According to the Virginia Association of REALTORS® January 2016 Home Sales Report, Virginia residential real estate sales in the first month of the year reflected typical industry seasonality. Historically, January is the slowest month for home sales, and this year was particularly affected by a catastrophic winter weather event.
Despite significant disruption to market activity from Winter Storm Jonas:
- Volume declined by less than one percent year-over-year.
- Median sales price rose year-over-year.
- The value of transactions in January 2016 exceeded $1.74 billion, an out performance of the same month last year despite near even sales numbers.
- Median sales price for January 2015 rose 3.26 percent from the same period last year from $237,750 to $245,500.
(source: Commonwealth Daily)
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