Centreville is approximately 20 miles outside of Washington, DC, in Fairfax County, Virginia. In August, the vast majority of the houses in Centreville were sold using conventional and Federal Housing Administration (FHA) financing because the average and median sales prices were all below the conforming loan limit for conventional financing.
These totals represent the market conditions in Centreville, Virginia:
- Homes for sale: 375
- Closed sales: 100
- Average sales price: $326,422
- Average days on market: 61
A continued increase in activity is shown by these numbers as last month only had 94 sold homes and 394 new listings for sale. Each month in Centreville we have seen an increase in sales and a decrease in inventory selection.
Though the average home price is down approximately 10% from same time in 2008, there is a strong demand for homes in the Centreville market as buyers race to get in before the November 30 deadline to get the $8,000 federal tax credit for first-time buyers. And each month the difference in sales price from the previous year keeps getting smaller. These statistics lead me to believe we are approaching price stability.