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November’s average and median sales prices inch upward in 2009

Everyone’s looking for a higher ticket price. For their home, that is.

The latest market numbers may give homeowners some hope. After their steep plunge, median sales prices turned their frown upside down just a little in November.

In November 2003, the average sales price was $353,746. Two years later, the average sales price increased nearly $200,000 to $535,878 in November 2005. Fast forward three years and the average sales price for a home in November 2008 nearly returned to its 2003 levels – $355,235. In November 2009, the most recent reported numbers, the average sales price inched up to $379,191.

In terms of the median price – or the middle price of all homes sold – in November 2009, Loudoun saw a decrease of nearly 6 percent to $325,000 from $342,000 in October 2009. However, during the previous four months, the median price had hovered between $340,000 and $350,000, which indicates a significant price stabilization, said Rosemary deButts, housing analyst for the Dulles Area Association of Realtors and the Virginia Association of Realtors.

“Although the median price declined from October, Loudoun’s median sales price in November exceeded the corresponding monthly amount in 2008 for the fourth consecutive month,” she said.

The median price hit its lowest point in January 2009, coming in at $291,000. The highest median price was in March 2006 at $503,500.

Waterford commanded the highest median sales prices during eight of 11 months in 2009. Middleburg and Hamilton held the title of highest median sales prices for the remaining months in 2009. In November 2009, the median sales price in Waterford was $577,500, according to deButts. Meanwhile, the countywide median sales price was $325,000.

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November average sales price
2009: $379,191
2008: $355,235
2007:$497,246
2006: $501,673
2005: $535,878
2004: $440,522
2003: $353,746

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