Virginia home sales, prices increased in May

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The Virginia residential real estate market is still hot.

The number of home sales was up 5.1 percent in May over May 2016, according to the May 2017 Home Sales Report from the Virginia Realtors.

The market continues to show limited supply, forcing prices higher and reducing the time homes for sale stayed on the market.

The statewide median sales price in May was $285,000, 2.9 percent higher than last May ($277,000).

Also during the month, the average number of days on the market dropped to its lowest point in more than four year: 48 months. The average number of days on the market in May was 52. A year earlier, homes spent an average of 62 days on the market.

The May 2017 volume (the sum of all transactions) was $4.36 billion, soaring 10.1 percent over last May’s volume of $3.961 billion, boosted by increased sales and prices.

Year-to-date sales (January through May) rose 6.3 percent to 45,952 transactions, according to the report. The year-to-date sales volume of residential real estate increased 10.7 percent to $15.252 billion

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