Housing Market 2008 for Richmond, VA

The housing market for Central Virginia Area was not good but it wasn;t as bad as some expected nor the rest of the country.  Here is synopsis of the report done by George Mason University Center for Regional Analysis. 

Synopsis: Central Virginia Area Housing Market 2008 Annual Report

Key Points


Virginia and the Central Virginia region have fared much better than the U.S. thus far, and are expected to do so going forward.


The Central Virginia region ended 2008 with overall home sales down 23%, but average home prices down just 3%.


The number of pending sales at the end of 2008, while down from 2007, was not down by as much as sales, indicating a potential for improvement in the first quarter of 2009.


As of the end of the third quarter, the U.S. foreclosure rate was 1.84% of housing units, and in Richmond metro it was 1.03%. Of the 100 largest metro areas, Richmond metro ranked 73rd in foreclosures.


Central Virginia Housing Market Trends – Fourth Quarter


Fourth quarter 2008 sales were down 33% in the CVR MLS compared with the fourth quarter of 2007.


In the Richmond Metro Area, sales were down 21%. In the Tri Cities area, sales were down 31%.


Prices were down by much less than sales in the fourth quarter. Across the CVR MLS, the average sold price was $246,637, down 8% from the fourth quarter of 2007.


Prices were down 14% in the Richmond Metro Area and down 5% in the somewhat lower-priced Tri Cities Area.


In 2008, over 11,200 homes were sold in the CVR MLS, with more than 80% of home sales occurring in the Richmond Metro Area.


Overall home sales in 2008 were down 23% compared to 2007. Home sales were down fairly uniformly across the region.

 The average price of a home sold in the CVR MLS in 2008 was $264,467; down just 3% from the 2007 average price of $273,032.


Prices were down 3% in both the Richmond Metro and Tri Cities Areas. Some local markets experienced flat prices or even slight increases in 2008.


Nearly three-quarters of homes sold in the CVR MLS had a sold price below $300,000. Only 7% of homes in the CVR MLS sold for $500,000 or more.  

source: George Mason University Center for Regional Analysis written for CVRMLMS

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