People occasionally ask me what the Virginia real estate market is expected to do, or how it’s doing now. Often it’s because they are looking to list their home, but sometimes they are just curious.
The end of 2017 was particular good for the real estate market. A report in September showed that the majority of U.S. homes had recovered their value to pre-2007 levels. Many experts are predicting continued success in 2018.
Much of this has to do with a healthier economy.
“The economy is healthy overall and people have money again,” said Mike Duffy, president of United Country Real Estate. “There isn’t anything specific that will sink our economy so there’s no end in sight for the next year or two. Residential sales have really exploded. The challenge is the lack of supply. But interest rates remain low, so I think this will be another year of strength. It’s all a reflection of people having money, jobs and taking care of bad debt. Now, people want houses.”
Recreational land sales (land purchased for hunting and fishing, etc.) have also added to the recovery.
“We could see things boom even more in 2018 and I’m excited and enthusiastic about that,” said Duffy. “Our agents excelled in recreational land sales last year and I think that trend should continue. My guess is that vacation properties, or second homes, will also do well since people have the money.”