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Are home values in Northern Virginia (i.e., Chantilly, VA) expected to rise over the next year?

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August 17 2011 - Chantilly
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Thanks so much for the responses.  This was helpful.
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August 23 2011
Monica, I've talked to a lot of families who live in Chantilly/South Riding and they chose to live there instead of West Fairfax or other parts of NoVa because they can get a whole lot more for their money.  The quality of life is better and homes are newer.  People are willing to make a longer commute if it means their family can live more comfortably and in a safer environment.
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August 20 2011
The July 2011 snapshot of the market in Chantilly (20151 and 20153) is actually very different from the market in West Fairfax (22033). I'm looking at Long & Foster's July 2011 Market Minute reports.

Days on market: The average number of days on the market in Chantilly is 22. In West Fairfax, properties are staying on the market an average of 59 days, nearly three times as long as Chantilly homes.

Home prices: In Chantilly, home prices have climbed 60% from July 2010 with a median sales price of $542,250. In West Fairfax, home prices have fallen 15% from last July, with a median sales price of $372,500. 

Volume: In Chantilly, 24 units were sold this month, up 20% from July 2010, and 25 properties were listed for sale, a third fewer than last July. And in West Fairfax, 49 units were sold this month, up 26% from July 2010, and 81 properties were listed for sale, about the same as last year. 

What do you think explains the jump in Chantilly prices? Is it the age of the properties? More single family homes in Chantilly? Fewer properties on the market in Chantilly (skewed sample)?
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August 20 2011
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Northern Virginia depends on D.C. to maintain high property values. If or once the number of federal jobs and/or wages drops expect house prices to fall.
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August 18 2011
Hi Matt,
As the number of homes being offered in Foreclosure have gone way down, they are not pulling the market price down as they have been over the last couple of years.  With fewer foreclosures on the market, we have seen prices stabilizing and are on a upward trend.  We hope next year will be better but there may not be any better time to sell than now - while interest rates are at an all-time low!  Good luck!
Lauren
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August 18 2011
I'm not sure what will happen over the next year, but I can give you facts about the current market.  In zip code 20151, in July of 2011 the average sales price was $492,748, up a whopping 40.06% from last July.  In zip code 20152, the average sales price was $498,824, up 11.07% from 2010.  By the way, the numbers are taken from RBI (Real Estate Business Intelligence) using data from our Multiple List Service.
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August 18 2011
 
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Are home values in Northern Virginia (i.e., Chantilly, VA) expected to rise over the next year?
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August 23 2011 | 6 answers
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