Virginia’s residential real estate market in the third quarter reflected an insufficient supply of homes versus demand, according to the Third Quarter 2017 Home Sales Report released Monday by the Virginia Realtors Association (VRA).
The number of sales from July 1 through Sept. 30 fell year-over-year, while prices continued to rise. Meanwhile, the time from list to closing shortened. The average number of days on the market dropped from prior year benchmarks to an average of 55 days for the 2017 third quarter, 10 percent lower than last year’s third quarter average (61 days).
“The prolonged shortage of inventory in Virginia’s market is clear in third quarter indicators,” VAR’s President Claire Forcier-Rowe said in a statement. “Buyers are willing to pay more and close faster, but there simply aren’t enough houses to satisfy their demand.”
