Virginia home prices outperform nation

Median home prices in Virginia rose 8.29 percent in September over the same month last year. Median home prices nationally declined 4.2 percent for the same month. The September national median existing-home price for all housing types was $211,700 this past September; in September 2006 the median was $220,900, according to the National Association of REALTORS®.

Here in Virginia, the September median sales price statewide was $235,000, compared to $217,000 for September 2006. Despite the adjustment many of the nation's housing markets continue to experience this year, the value of a Virginia home as a wealth-building investment remains stronger than ever.

A Virginia home purchased in 1999 for the then-median price of $125,000 would realize an 83 percent return if sold in today's market. And a Virginia home purchased in 2002 at the median price of $144,480 has appreciated 58 percent in the past five years.