Median Sales Prices Down 16%

Through the first 2 weeks of November, median sales prices are down 16.7% over November 2005.  This is in line with the October drop in median prices of 16%.  It should also be noted that the median list price of houses that have gone under contract dipped below $400,000 for the first time in 2 years.

These are two indicators that the Northern Virginia Market, and more specifically Loudoun County, are 6 to 9 months ahead of the national averages.  The recent reports of declines in the national median price of 2% are comparable to what the local market went through during the 1st Quarter of 2006.