Although statistics about home prices falling make good headlines, national and regional figures don’t tell individual consumers very much about buying or selling a home.
regional figures don’t tell individual consumers very much about buying or selling a home.
Most of you are more interested in buying that condo in Fairfax County or selling your town home in Charles County.
So, these charts break down different housing types by location, including both new and resale homes. These are average prices for the entire year of 2007. Looking at data for a full year is more helpful because monthly data is prone to jumping up and down quite a bit.
Click here to see this week’s chart.
Because most home buyers have a specific price range in mind, these charts give you a sense of what you can buy and where. If you can spend up to $450,000, then your best bets for existing single-family homes are Charles, Prince George’s, Stafford and Prince William.
However, if you want a new single-family home, your options are more limited. Remember, of course, that these stats are averages. You can find new single-family homes for $450,000 in Charles and Stafford, but the averages there are higher than that.
Your $450,000 budget will go farther if you consider town homes and condos. In Loudoun and Prince William counties, prices for new and resale homes fell significantly last year. Also, with abundant inventory, your budget will provide you with plenty to choose from out there.
If you’d rather live inside the Beltway, $450,000 lets you look at new and resale condos in the District. Resale condos are actually affordable throughout the region, while new condos become a little pricier in Alexandria, Arlington, Fairfax and Montgomery.
Those of you who would really prefer a town home can still live close to the city, especially if you shop for existing homes in Fairfax and Prince George’s.
Of course, town homes under $450,000 can be found in every jurisdiction inside the Beltway, but you’ll have more to choose from when the average price is closer to your chosen price range.
— Chris Sicks
Contact Chris Sicks by e-mail (csicks@gmail.com).
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