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In N.Va., a $500,000 House Has Become a Rarity
Pimmit Hills, a community of more than 1,600 homes off Route 7, is one area where prices still are under $500,000.
(By Nancy Szokan -- The Washington Post)
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There is other good news on the affordability front, according to a number of real estate agents. Condos, the object of fierce bidding wars just a year ago, are coming down in price. With more condos being built and apartments being converted to condos, supply is outstripping demand.
Holmes agrees that condos can offer good value. Now that there are more of them on the market, buyers who once thought their only choice might be in Woodbridge or Sterling are finding that asking prices in Fairfax County have started to come down, she said.
Michael Turk, managing broker with Weichert's Old Town Alexandria office, said that one-bedroom, one-bath condos are available starting at $165,000 in the city of Alexandria.
"What's remarkable and unique about Alexandria is an abundance of condos in price ranges for any type, from the mid-$100s to the sky's the limit. That's very different from most jurisdictions," he said.
In a quick search of condos for sale in Alexandria, Turk found more than 150 priced at $300,000 or less.
Turk also recommends trying the Route 1 corridor in Fairfax County, an area he says is being redeveloped and deserves a second look from buyers.
Virginia's ever-skyrocketing housing prices were mirrored across the region last year.
As housing prices rose during 2005, fewer places could be deemed "affordable." In the Washington area, stretching from southern Maryland northwest to Loudoun County and northeast to Frederick County, the median price of a single-family house or townhouse in 2005 was $419,000, up from $330,000 just a year before.
Although the median price in the District was $412,000, well below Northern Virginia's, the city had the fastest rate of appreciation, 28.8 percent. In suburban Maryland, the median price of a single-family house or townhouse was lower, $337,350, after rising 24.9 percent in 2005.
Condo prices remain considerably lower than house prices, but they rose more steeply, to gain 33.8 percent regionwide in 2005, for a median price of $281,000.
The District, where there has been a boom in luxury buildings, led the region in condo prices, with a median price of $365,750. The median sales price for condos in Northern Virginia was $308,000; in suburban Maryland, it was $210,000.
If current sales prices leave you with sticker shock, Lama, the Long & Foster agent, suggests you ratchet down your expectations a little: Don't look for a house near public transportation. Think about a fixer-upper. Consider whether you can live without a basement or a garage.
