Virginia Real Estate Market Trends & Analysis

Virginia’s economy has boosted nearly every industry in the state, and the housing sector is no exception. Thanks primarily to the Technical Services and Leisure and Hospitality sectors, the entire state has seen steady job growth for quite some time. As a result, sales activity in the Virginia real estate market has increased year-over-year, albeit slightly. That said, it’s not until more inventory is brought to the market that Old Dominion will be able to realize its true potential.

Once inventory arrives, which should be sooner rather than later, Virginia should reach a balance that favors everyone: buyers, sellers and investors. What’s more, residents are more optimistic than ever that things are heading in the right direction. More and more Virginia residents are encouraged by their current outlook, which is a key factor for continued economic growth and a robust housing market.

Virginia Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Title Companies, Attorneys
Conveyance: Bargain-and-Sale Deed

Foreclosure Procedure

Primary Foreclosure Method: Non-Judicial
Process Period: 2 - 3 months
Notice of Sale: Trustee
Redemption Period: None

Taxes

Income Tax: 2.0% - 5.75%
Corporate Tax: 6%
Sales Tax: 5.30%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 0.74%
Property Taxes by County: http://www.tax-rates.org/virginia/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,479.00
Transfer Fee: Transfer tax 0.10%; Mortgage 0.25%
Origination Fee: $1,840.00

Overview

  • Median Home Value: $262,300
  • 1-Year Appreciation Rate: +4.0%
  • Median Home Value (1-Year Forecast): +2.7%
  • Median Rent Price: $1,750
  • Price-To-Rent Ratio: 12.49
  • Average Days On Market: 62
  • Unemployment Rate: 2.8% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 8,517,685 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $68,766 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 10.29%
  • Foreclosure Rate: 1 in every 3,311

Virginia Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Deed state
  • Redemption Period: None after sale