Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
It appears that a lot on NOVA Counties are back to 2005 prices. That's great - I can wait till they are back to 2003 prices!
where do you think we'll be a year from now? closer to which year?
If this whole neighborhood sells, Fairfax is going to have a huge spike!
John,If we go back to '03 prices, having no appreciation in five years will be fairly remarkable. People with adjustable loans were banking on appreciation, thus the recent difficulties.I'm definitely seeing '04 pricing in the exurbs this Spring.That's an amazing number of similar townhouses for sale in your link.
I checked the RE link John posted...good grief. These townhouses are considered slums back home. Not trying to hurt feelings, but I am beginning to think that many residents in this area do not know what a nice house is. Seriously these wouldn't cost more than $150,000 in the Atlanta metro area. In fact it is doubtful they would sell at all except in ghetto areas. People here need to hold out for a couple of more years. Gosh, am I spoiled.
kc... being a washington area native you have nothing to apologize for... those, up to now, have always been (and should return soon) to VERY affordable housing for folks with a price range of 150kish at this point i think.
Median price is a very coarse statistic, and it is skewed by the ratio of the mix of housing types. What isn't obvious from the statistics, and David Lareah doesn't mention it either, is that you get more house for that "Median Price" this year. So prices have actually corrected (declined) by 20% or more. Homes that sold for 700k in 05 are listed at 550k now. In PW county their are many 4BR Detached available below 500k. But, I think NoVa will see more declines in 07. There will be no rebound.
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