Home Prices Down Nationally, Up Locally|ABC 13

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Home Prices Down Nationally, Up Locally

posted 10:33 pm Mon September 03, 2007 - Lynchburg, VA

tags: home • house • prices

We've heard of falling home prices and foreclosures around the country. But in the Lynchburg area, we're actually seeing an increase in home prices. In fact, new federal statistics show the largest increase in Virginia.

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Higher home prices mean more money in seller's pockets.

Frances Harris, Selling Home - "Very good. Very good news."

Another seller we spoke with made major improvements to his home and it paid off.

Sold Home - "We have only been here three years and it went up approximately $30,000."

Home prices went up more than 10 percent in the Lynchburg metro area in the second quarter of this year. Compare that to the state average of almost four percent and the national average, just over three percent.

Nannette Saunders, Real Estate Agent - "Everybody that I have worked with so far this year, has seen a nice increase in the values of their property."

Realtor Nannette Saunders says one reason is because this area attracts a lot of outside buyers.

Saunders - "Because of the businesses and opportunities here, they are able to purchase a home, and raise their family and have an affordable living."

And affordability is one of this area's attractions despite increasing prices. Prices here have not skyrocketed like in Northern Virginia and Saunders says that makes our market less vulnerable.

Saunders - "Growth has been slower and stable and makes this market more affordable for everybody."

Not only is the market more affordable but realtors say homes are going relatively fast. Roanoke and Danville were not far behind Lynchburg. Home prices in the Roanoke metro area went up more than seven percent and more than nine percent in the Danville area.

Click here for a link to the Federal Government's Housing Price Index.

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