Central Virginia market for new home sales continues recovery

By CAROL HAZARD Richmond Times-Dispatch

The central Virginia market for new homes continues to recover, according to a midyear report released Monday morning by the Home Building Association of Richmond and Commonwealth Partnerships, a Henrico County-based marketing firm.

New home closings in the region rose 7 percent (to a total of 1,192) in the first half of the year from the same period a year ago, according to the RVA New Home Market Report.

The average price, however, was essentially unchanged at $369,792. The region is made up of Richmond and Caroline, Chesterfield, Goochland, Hanover, Henrico, New Kent and Powhatan counties.

“Building on the success of 2015, the new home market in central Virginia continues to strengthen,” said Craig Toalson, CEO at the Home Building Association of Richmond. “We expect further improvement during the second half of 2016, although homebuilders face a number of challenges related to increasing costs for labor, materials and developing land.”

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