Central Virginia Housing Markets Shows Improvement in Third Quarter

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If you have read the news lately, then you have seen that many housing markets across the U.S. are showing improvement and Central Virginia is no different. After the housing bubble burst in late 2007, many home buyers and home builders have struggled to regain confidence in the housing market. With Richmond new home sales and prices rising in 2013, it is safe to say that confidence among buyers and builders is growing.

The third quarter of 2013 was a successful one for Central Virginia as a healthy and growing job market led to an increase in home sales year-over-year.  Specifically, the Richmond metro area had 3,490 sales in the third quarter which was a 17 percent gain from the third quarter of 2012. This increase represents the strongest quarter-over-quarter gain in more than a year.

In addition to home sales, home prices in Richmond rose by 8 percent in the third quarter to $251,305. The rise in home prices is a direct correlation to an increased buyer demand. While active listings in the Richmond area increased by 1 percent to 4,477 in the third quarter, the average time spent on the market is just 58 days in the Central Virginia region.

To keep up with this buyer demand and quick sales pace, Richmond home builders, such as Boone Homes, have increased new construction starts. In 2013, we announced sales at Ellington at Wyndham and in early 2014 we will celebrate the grand opening of our second community, Ellington Woods, in Wyndham. In addition to the two Wyndham communities, we currently offer spacious Richmond luxury homes, including several maintenance free floor plans, in a variety of communities throughout metro Richmond.

With all of this positive news, now is a great time to purchase the Richmond new home of your dreams. For more information on all of our available homes and communities, visit the Boone Homes website today.