Over the course of the last several years, Virginia has turned itself into a powerhouse when speaking in terms of the real estate market. Residents and businesses alike are enjoying a stabilizing period where prices are leveling out and the economy is in a state of upswing.
Virginia enjoys a moderate cost of living. This sits nicely with the overall average wage of employees which tops out at nearly $15 an hour with a weekly pay of nearly $600. Even with the recent round of layoffs that fall into par with the rest of the country, the unemployment rate is still very low. A 3.6 percent rate compared to the nations 5.4 percent is quite staggering in comparison.
There is a good supply of homes with great prices available in the state. The low interest rates make buying a new home even more appealing as the market continues to boom. In the D.C. area the market is stronger than anywhere in the country, which is no surprise as it has been that way for a good many years. Virginia's neighboring state has always had a demand of property space in the real estate market- no surprises there!
Even with the market leveling out, the residents are not seeing a decrease in home value. The market remains insulated against such occurrences and the coming spring season will see a higher demand for houses.
Over the past few years, the Richmond area has seen a dramatic increase in the seller's market as prices continue to be above par for the rest of the country. Even after 9/11 the market continued to be strong with prices moving up instead of spiraling down as in other parts of the country nearby.
Overall, Virginia is ranked 4th in the most livable states throughout the nation. The strategic location, cost of living, and the price of real estate is to thank for this ranking as the population continues to increase with every passing year.
Other areas around the state, including Virginia Beach and Chesapeake are enjoying a boom as well. Agents in these areas set the market at 4 in a ranking of 1 through 5 between buyers and sellers markets. Those who are selling are reaping the rewards with profitable prices and eager buyers. Homes on the market do not last long in this type of scenario.
