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Median Home Price Drops to 2004 Levels

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By LoudounExtra.com staff

Monday, November 12, 2007

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The median sales price of a home in Loudoun County dropped last month to its lowest level since 2004, according to the Dulles Area Association of Realtors.

Houses in Loudoun sold for a median price of $414,000 in October, according to numbers released Friday. That number is lower than at any point since the median price was $400,000 in November 2004.

The median is the price at which half of homes sell for more and half sell for less. The average home price was $489,228 last month, which is the lowest average since February of this year.

The association reported 304 home sales by a Realtor last month, which was up slightly from September but down from every other month this year. With 3,616 active listings, there is about a 12-month supply of homes on the market.

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That's up from about a 10.25-month supply last October, when there were 3,806 listings and 372 sales.

The Realtor association said the average home last month stayed on the market for 111 days and fetched about 91 percent of its asking price.

In the past year, the median sales price of a home in Loudoun has fallen $81,400. The median price was $495,400 in October of last year.

Comments:

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And it's about time. I, for one, am glad this "irrational exuberance" shows signs of being over. People who used their homes as ATMs to buy Hummers and home theater systems are welcome to feel otherwise.

Posted by mail3047723 (anonymous) on November 13, 2007 at 8:42 a.m. (Suggest removal)

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