Surveys conducted on the performance of Virginia real estate in the midst of a generally based and very serious economic downturn, afflicting, in particular, real estate transactions, have found that a successful adjustment to the altered circumstances is likely to involve attitude shifts. Virginia real estate sellers may no longer be able to rely, for instance, on the common expectation of home ownership as a basic necessity for adult life, among other changes effected in the market.

 

Richmond property was reported by realtors to have, in the 2010 period for transactions, experienced a 12.1% decline in terms of the median price being asked for the purchase of residences in the area. Moreover, square footage of Richmond Virginia real estate fell in dollar value at the average rate of 6.9% from the 2009 to 2010 period for real estate sales and purchases, to a 2010 asking price of $122.

 

Alexandria property was sold, in terms of home purchases, for a somewhat improved average price, with such pieces of Alexandria real estate going for 8.9% more in 2010 in comparison to the same area in 2009. Home sales in the Alexandria real estate market of Virginia, moreover, have tended to be made at the average cost of $380,000. Alexandria realtors and others are thus concerned about further ill-effects and also cautiously optimistic.

 

The Norfolk property market of Virginia saw some degree of decline in the 2010 period for sales, specifically in the volume of transactions thus being carried. By contrast, Norfolk property has improved in dollar value, to the point where each square foot of land in the area is worth an average price of $204, which represents an improvement at a rate of more than 40% from the same area in 2009.

Reports on the Virginian Fairfax property and real estate market of 2010 found that real estate transactions during the period had improved in some aspects and declined in others. The average price for a Fairfax residence improved to the amount of $520,274, increasing from 2009, though only by a rate of 1.8%. The median price asked for Fairfax, VA homes in the 2010 period was $301,500.