Washington Post has a story about the difficulty finding single family homes under $500K in Northern Virginia neighborhoods. It is the reality now.. unless something dramatic happens to the economy, either by way of higher interest rates or, no end in rising gas prices.
Via Washington Post.
Northern Virginia is home to some of the region's most expensive single-family houses and townhouses.
The
median sale price of a single-family house or townhouse in the Virginia
suburbs in 2005 was $491,447, up more than $100,000 -- 26 percent --
from 2004, according to a Washington Post analysis of government
records around the region.
Condominium prices in Northern Virginia appreciated even more quickly
last year, rising 31.1 percent, to $308,000. The median is the point at
which half the sales were more expensive and half less.
Sometime last month there was a listing for an 4BR/3 bath colonial SFH sold AS-IS in Falls Church listed for $450K. One of my clients interested to make an offer. So, I called the listing agent want to find out if it's still worth pursuing the idea. He said that they received 36 contracts!! They received multiple contracts even in this cooling market, because it's such a rarity to find SFH home for the price.
Prices of SFH in Arlington has flattened out, via Sun Gazette.
Despite the flattening sales prices, overall home sales did
surprisingly well across Arlington in March, bucking lower regional
sales trends.
A total of 105 single-family properties changed
hands during the month, up from 104 a year before. And the 131
condominiums sold in March represented a 12-percent increase over the
117 such properties that sold in March 2005.
But the flattening
average sales prices suggest that there is an upper limit to how much a
typical home purchaser can afford to spend.
There are still pockets of neighborhoods in Northern Virginia where SFH are still under $500K. In Fairfax County, you can find homes under $500K in Pimmit Hills. Some neighborhoods in Falls Church. Route 1 Alexandria. Reston. Chantilly. Herndon. Find out more neighborhoods, here.
Even with higher home prices in this area, there are options, condos or townhomes, maybe? SF has more expensive homes than here. Now you know why condo becomes the option for many.
* In N. VA, a $500,000 House Has Become a Rarity [Washington Post]
* Single Family Prices Flattens in Arlington [Sun Gazette]
* 30-Year Mortgage Rates Rise for 5th Week [Washington Post]
* Top Area Zipcodes
photo: new condo construction in Falls Church.