Location is Everything..

    Most of the time here, I take a city-wide look at market statistics, which is great if you are looking for a general idea of what the market is doing in your area. However, when you are trying to get a specific idea of your home’s market value (or the market price of a home you are considering purchasing) you need to look a little closer, as pricing can vary wildly by zip code, or even neighborhood. Case in point, median price for single family homes in Leesburg:

    [altos_chart st=”VA” cid=”1977167″ zid=”1977168″ rt=”sf” ra=”c” q=”a” left=”median_price” size=”m” timeSpan=”e” endDate = “2010-01-29″ /]

    [altos_chart st=”VA” cid=”1977167″ zid=”1977166″ rt=”sf” ra=”c” q=”a” left=”median_price” size=”m” timeSpan=”e” endDate = “2010-01-29” /]

    Let’s look specifically at the May 1 to September 1 time span, which in 20176 corresponded to a slight rise but overall gain of about $3000. During that same span in 20175, median price jumped up from $555,000 to roughly $602,000…slight difference, huh? And since then, an even bigger difference, as 20176 plummeted to around $590,000 while 20175 saw volatility before inching up to around $595,000. See why it’s so important to look more closely? I can’t break these charts down on the neighborhood level here (although I’m happy to run those numbers for you individually, by request) but I’d venture to say that on that level, we’d see a variety of trends too.

    If you would like me to give you specifics about your neighborhood and house type (whether you are in Leesburg or anywhere else in Northern Virginia) just click on the What’s My Home Worth? button or email me at heather@LoCoMusings.com .



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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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