As Danilo showed us in this earlier VARbuzz post, depending on where you work in the Commonwealth, the real estate market is bouncing back. In the DC area, one of the areas hardest hit by the changing real estate market, especially its outer suburbs, there is good reason for optimism. After all, what goes down must come up, and certain areas in Northern Virginia have gone way down.
Bouncing back might not be the right term for many areas of the state, as they have been somewhat insulated from the national housing slump. Many regions in Virginia, including Richmond and Hampton Roads, have maintained steady appreciation in home prices throughout the national housing slump. Here’s more evidence (some comical, some serious) that the market is looking up:
- The Richmond area continues to see moderate appreciation in average home values, based on expert economist analysis in the GMU/VAR first quarter 2008 home sales report.
- The Loudoun Times reports that the best REALTORS® have weathered the storm and are well-positioned to capitalize on the turnaround.
- Despite what his grandmother thinks, Frank LLosa isn’t broke yet.
- Blacksburg is tilting towards a seller’s market.
- The affordability index is coming back down to earth in Prince William and Loudoun.
Things aren’t looking quite so good for one Virginia REALTOR®, as you can see in this video: