About this project

• We set out to find out how much house $150,000 would buy. We arrived at that figure after talking with real estate agents who work in the market. We and they believed $150,000 would buy a house. Less than that, we reasoned, would not buy many ready-to-move-in houses in some areas. More than that, we feared, would require a mortgage out of reach for a significant number of New River Valley residents. With the number set, we set out to find people who had bought houses in the past year to see what they got for their $150,000. In some cases, we settled for selling prices a bit higher, because we couldn’t find anyone who had paid exactly $150,000 for a house in that area in the past year. Several new homeowners agreed to talk with us about their purchase. We are grateful for that.
• Property taxes, of course, will determine part of the price of a house. Click here to compute and compare the New River Valley's town and county tax rates.

Location. Location. Location.

Everyone knows those are the three most important things in real estate. When it comes to buying a house in the New River Valley, the mandate is triply true.

According to the 2000 census, the median value of an owner-occupied house in Giles County was $69,200. In Montgomery County, the median was $114,600. But Montgomery County's figures would be considerably lower without Blacksburg. The median value of a house in Hokie town was $144,000 -- $18,600 higher than the state median.

Even with golf course communities pumping up house prices in parts of Pulaski County, Blacksburg is the New River Valley's high-rent -- or high-mortgage -- district.

People who sell real estate for a living say a house that sells for $135,000 in Pulaski County is comparable to one that goes for $230,000 in Blacksburg. A $100,000 fixer-upper in Floyd would cost $50,000 more in Blacksburg -- and the back yard wouldn't be as big.

"For $150,000 you can hope to get a three-bedroom, two-bath house on about 2 acres," Darlene Hylton said from the Floyd office where she's sold real estate for 23 years. The county's only traffic light blinks and glows a few steps away.

"Real estate doesn't slow down in Floyd," she said. "We have wars and depressions and recessions and turmoil and it doesn't stop in Floyd County. We just keep rolling on."

But what she's selling has changed. Five years ago the hot properties were farmettes -- 5- to 15-acre tracts with plenty of room for a garden and a horse or two. People still want those, Hylton said, but there aren't any more to sell. Now the market is mostly houses on 2 or 3 acres.

Prices have gone up, but people keep coming, looking for some semblance of country living.

"When I was young," Hylton said, "the older people just couldn't wait to move out on the road. And now people want to get back to where it's more private and secluded."

Alice and Ken Coddington traded country living -- a house near the Cascades -- for a smaller house on a smaller lot in town. It took the couple more than four years to find the right house in Blacksburg.

It was a 60-year-old, two-bedroom, one-bath cottage in the downtown historic district. That allowed them to drastically reduce their commuting time and costs. Instead of driving from Giles County into Christiansburg and Blacksburg, the Coddingtons walk or ride their bicycles to work now. They've become a one-car family.

The Coddingtons are eligible for two federally funded, town-managed housing programs. Which is a good thing. Their charming cottage needs some renovation. But it cost them only $150,000.

Scott and Linda Worley moved to Floyd County to shorten Linda Worley's commute. It took them much less time -- about 60 days -- to find their three-bedroom, two-bathroom brick house and its 1.42 acres of land. It cost $150,000, too.

Karen Harrington and her mother, Isabel Shrout, paid the same for a four-bedroom, two-bathroom house in Pulaski. It sits on a third of an acre.

They came for Harrington's job. She was recently named director of surgical services at Pulaski Community Hospital.

"I just fell in love with the area and the hospital," she said.

Jim and Angie Bragg rented in Blacksburg for a while, but Jim Bragg said they found real estate prices there "out of hand." So they ended up in Radford. They bought a three-bedroom, two-bath brick ranch on three-tenths of an acre. It cost them $152,500.

"It was in our price range," Jim Bragg said. "It was in a neighborhood that we would like to live in and close to schools and everything that we thought was important."

Years of rising prices seem to be slowing now, according to Matt Hanratty, Blacksburg's housing and community development manager. But that doesn't mean houses are more affordable. Interest rates for home mortgages are up.

Amy Hudson, a Blacksburg real estate agent, isn't convinced housing prices are flattening out. She's seen some prices come down, she said, "But a lot of times it's only when the house was priced too high to begin with."

Interest rates are still good, she insisted, despite all the talk of a slowing market. That talk is scaring people, she said. Hudson said she's seeing fewer move-up buyers -- folks looking to move from a starter home into something bigger. But she still sees an active market.

"I do think things are still moving when they're priced right and in good condition," Hudson said. "In this area, with the university and all the spinoff and the growth of commercial in Christiansburg, we still have a lot of people moving in."

Staff writers Paul Dellinger, Shawna Morrison, Tonia Moxley and Albert Raboteau contributed to this report.

Christiansburg The Harris House Residents: Chris Harris and her three dogs. Occupation: Looking for work 1,150-square-foot brick rancher Three bedrooms, two baths, attached garage, no basement Lot size: 0.3 acre Price: $152,000 Why this house? Its central location and its fenced back yard for her dogs. "It was amazing how fast I felt at home in this house," Harris said. "It really suited me."	Blacksburg The Coddington House Residents: Alice and Ken Coddington, and their two young sons Occupation: Alice Coddington works at Shelter Alternatives, Ken Coddington at FedEx 1,400-square-foot cottage Three bedrooms, one bath, no basement Attached garage, one outbuilding Lot size: 0.25 acre Price: $150,000 Why this house? It’s much closer to jobs. Instead of driving two cars, now the Coddingtons bike or walk to work.	Pulaski County The Harrington-Shrout House Residents: Karen Harrington and her mother, Isabel Shrout Occupation: Shrout is retired; Harrington is the new director of surgical services at Pulaski Community Hospital, two-mile commute 1,767-square-foot wood-sided bungalow Four bedrooms, two baths, garage, finished basement Lot size: 0.3 acre. Price: $150,000 Why this house? "To be honest with you, we fell in love with the area," Shrout said.
Radford The Bragg House Residents: Jim and Angie Bragg, and their 19-month-old son Occupation: Office equipment salesman, commute varies 1,625 square foot brick rancher Three bedrooms, two baths, basement and carport Lot size: 0.3 acre Price: $152,500 Why this house? "It was in a neighborhood that we would like to live in and close to schools and everything that we thought was important," Jim Bragg said.	Floyd County The Worley House Residents: Scott and Linda Worley, and their two children. Occupation: Scott Worley is a counselor, 20 mile commute; Linda Worley is a school nurse, 10 mile commute 2,138-square-foot brick split level Three bedrooms, two baths, attached garage, basement Lot size: 1.42 acres Price: $150,000 Why this house? "We like the rural part," Scott Worley said. And it's closer to Linda Worley's job.	Montgomery County The Simpkins House Residents: Chris and Christa Simpkins and their 11-year-old son Occupation and commute: Chris installs water and sewer systems, Christa is an accountant, both have a 30-minute commute 1,500 square feet Three bedrooms, two baths, three decks, two woodsheds Lot size: 6 acres Price: $152,000 Why this house? Son has room to ride motocross bikes. And, "no neighbors," Christa said. "We always dreamed of living in the country."
Giles County The Price House Residents: Jerry and Anita Price, and their cocker spaniel, Boomer. Occupation: Anita Price is a secretary at Virginia Tech, 25-minute commute 3,400-square-foot brick ranch Three bedrooms, 2-1/2 baths, finished basement, attached two-car garage, above-ground 4-by-24-foot pool, wood-and-cinderblock outbuilding that used to be a smokehouse Lot size: 2.6 acres Price: $150,000 Why this house? The Prices moved into this house from one across the street because they liked the extra space. "I think we got a super-good deal," Jerry Price said. The house was built in 1970, he said. "It was well-maintained and took care of."	Housing values In 1999, this is what homeowners said their houses were worth: Blacksburg Montgomery County Radford Pulaski County Floyd County Giles County Virginia $144,000 $114,600 $95,100 $80,000 $79,700 $69,200 $125,400 SOURCE: Median values reported on 2000 Census