How sustainable is the housing recovery that has started in Virginia? According to 4th quarter updates to SOURCEBOOK, housing prices in Virginia continued an upward trend throughout 2012 when comparing year-over-year. In fact, housing prices ended 2012 on average $30,000 higher than at the bottom of the market in the first quarter of 2011.
Rental costs also continued to rise to the point that median rents in Virginia are within $200 per month of the cost of owning the median priced house. Throughout Virginia, rents never declined during the housing crash and continue to show strong market demand.
How is housing affordability changing in your locality? The updated SOURCEBOOK data can help you understand some of the key housing trends in your locality or region. SOURCEBOOK now contains housing data updated for all of 2012. Check out SOURCEBOOK on Housing Virginia website, www.housingvirginia.org, for the most comprehensive data on housing affordability.
Go to www.housingvirginia.org for more information on SOURCEBOOK.