In response to a reader question, these are the median prices for all residential properties in the Central Virginia* region:
Quick summary – 2006 was the peak year.
2008
2007
2006
2005
2004
After the break, I show the median prices for just single family homes in the region – excluding condos and attached homes.
* Albemarle, Charlottesville, Fluvanna, Greene and Nelson Counties. Data for the Shenandoah Valley – Waynesboro and Augusta Counties, is just not as robust as what we have in the Charlottesville MLS – so I am unable to post their data with confidence.
2008
2007
2006
2005
2004
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A very interesting comment via my meebo widget (to the right):
Robert Schiller of the S&P’s Case-Shiller Index has suggested that sellers remember that 2006 was when the bubble was expanding to full size. Houses really aren’t worth what they were ‘worth’ in 2006, so it’s no wonder that the ‘median’ is declining here.
It’s true that Cville isn’t on the the C-S Index, but it *has* been in a bubble.
When Sellers drop their prices to 2004 levels, the median will obviously adjust itself…and soon we’ll have a market that’s moving again.
I found it interesting that when I seached Charlottesville and Albemare stats for April 07 vs April 08, the median price for new listings 342 was $299,000 and the median list price for pendings was $299,000 down $10,000 from 4/07