In cities throughout Virginia, the market is very favorable for sellers. In Arlington there are more buyers than sellers and a tight market helps sellers to receive around 99.2% of their asking price. The average home goes for $350,000 which is up 5% from last years prices. Because the economy is good, many buyers are selling their homes and moving into larger homes and first time buyers are also choosing to buy at this time. It takes an average of only two weeks on the market to sell a home there.
In Fredericksburg, sellers may take a little longer to sell their homes. Time on the market averages one to two months. There is a better supply of homes and the asking price is a little lower, around $332,500 on average. This price is up 5-10% from last year, and due to population growth in the area, this will continue to rise.
If you want beach side property, Virginia Beach has many properties to offer. There are more sellers than buyers in this market. Properties are taking one to two months to sell and there is a good amount of properties on the market right now. Prices are around $266,000 which is up around 5% from last year. Sellers are receiving 90-95% of their asking price and single families are the number one buyers in this area.