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Home prices, both new and pre-owned, up from 2014

Posted at 8:10 AM, Oct 05, 2015
and last updated 2015-10-05 08:10:34-04

RICHMOND, Va. — Sales of pre-owned houses helped drive an increase in the number of homes sold in the Richmond region this year compared to last, while new home sales are showing their own trends, including increased demand for higher-priced homes. During the second quarter, pre-owned sales were up 15 percent compared to the same period in 2014, with 4,077 sales this year compared to 3,548 last year, according to the latest quarterly analysis by Integra Realty Resources-Richmond.

That continues the pace seen in the first quarter, when pre-owned home sales totaled 2,463, up 18 percent from the same time period the previous year.

And in the new home market, there were 694 home sales locally from April to June, up 3 percent from 672 sold in the second quarter of last year.

The average price of new homes sold in the second quarter was $365,490, up 3 percent from the same time last year. And sale prices of pre-owned homes in the second quarter likewise went up 3 percent, averaging $249,603.

The numbers are based on Integra’s analysis of home sales in the city of Richmond and seven surrounding counties: Caroline, Chesterfield, Goochland, Hanover, Henrico, New Kent and Powhatan. They do not reflect an additional eight jurisdictions included in quarterly reports by the Central Virginia Regional Multiple Listing Service, which reported its second-quarter numbers in July.

Click here to read more and to find out in which county new home sales have doubled.