Overview of the Commercial and Residential
Real Estate Market in Virginia
Also known as the Old Dominion State, Virginian ranks 12th in population with approximately 8,326,289 residents. It has a median home value of $244,600 and a median household income of $63,907. Thirty-five percent of the state's 25 and older population has a bachelor's degree or higher and just over 11 percent live below the poverty level. Virginia has 10 cities with a population of more than 100,000. The largest city in the state is Virginia Beach. According to the U.S. Census, it has 448,479 people, a median home value of $267,600, and a median household income of $62,219. Its homeownership rate is 64 percent and 23 percent of residents live in multi-unit structures. The capital city of Richmond has a population of 214,114, a median home value of $196,400, and a median household income of $40,496. The homeownership rate is 43 percent and 25.6 percent of Richmond residents live below the poverty line.
Arlington is home to the largest office building in the world. The Pentagon is headquarters for the United States Department of Defense and has about 6,500,000 sq ft of usable space. Northern Virginia's tallest building is struggling to find tenants and remains practically empty more than a year after it was completed. The impressive structure at 1812 North Moore Street, Arlington is 390 feet tall and has 580,000 sq ft of space. Although new restaurants, retail shops, and apartments in the area are doing well, the office sector is struggling. Low commercial property values in a major city like Arlington could have a negative impact on the commercial market across much of Virginia.
Office Rental and Executive Suites in Alexandria, VA
How to Become a Realtor in Virginia
As part of the Virginia Department of Professional and Occupational Regulation, Virginia's Real Estate Board establishes the requirements for obtaining and maintaining a real estate salesperson license and real estate broker license in the state. From its headquarters in Richmond, it also enforces Fair Housing Laws. The Board requires applicants be at least 18 years old. The applicant must successfully complete 60 hours of pre-license real estate classes and pass both the state and national exam for real estate sales agents. To become a real estate broker in Virginia, applicants must be 18, complete 180 hours of broker pre-licensing classes, and verify that they have been an active sales agent for at least 36 of the previous 48 months. Continuing education courses that are required for sales agents do not count as pre-licensing courses for brokers. Active agents, who are licensed in good standing in other states, can apply for a Virginia license through reciprocity. They will need to pass the Virginia exam and verify they have completed the required coursework.