^ Top

Virginia real estate

Virginia – Signs of Housing Recovery in The Old Dominion

Low mortgage rates were a driving force in Virginia's 2012 housing market. With average rates at 3.2% in late 2012, those rates propelled both home sales and median home prices. From November 2011 through November 2012, home sales increased 18% across the Old Dominion. And if that wasn't enough to cheer about, consider that in the same period median home prices rose 12%!

The total number of home sales in Northern Virginia in 2012 represented the best year-over-year improvement since 2001. They also outpaced 2011’s tally by 11%.

No doubt part of the reason for Virginia's success is its consistently-low unemployment rate. From an all-time high of 7.3% in January 2010, Virginia's rate has consistently dropped to its current rate of 5.6%. At that level, Virginia represents the lowest unemployment rate of any state in the Southeast and ranks 11th in terms of employment opportunity among the 50 states. Leaders attribute Virginia's commitment to bringing new business to the state as one reason for the Old Dominion's gains.

Northern Virginia is not alone in realizing steady gains. In the Richmond area, total home sales in 2012 beat out 2011’s by 16%. Home prices increased by 8%.

In central Virginia, Albemarle County experienced a 4% rise in home prices. In the Charlottesville area, overall home sales in late 2012 were up over 22% the same period in 2011. The average home price rose 6.8 %. Likewise, there is good news for distressed sales (or, those identified as foreclosures or short sales). By the end of 2012, distressed properties had dropped from 7.9% to 6.3% of the market. A very positive sign, indeed!

Realtors in Virginia expect 2013 to continue the upward trend. And with home prices sure to rise in 2013, sellers will be more likely to put their homes on the market. So, will the supply catch up with demand for homes for sale in Virginia? Perhaps. But with home builders' confidence at the highest level since 2007, realtors in Virginia insist that new home construction will also rise in 2013.

Speaking of new construction, Virginia can expect to benefit from commercial real estate ventures in 2013. A national developer recently announced plans to construct a 15-story office building in Richmond. Representing an investment of over $100 million, the project is certain to produce thousands of jobs and millions of dollars in tax revenue. In Northern Virginia, previously-stalled projects in Merrifield, Springfield, and Tysons Corners appear to be back on track.

Virginia's re-emergence rests in part from the state's commitment to build an economy that continues to encourage business and job creation, and which embraces "bold and innovative ideas". All signs indicate that things are looking up in the Old Dominion!

Living in Virginia

Looking to live somewhere that’s got natural beauty, historical significance, and plenty of business opportunities? Then you’re looking for Virginia!

The Commonwealth of Virginia, also known as the "Old Dominion" and the "Mother of Presidents," is a fascinating mix of bustling city businesses combined with old town charm. In fact, Virginia was first established by the London Company in 1607 as the first permanent New World English Colony.

Before you pack your bags, let’s go over some of Virginia’s fast facts:

  • What is the population of Virginia?
  • The population of Virginia is 8,185,867
  • What is the capital of Virginia?
  • The capital of Virginia is Richmond
  • What is the largest city in Virginia?
  • The largest city in Virginia is Virginia Beach

Its close proximity to Washington, D.C. makes it a commuter’s dream. Northern Virginia is home to many federal agencies, including the Department of Defense and the Central Intelligence Agency.

The Hampton Roads area encompasses Virginia Beach, Norfolk and Newport News. This seaport area has a significant military presence, shipyards, coal piers, and hundreds of miles of beaches.

Because of its rich history, Virginia has countless open-air museums, such as Colonial Williamsburg and the Frontier Culture Museum in Staunton as well as multiple notable battlefields. The City of Alexandria, also known as “Old Town,” is a quaint area filled with antique shops, restaurants, and boutiques on the Potomac River.

If you enjoy the Arts, the Virginia Museum of Fine Arts and the Science Museum of Virginia can both be found in Richmond. The Wolf Trap National Park for the Performing Arts in Vienna is an impressive center located on 130 acres.

For the highly adventurous, Virginia offers a variety of outdoor activities. From the state’s 34 National Parks and 17 state forests, there is something for everyone. More than two million people flock to Skyline Drive every year when the seasons change and the leaves turn vibrant colors. This 105-mile road, which runs the length of the Shenandoah National Park in the Blue Ridge Mountains, has been designated a National Scenic Byway. It’s just one slice of color in a colorful state!

This is the Census data for Virginia

Population

Total population estimate for Virginia (July 1) 2012
8,185,867
Total population change for Virginia- April 1, 2010 to July 1, 2012
2.3%

Age

Percentage of the population that's under 5 years old in Virginia, 2011
6.3%
Percentage of the population that's under 18 years years old in Virginia, 2011
22.9%
Percentage of the population that's 65 years and over Virginia, 2011
12.5%

Gender

Percentage of the population that are females in Virginia, 2011
50.9%

Race breakdown for Virginia in percentages

White alone, 2011
71.3%
Black alone, 2011
19.8%
American Indian and Alaska Native alone,2011
0.5%
Asian alone, percent, 2011
5.8%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
2.5%
Hispanic or Latino Origin, 2011
8.2%
Not Hispanic, White alone, 2011
64.5%

A little more about the residents of Virginia

Percentage of residents who lived in the same house 1 year ago, 2007-2011
84.3%
Percent of residents who are foreign born 2007-2011
11.0%
Percent speaking a language other than English at home, 2007-2011
14.4%

Education

Percent high school graduates or higher for residents 25 years old and over in Virginia, 2007-2011
86.6%
Percent with a bachelor's degree or higher for residents 25 years old and over in Virginia, 2007-2011
34.4%

Veterans

Total number of Veterans living in Virginia 2007-2011
743,070

Communting

The average travel time to work for workers in Virginia (16 years and over not working at home), 2007-2011
27.3 mins

Real estate stats in Virginia

Housing unit estimates, 2011
3,387,654
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
68.4%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
21.4%
Median value of specified owner-occupied housing units, 2007-2011
$254,600.00
Households, 2007-2011
2,991,025
Average household size, 2007-2011
2.57

Income

Per capita income for Virginia in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$33,040.00
Median household income in Virginia, 2007-2011
$63,302.00
Percentage of people living in poverty in Virginia 2007-2011
10.7%

Business and commerce info for Virginia

Private nonfarm establishments, 2010
193,042
Private nonfarm employment for pay period including March 12, 2010
2,998,278
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
3.3%
Total number of businesses in Virginia, 2007
638,643
Percentage of Black-owned businesses in Virginia, 2007
9.9%
Percentage of American Indian- and Alaska Native-owned businesses in Virginia , 2007
0.5%
Percentage of Asian-owned businesses in Virginia, 2007
7.0%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Virginia, 2007
0.1%
Percentage of Hispanic-owned businesses in Virginia, 2007
4.5%
Percentage of Women-owned businesses in Virginia, 2007
30.1%

Land size and population

Size of Virginia in Square Miles, 2010
39,490.09 mi²
Population per square mile in Virginia, 2010
202.6

Virginia real estate

Chesapeake

Chester

Chesterfield

Chesterfield Court House

Christiansburg

Claudville

Clearbrook

Clifton Forge

Colonial Beach

Colonial Heights

CRADDOCKVILLE

Dale City

Dunn Loring

Edinsburg

Emporia

Fairfax City

Fairfax Station

Falls Church

Falls Church City

Falls Mills

Fancy Gap

Fancy Gap,Va

Fishersville

Fredericksburg 22405

Front Royal

Ft Blackmore

Gainesville

Glen Allen

Gloucester

Gloucester Point

GREENBACKVILLE

GREENBUSH

Greenville

Hampton

Heathsville

Highland Springs

Hillsville

Hopewell

Hot Springs

Kenbridge

Keswick

Keysville

King William

KIPTOPEKE

Lake Barcroft

Lake Monticello

Lancaster Gate

Laurel Fork

Lawrenceville

Leesburg

Linden (Warren County)

Locust Hill

LOCUSTVILLE

Lynch Station

Lynchburg

Manassas

Manassas City

MARIONVILLE

Mattaponi

Meadows of Dan

Meadows of DanVa

Mechanicsville

Middlebrook

Midlothian

Milford

Monterey

Montross

Mouth of Wilson

Natural Bridge Station

New Kent

Newington

Newport

Newport News

North Chesterfield

Oriskany

Other City - Not In The State Of Florida

Outside Area (Outside Ca)

Providence Forge

PUNGOTEAGUE

Purcellville

Rockbridge Baths

Roseland

Ruckersville

Rural Retreat

Rustburg

Ruther Glen

Saltville (Smyth County)

Scottsville

SEAVIEW

SINNICKSON

Spotsylvania

Springfield

Stafford

Stanardsville

Star Tannery

Strasburg

Stuarts Draft

Suffolk

Sugar Grove

Tappahannock

TEMPERANCEVILLE

Timberlake

VA BEACH

Va. Beach

Victoria

Virginia Beach

Virginia Beach VA

Virginia Beach[Not Specified]

WACHAPREAGUE

Warm Springs

Warrenton

West Point

West Springfield

Weyers Cave

Whitetop

Williamsburg

WILLIS WHARF

Winchester

Winchestser