The Best Time To Invest In Property In Virginia
The present market trend in Virginia favors the buyers. The market time of properties has also witnessed a major reduction with the better properties being sold under 30 days only. With mortgage interest rates being low for longer periods, it is an excellent time to buy homes or invest in properties in the state. It is also predicted that home sales in the state will rise about 6 – 7 % with property prices rising by about 3 – 4 %. The average selling price of a condo in Virginia is around $235000. Single family houses are even more expensive and range at about $270000. With more than 55% share in Virginia Real Estate, these condos and single family homes are its foundations. However, during recent months, the average sale price has fallen even more to favor the buyer. While sellers still expect around $270000, most buyers end up paying in the vicinity of $250000. The condo market has also seen a fall below the asking price. A typical condo is being sold for about $210000 instead of the asking rate of $235000.
Real Estate Conditions Of Various Areas In Virginia
Leesburg has witnessed the highest increase in the listing price over the past few months. Other major increases have been in Great Falls, McLean, Warrenton and Smithfield. All these areas have seen increases in listing price of more than 7% with Leesburg crossing even the 8.5% mark. On the other hand, Gloucester, King George, Richmond, Toano and Spotsylvania have seen drastic reductions in their listing prices. The most expensive homes in Virginia are found in McLean, Arlington, Vienna and Alexandria. On the other hand, if you want a cheaper home, Richmond, Petersburg and Portsmouth are the places for you. The best place for families in Virginia are Linton Hall, Wyndham, Broadlands and Bristow. Singles mostly prefer the Richmond, Charlottesville, Radford and Blacksburg areas.