Virginia Highland Market Update for the 4th Quarter in 2016

Virginia Highland Market Update for the 4th Quarter in 2016

Real estate in Atlanta continued to be strong in 2016.  Let’s focus today on a Virginia Highland Market Update for the 4th Quarter in 2016.  First a few facts.  Virginia-Highland was developed as a streetcar suburb in the early 20th century.  It’s named for the intersection of Virginia and Highland Avenues.  Virginia Highland has a thriving business hub that includes such long term institutions like Atkins Park and Murphy’s along with newer additions like Illegal Foods.  The neighborhood was threatened in the late 60’s and early 70’s by a new interstate project but that was defeated by homeowners there aligned with Morningside and Inman Park.  Today Va-Hi is a thriving neighborhood.

Now it’s time to dig into the numbers.  We like to compare year-over-year numbers so let’s start with the 4th quarter of 2015.  During this quarter 21 homes were sold.  They sold for an average of $842,905 which was 94% of the asking price.  These homes sold in an average of 55 days.  These numbers indicate a strong market, somewhat in the favor of sellers.  So what happened a year later?  In the 4th quarter of 2016 there were 26 homes sold.  They sold for an average of $814,442 or 95% of their asking price.  These homes sold in an average of 42 days.

Before you think prices went down in Virginia Highland let’s dig a little deeper.  The average price looks lower in 2016 but remember that the mix of houses that sold affect overall price.  For instance in the 2016 mix, there were two lower priced homes ($415k and $497k)  that brought down the average in 2016.  In 2015 the lowest priced house offered was $565k.    It’s still a strong market in Virginia-Highland and perhaps was even stronger which shows in the days on market dropping from 55 days in 2015 to 42 days in 2016.   These are overall numbers and the mix of homes offered can affect these numbers.  That’s why whenever you’re thinking of buying or selling a home you should use an experienced Realtor that know’s your area.  Feel free to contact us for a complimentary price opinion on your home if you’re thinking of selling.  There’s no cost or obligation.

All of our numbers come from FMLS and you can see the raw numbers by clicking on the links below.

 

4th Quarter 2015

4th Quarter 2016

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