How did prices change in 2013 compared to the year before? Senior Associate C. Theodore Koeble, Ph.D., and Associate Mel Jones, of the Center for Housing Research at Virginia Tech looked at the numbers for Pieces of Home:
Median sale price in 2013 was higher than in 2012 in every region of Virginia except Southside.
Southside Virginia continues to experience economic decline, reducing the demand for housing in the region. In every other region, the housing market continues to recover and prices continue to rise as a part of the market recovery.
Virginia prices have maintained a trajectory similar to that of U.S. prices, although Virginia prices are generally higher than those of the U.S. as a whole (see page 9). Moderate and consistent price increases, like the ones experienced throughout most of Virginia, are a sign of healthy market recovery.
Virginia has not experienced the rapid price increases that have led to concerns about another housing bubble in the other parts of the U.S.
Get your copy of Pieces of Home — the 2013 Virginia Housing Market Report — at VARealtor.com/homesales.