Central VA home prices holding steady (Roanoke, Lynchburg: sales, real estate, buyers)

[badger74]

Not the fall many other areas are having. RE is still local.

Home values hold steady in Lynchburg | Lynchburg News Advance

[Blue Moon Athena]

Originally Posted by badger74

Not the fall many other areas are having. RE is still local.

Home values hold steady in Lynchburg | Lynchburg News Advance

Be careful in only reading headlines. Real estate statistics such as the ones quoted in the article, almost always need to be scrutinized more carefully.

In a relatively short period of time, such as one quarter, a few high-priced property sales can skew the median selling price upward. The fact that the number of property sales was down 20% compared to the same time the previous year should be a red flag.

There are lies and damn lies, and then there are statistics.

[NJ2VA]

Blue Moon Athena,
You are absolutely correct! Depends where the stats come from...just NAR stats...when the market is going up...headline reads "Great time to buy or you might be priced"...when market going down ...headline reads "Great time to buy ...its a buyers market"...see its win win.

[badger74]

Sorry I did not offer my complete treatise on home prices. What the number say is that compared to other areas CVA is till doing pretty well. Yes total sales are down as would be expected in a market with tough financing and higher rates. But they are not on the floor either and remain RELATIVELY strong. I'd rather be on the good side of a general stat than explaining up from being down 20% in price too. BTW I have a master's in RE finance and valuation from one of the top program's in the US.

[Anders15]

All the housing market stories I've seen on CNN or MSNBC have been based right here in VA.

[sregorat3]

Originally Posted by RonMaverick804

All the housing market stories I've seen on CNN or MSNBC have been based right here in VA.

Right where in VA, Ron? I'm not sure where you are, but VA has a quite a few different MSA's and what happens in one doesn't necessarily reflect on another. For example, Martinsville and Roanoke are ~ 50 miles apart, but the economies of these cities are vastly different. And have you missed the stories from CA and GA?

Thanks for the news, badger.