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There's lots of talk out there about what's happening in the housing market. But let's look at some hard numbers for some of the local jurisdictions.
November '06 Average Home Sale Prices
| County/Jurisdiction |
11/06 Avg Sales Price |
% Change from 11/05 |
| DC |
$497,291 |
-10.96% |
| Prince George's, MD |
$344,956 |
5.84% |
| Montgomery, MD |
$515,948 |
1.64% |
| Frederick, MD |
$347,386 |
0.25% |
| Alexandria, VA |
$485,757 |
-2.49% |
| Fairfax, VA |
$521,353 |
-3,82% |
| Loudon, VA |
$501,673 |
-6.38% |
| Fauquier, VA |
$391,885 |
-23.31% |
| Warren, VA |
$298,988 |
6.94% |
As you can see, Fauquier County has been hit substantially harder than surrounding areas. I don't have Culpeper numbers right now, but I would speculate that they are worse than Culpeper. John McClain, senior fellow at the center for Regional Analysis, George Mason University says we've taken the brunt of this because of the large percentage of new construction on the market here. When existing homes are competing against that much new construction and the upgrades being offered for free often add up to $50K or more, existing homes lose!
The good news is that some of that inventory is starting to be absorbed. With numbers this low, I believe we will not see substantial continued decreases in prices, at least in the outlying counties. But don't hold your breath for a quick rebound either! There are still a lot of empty new homes out there!
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