This was a great question so I just wanted to update this for the last 6 months in the Blue Ridge area (6/1/13-12/11/13).
Our market has steadily improved over the last year and we have seen 116 residential homes sell in the last 6 months under $200,000. The average time on market was 122 days, but averages can be misleading. If a home is priced right and marketed correctly, we are seeing a much shorter sales cycle. I personally have had 2 listings sell within the first month of being on the market recently.
Current sold to list price under the $200,000 price point is 93.05%, but again, this is just an average and we have seen some go close to asking or above if there were multiple offers.