Attached to this post is a 2-page synopsis of the 2008 Central Virginia Housing Market Report. The news is generally pretty good, especially compared to hard-hit markets like Northern Virginia. Here are some key points:
- Especially in the third and fourth quarters, sales were down over 30%, even though prices were down only 3%;
- Prices in the Greater Metro area were down 14%, on average, from 2007 [SELLERS, NOTE THIS, AND PRICE ACCORDINGLY];
- Sales for the Greater Metro Richmond area were down substantially less (21%) than sales in the Tri-Cities (31%) and the entire Central Virginia MLS (33%); and
- Nearly three quarters of sales in 2008 were for homes $300,000 or less. Only 7% of sales in the CVR MLS sold for $500,000 or more. [I found this to be the most interesting statistic in the report].
Anyway, take a look and see for yourself. If there is enough interest for the full report, I'd be happy to post that as well. Download 2008_Market_Report_Synopsis
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