The Virginia residential real estate market is still hot.
The number of home sales was up 5.1 percent in May over May 2016, according to the May 2017 Home Sales Report from the Virginia Realtors.
The market continues to show limited supply, forcing prices higher and reducing the time homes for sale stayed on the market.
The statewide median sales price in May was $285,000, 2.9 percent higher than last May ($277,000).
Also during the month, the average number of days on the market dropped to its lowest point in more than four year: 48 months. The average number of days on the market in May was 52. A year earlier, homes spent an average of 62 days on the market.
