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From the February 14, 2008 Richmond Times Dispatch:

Richmond joins record drop in home prices

Richmond was one of a record number of U.S. metropolitan areas where home prices fell in the fourth quarter, according to a report just out from the National Association of Realtors.

The report released this morning shows the median sales price for a home in Richmond was $225,700, a decrease of 1.6 percent from $229,400 in the fourth quarter of 2006.

Here is a take on real estate in the Williamsburg area from January 26, 2008  Virginia Gazette.

The Virginia Association of Realtors said home sales statewide fell 15% from 2006 to 2007. While home values continued to grow, by a little over 1%, they grew at a slower rate than they have on average over the last 30 years, more than 6%.

Indeed, during the housing boom of the last few years, the state experienced double-digit growth in home values.

Time on market in Virginia increased from 70 days to 88 days statewide, still below the historical average of 90 days.

Locally, the median price of a home in greater Williamsburg fell from $318,745 in 2006 to $295,000 in 2007 (see box).

Sales were off 12.5%.

However, average days on market hadn’t changed, it was 71 days each year, still up markedly from 56 days in 2004.

Linda Kinsman, executive director the Williamsburg Area Association of Realtors, put things in perspective.
“ Over the last five years the average price of a home here has increased 29 percent,” she said.

Hard times seem to be on the way — VAGazette.com