Investment propertyHot Market: The Marines Spearhead Recovery in Virginia
Known since its inception in 1917 as the "Frontline of Innovation," Quantico Marine Base is located in one of the frontlines of real estate recovery across the country, this one in one of the hottest markets in Virginia.
Dumphries and Triangle, Virginia are two bedroom towns boarding this base that hosts the Marine Corps University. The two towns have barely a 2-months supply of housing for consumers coming to the Washington, D.C. area, meaning it"s a screaming hot sellers market. Many of the transactions involved short sales and foreclosures, but now even seller-owned homes are making their way into the market.
According to data from the Metropolitan Regional Information Systems, Inc.,(the region"s multiple listing service), the average house for sale in those two townships have sold for an average of 5 percent above asking price -- $287,625, with an average seller subsidy of $3,575.
The hotness of the market has obviously affected the time it takes to sell a home as well. Where many areas of the country experience days on the market in the hundreds, these houses sell in less than a month.
The future seems very bright for sellers as there"s no end in sight of the tight market and shrinking inventory. Inventory is down 48 percent compared to a year ago, while sales are matching the same volume as last year. The challenge for buyers is finding a house at all with inventory down.