According to the MLS and local real estate trends as of 1 October 2017, Fairfax Virginia is a hot market. The median home prices between $520,000 and $525,000. There’s been a 2% change over last year and several economists predict that Fairfax will increase about 1 1/2% over the next year. The median list price per square foot is currently $288, which is higher than the DC Metro average of $218.
There are about 200 properties for sale currently on the market in Fairfax. Very few homes are foreclosed or short sale and the average days on the market is between 45 and 60 days. Home prices tend to range between $300,000 and $650,000 on average.
But that’s not the only thing that has increased over the last year. The rental market is also up at about $2500 per month for the median rent. There was a dip in December down to about $2300 but quickly rose by March back up to around $2500 per month.
Homes near some of the best school districts tend to sell the quickest and for the highest dollar value. These include homes around the Waples Mill elementary school, the Frost middle school, Franklin middle school, and the Woodson high school.
It’s interesting to note that 83% of residents in Fairfax are homeowners, which keeps the rental market at a steady pace as well as home values continuing to increase.
For sellers, it’s an excellent time to sell even though we are heading into fall and winter. It is still a seller’s market and homes are selling fairly quickly at inflated prices, some may actually be selling over market value. The key is to price your home correctly from the beginning, not overprice it so that it sits on the market for longer than expected.
As a buyer, it’s important to have a good buyers agent on your side representing you through all the negotiations so that you get the best price and the best terms for your need and budget.
We’d love to help you buy or sell throughout the Fairfax area. Contact our office today to find out what your home could be worth and how quickly it could sell.