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Where’s the Best Bang for Your Buck?

Reposting this from LoCoMarket Stats, because it’s relevant to the western part of LoCo as well… One of the statistics I rarely look at is price per square foot, because it is typically the most stable in the short term. Going into the spring market, I thought it would be helpful to look at where the median price per square foot is for different towns in Loudoun County. Remember that ‘condo’ really means ‘condo and townhomes.’

[altos_regional_chart regionId=”49461971″ rt=”sf,mf” ra=”c” q=”c” left=”price_per_sqft” size=”m” timeSpan=”z” endDate = “2010-02-26” /]

For the whole county, you can see the slide downward as the median price dropped across the county from 2007 through 2009. From the beginning of 2009 to now, it’s stabilized to within $5 a square foot, looking at single family homes or condos/townhomes.

[altos_chart st=”VA” cid=”1977154″ zid=”2899356″ rt=”sf,mf” ra=”c” q=”a” left=”median_per_sqft” size=”i” timeSpan=”z” endDate = “2010-02-26” /]

Sterling is trending slightly below the Loudoun average for condos and townhomes, but in line with the rest of the county for single family homes. There is definitely a bigger disparity between home types here than on a county-wide level.

[altos_chart st=”VA” cid=”1977137″ zid=”2874825″ rt=”sf,mf” ra=”c” q=”a” left=”median_per_sqft” size=”i” timeSpan=”z” endDate = “2010-02-26” /]

In Ashburn, there is no discernable difference in price per square foot between home types. Expect to spend around $160 a square foot, no matter what you are purchasing. Therefore, condos and townhomes are more expensive in Ashburn than in Sterling when you are looking at cost per square foot.

[altos_chart st=”VA” cid=”1977167″ zid=”2888603″ rt=”sf,mf” ra=”c” q=”a” left=”median_per_sqft” size=”i” timeSpan=”z” endDate = “2010-02-26” /]

Leesburg is like Ashburn, because right now the cost per square foot is the same across all home types; however it’s about $10 less per square foot than in Ashburn. So you can afford a bit more home for your money, but your commute time is slightly longer as you head East.

[altos_chart st=”VA” cid=”1977149″ zid=”2885092″ rt=”sf,mf” ra=”c” q=”a” left=”median_per_sqft” size=”i” timeSpan=”z” endDate = “2010-02-26” /]

In Hamilton, you can basically disregard the stats for condos and townhomes, as there are so few that it makes it statistically irrelevant. Single family homes are averaging about the same as Leesburg, but have not seen the huge rise and fall that the rest of the county saw between 2007 and 2009.

[altos_chart st=”VA” cid=”1977115″ zid=”2895711″ rt=”sf,mf” ra=”c” q=”a” left=”median_per_sqft” size=”i” timeSpan=”z” endDate = “2010-02-26” /]

Single family homes in Purcellville are trending as high as the county average for dollars per square foot, refuting the theory of saving money by living further out. (Although in actuality, with the low number of homes on the market right now, it could be that what is available in Purcellville right now is in better shape, or newer, than what is on the market in the Eastern part of the county. Sometimes statistics don’t make sense to me, and this is one of those times.)

[altos_chart st=”VA” cid=”1977130″ zid=”2896948″ rt=”sf,mf” ra=”c” q=”a” left=”median_per_sqft” size=”i” timeSpan=”z” endDate = “2010-02-26” /]

As expected, Round Hill is the least expensive as the most outlying town in the county, with the single family home price per square foot coming in about $20 a square foot less than the county average, and condos/townhomes about $25 a square foot less.

If you would like to see statistics specific to your neighborhood, or the neighborhoods you are interested in, just hit the Ask Heather button and let me know what you are looking for.

Cheers,

Heather

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Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.



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