Pieces of Home — the 2013 Virginia Housing Market Report — is now available. This is one of the most important publications VAR produces — it’s a clear, succinct summary of the year in Virginia housing, featuring data from across the state and insightful commentary from housing and economics experts.
It’s been only two years since the housing market hit bottom, and 2013 was a pivotal year for real estate in Virginia, as Pieces of Home makes clear.
Highlights From the Report
- Virginia saw a 9% year-over-year growth in home sales in 2013, with almost every month seeing an increase over the year before.
- Southwest Virginia saw the greatest jump in sales: 15.6% year-over-year, followed closely by the Roanoke/Lynchburg/Blacksburg region at 14%.
- Prices continue to rise steadily, with the Northern and Central Virginia regions showing more than 8% increases in 2013.
- More homes were sold in every price range except those below $100,000 — a big change from only a couple of years ago. Unemployment, restrictive loan standards, and lack of inventory for mid-priced homes could be contributing factors.
What the Numbers Show
- Solid recovery in the housing market throughout the first three quarters of 2013
- Detailed data on home sales, home values, and foreclosures
- The effects of sequestration and the government shut-down
- How different regions in the state fared and compared
- Foreclosures in Virginia are at the lowest point in years
- Mortgage rates increased slightly but remain historically low
- Virginia Senator Mark Warner explains his plan for modernizing the housing finance system.
- Economist Chris Chmura forecasts a “moderately improving economy with continued job market progress.”
- Dr. Larry Sabato of U.Va’s Center for Politics explains how Virginia’s landscape impacts political outcomes.
- The Federal Reserve Bank of Richmond finds Realtors are finally feeling optimistic about the market.
- Dr. Ted Koebel of Virginia Tech’s Center for Housing Research gives insight into the effect of foreclosures.
How to Get a Copy
- View it online with Issuu by clicking here
- View or download a PDF — click here or go to VARealtor.com/homesales
And 7 Ways to Use It
- Knowledge is power: Use the data in the report to cement your understanding of housing economics in Virginia.
- Show your clients how your region compares to others in Virginia, or to the U.S. as a whole. Graphs such as days on market and regional comparisons make great presentations.
- Post the infographics to your blog, or to Facebook, Google+, or Twitter.
- Send the market report to lenders, home builders, financial planners, or local leaders to establish yourself as a source of reliable housing market data — and ask your clients to contact you for updated market stats.
- Read the commentary, which can help you see possible upcoming trends in the housing market.
- Print the “Days on Market” page to help clients understand how long their homes are likely to be on the market.
- Contact and thank the expert contributors you enjoyed reading — they’re great people in the know, just like you.