Home sales in Virginia fell for the fifth consecutive month in January, as home-price appreciation returned to a more normal pace, the Virginia Association of Realtors reported Thursday.

Realtors reported 6,716 home sales in January, down 15 percent from 7,965 posted during the same month last year and down 36.4 percent from December 2005’s 10,565 closings.

Some areas, however, did show increases in closed transactions for the month, including the Charlottesville area, Harrisonburg-Rockingham County, Lynchburg, Martinsville/Henry County, New River Valley, Williamsburg, and the Greater Augusta County area.

Virginia’s median existing-home price for January was $165,425, compared with $157,225 for January 2005, a 5 percent increase. The median is a typical market price where half of the homes sold for more and half sold for less. However, January’s median price is down 8.2 percent from December 2005’s median of $180,260.

The year began with 8,780 homes on the market, compared with 9,588 for January last year, an 8 percent decline. Homes were on the market an average of 98 days, up from 91 days in December.

The Virginia Association of Realtors represents more than 37,000 Realtors active in all phases of real estate brokerage, management, development and appraisal.


What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Leaders from across the industry answered our call to come to Inman Connect and share essential advice for leveling up your 2021.SEE THE SPEAKERS×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription