Many potential homebuyers will consider buying a foreclosed home because conventional wisdom says they will be able to purchase a home at a discount. Yet are foreclosures in Lorton and Fairfax County sold at a reduced price?
When looking at the median sales price, Lorton foreclosures are sold 19% less than the average non-distressed home (not a foreclosure or short sale.) According to RealtyTrac, the nation’s largest foreclosure reporting firm, in September of 2013 the median sale price of a non-distressed home in Lorton was $421,500; while the median sales price of a foreclosure in Lorton was $340,000; a 19.3% reduction or $81,500 savings. Fairfax County overall had a 22.3% reduction or a $103,500 savings.
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