News, information and points of view on the Northern Virginia real estate market from a licensed Realtor and top-producing agent.
Housing Values in Northern Virginia
Posted 08-15-2008 at 08:45 AM by Rest-on
Today I received a question: how is the market in Northern Virginia?
In reply, I said:
In Northern Virginia, the real estate market varies from place to place. Overall, we're down about 15% as an average drop in prices. But there are places, like Prince William County, which leads the area in the number of foreclosures, where property values have dropped considerably more.
In the City of Fairfax, values have dropped about 11% from a year ago. In Manassas, prices have dropped almost 26% from a year ago. In Centreville, about 14%. In Reston, where I live, values have dropped about 8% overall, though the 20194 zip code is seeing prices begin to rise. In the city of Vienna, prices have dropped slightly more than 7% over a year ago. McLean has seen only a 5% drop from a year ago. Some places, near a subway station and other transit options are beginning to see some price increases. The condo market in Rosslyn is increasing about 10% right now. Clarendon is a hot market right now too.
So, it really depends on the specific location. The good news is that there are great values out there now and interest rates are still fairly low.
Chuck Miro, Realtor
Long & Foster Real Estate
http://BestHomes-Team.com
Call me at 571-243-7511
In reply, I said:
In Northern Virginia, the real estate market varies from place to place. Overall, we're down about 15% as an average drop in prices. But there are places, like Prince William County, which leads the area in the number of foreclosures, where property values have dropped considerably more.
In the City of Fairfax, values have dropped about 11% from a year ago. In Manassas, prices have dropped almost 26% from a year ago. In Centreville, about 14%. In Reston, where I live, values have dropped about 8% overall, though the 20194 zip code is seeing prices begin to rise. In the city of Vienna, prices have dropped slightly more than 7% over a year ago. McLean has seen only a 5% drop from a year ago. Some places, near a subway station and other transit options are beginning to see some price increases. The condo market in Rosslyn is increasing about 10% right now. Clarendon is a hot market right now too.
So, it really depends on the specific location. The good news is that there are great values out there now and interest rates are still fairly low.
Chuck Miro, Realtor
Long & Foster Real Estate
http://BestHomes-Team.com
Call me at 571-243-7511
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