating because of global weakness, and rising interest rates. With that being said, affordability may be an issue, and the Spring will be the best time to get more bang for your buck.
Interested in buying or selling? Make sure to contact one of our professional Realtors who will get you into your next home smoothly and quickly.
