The Alexandria real estate market in Virginia has been marked by both worrisome as well as more positive indicators of how well realtors and would-be home buyers are faring in a period of overall and diminished real estate market performance and overall economic prospects. 

In this regard, worries were raised about the current and future state of Richmond property by the finding that the financial value of Alexandria property, on a square footage basis, had declined at a rate of 7% in comparison to the previous year. By this estimation, each square foot of Alexandria real estate can be expected, in terms of its average price, to cost $293.

 

Figures collected from the summer period for sales of Alexandria real estate indicated that 1021 individual financial transactions had taken place during that period and that these sales had involved the average price of $380,000. In terms of sales volume of Alexandria property during summer 2010, a fall had taken place of 27.9%, while the average cost of a residential Alexandria property had increased by a 8.9% rate representing an actual dollar amount of $29,000. 

In the area of Alexandria real estate, regions of continuing popularity and currently high price estimations include such area zip codes as 22302, where homes cost an average of $418,442 for purchasers, 22304, where they cost the average price of $354,307, 22303, where they cost an average $334,240, 22306, with the average being $340,503, and 22314, with the average being $767,848.

 

The Norfolk property market for residences in the state of Virginia has been marked by a generally diminished level of sales activity in terms of the ability of realtors to pass on homes to new owners for their asking prices, though the overall value of Norfolk property has been found to have positively and significantly changed in the 2010 period. 

In this regard, surveys of overall Norfolk property transactions which had been conducted in that period determined that the square footage average financial value in the area could be placed at $204, as represented an improvement at the rate of 42.7% from the 2009 period for Norfolk property sales.

 

That being said, the Norfolk property market and various individuals associated with this economic sector, such as both realtors and prospective and present homeowners, were concerned about the actual number of residences being sold in the area. Moreover, present homeowners were confronted with negative indicators as to the actual price being asked and successfully secured for pieces of residential Norfolk property. 

On average, a Norfolk home went, in the 2010 period for sales, at an average price of $272,383, which represented a decline in value at a rate of 2.2% in comparison to the previous 2009 period for Norfolk property transactions. The median cost being asked for residential Norfolk property offerings, moreover, was placed at $167,447, which represented a decline at the rate of 7% from 2009. In September 2010, 859 Norfolk homes had gone through foreclosure.

 

The Fairfax property market in the state of Virginia has been noted for a number of negative indicators in comparison with previous years, and as a whole has been seen by real estate professionals and observers as having gone through a period in decline with the connection with the overall challenges facing real estate markets in Virginia and in the country as a whole. 

In this regard, various negative pieces of data were collected from the 2010 period in Fairfax property transactions showing a fall both in the overall value of land in this area of the state as well as in terms of the volume of sales being successfully made by realtors and present homeowners.

 

On average, a piece of residential Fairfax property in the 2010 period for real estate transactions was found to cost $520,274, in terms of the price being listed by realtors in this market. This price estimation represents a 1.8% gain from the previous, 2009-listed average price for Fairfax, VA homes. The median price now being asked for residential Fairfax property purchases stands at $301,500, according to data collected during summer 2010. 

This represents a decline at a rate of almost 1/4 from the price which could be asked of residential Fairfax property during 2009. In terms of square footage, Fairfax property is valued at an average price of $242, which again has lessened from the last year, this time at a rate of 5.1%.