LoudounExtra.com ran a condensed version of the special report in this past Sunday’s Washington Post about how each county in the metropolitan area is weathering the real estate storm. It turns out that what goes up really, really high must come down really, really hard: Loudoun County experienced the steepest drop in housing prices in the last year. According to the article, the median price of sold single family homes and townhouses dropped 8%, from $535,000 in 2006 to $492,000 in 2007. It makes sense that Loudoun would have the farthest to fall, since it was one of the nation’s fastest growing counties from 2000 through 2006.
The runner-up for “Worst Median Price Performance of the Year” was Prince William County, where the median fell 5%. Virginia has the dubious distinction of taking the most dramatic price hit; both Maryland and DC managed to fare a bit better, although the article didn’t provide specific numbers for them.
And just in case we didn’t have enough reason to despise the previous Board of Supervisors, the article summarized county assessor Todd Kaufman’s perspective on the real estate crisis in the following manner: “Kaufman said the plummeting numbers are partly the result of high-density developments in eastern Loudoun, including Sterling, Ashburn and Broadlands, not being “stratified enough.” Developers flooded the market with lower-priced condos and townhouses, and buyers of those properties have been the most vulnerable to the subprime mortgage crisis.” Thanks, guys; nicely done!
Be sure to check out the article, because there are some other interesting tidbits in there. While you’re at it, be sure to read all about the Presidential (as in, George W.) visit bestowed upon a lucky(?) businessman in Sterling. I’ll let you draw your own conclusions about how that went.