I don't think that prices have actually crashed. It depends on the area you are in, for one thing. Virginia is a big and diverse state, with the urban areas around DC, beaches, mountains, and university communities like the University of Virginia.

If you did buy a property in Virginia, you would have to be sure that it was in an area with a university your child would want to attend and that would accept that child as a student and that you can afford. Even state universities are expensive. They charge higher fees to out-of-state students, and you must live in the state for at least a year, and in some states two years, to qualify for in-state fees.