Fairfax County Real Estate

Fairfax County VA Real Estate Market Report Jan. 2010.

To tour homes for sale in Fairfax County, VA, contact Lenn Harley, Broker, Homefinders.com, 800-711-7988.  We can help.

FAIRFAX COUNTY, VIRGINIA - IT’S TIME TO BUY! YES! IT’S TIME TO BUY! (edit/delete)

FAIRFAX COUNTY VA REAL ESTATE.  YES!  It’s Time To Buy!  It’s Time To Buy!

FAIRFAX COUNTY HOME BUYERS:  We’ve compiled the facts and statistics for you to show that it is, indeed, a good time to buy a home in Fairfax County, Virginia. 

IF YOU NEED OR WANT TO BUY A HOME in FAIRFAX COUNTY VIRGINIA, BUY NOW.  PRICES ARE DOWN AND IT’S A BUYER’S MARKET! 

Prices are down in Alexandria, Annandale, Burke, Centreville, Falls Church, Fairfax, Great Falls, Herndon, Lorton, McLean, Reston, Springfield, and Vienna.Fact:  There are about 2,923 Single Family Homes (not new construction) listed for sale in Fairfax County, VA (2/24/08).  Home buyers in Fairfax County have more choices than ever before.

Fact:  There are about 6,091 homes of all types listed for sale in Fairfax County, VA (2/24/08).  Home buyers for single family, townhomes, condos have more choices than ever before. 

Fact:  Home prices for homes SOLD in January 2008 were 11.13% lower than in January 2007.  Sellers are reducing home prices faster than recent times.

Fact:  Prices for all homes SOLD in Fairfax County sold for 90.89% of the list price.  That reflects an average 11% negotiating success. 

Fact:  There is about a 5-11% negotiating window for buyers and seller subsidies are also higher.

Fact:  Total units sold in January 2008 were down 46.41% from January 2007.  Sellers need to sell and will negotiate.

Fact:  List prices for homes for sale in Fairfax County in January 2007 are 8.85% lower than in January 2007.  Lower list prices reflect the pressure from lower SOLD prices and lower appraisals. 

Fact:  The average Days On The Market for homes listed for sale in Fairfax County, VA is 132 days, 24.53% longer than a year ago.

Fact:  Rents are increasing and will continue to do so until buyers get back in the real estate market.

Fact:  Mortgage requirements are becoming increasingly difficult and will continue to do so for some time.

FAIRFAX County Virginia Average SOLD prices 2005-2008 (All home types).
January 2008 - Average SOLD price was $472,016
January 2007 - Average SOLD price was $531,143
January 2006 - Average SOLD price was $512,201
January 2005 - Average SOLD price was $475,995

FAIRFAX COUNTY HOME BUYERS can now select from homes for sale at 2005 prices. *  It took 3 years to get list prices for homes for sale back to 2005 prices.
*  Pressure from Short Sales and Foreclosures have helped bring prices down. 
*  Home owners who sold due to relocating to other areas helped bring prices down. 
*  Smart buyers who simply said, “I will not pay that price for that house” helped bring prices down. 
*  Buyers Agents in the Homefinders.com network who gave our home buyers the facts about the real estate market helped bring home prices down.

Click to enlarge

Fairfax County VA real estate is a high volume, high price range real estate area.  Most luxury home communities for Northern Virginia are located there.  Great Falls, McLean and Vienna are known luxury homes areas.

Average Price in Great Falls is $2,014,303.
Average Price in McLean is $2,377,364.
Average Price in Vienna is $1,018,141.

                        Example of home in Centreville, Lorton, Fairfax City areas in the $1,000,000 price range.

Many home buyers in these price ranges will have private financing, high down payments or pay cash.  However, home buyers in average price ranges are now finding financing more difficult without significant down payments.  First time home buyers seeking the convenience of Fairfax County to employment locations in Washington, D.C. or Tysons Corner, the Dulles Corridor or close-by Montgomery County, MD will have a difficult time locating in Fairfax County. 

The average price for a detached single family homes in Fairfax County is about $680,826.  The average income for a family in Fairfax County is about $110,000. 

Towns with homes in the price range of first time homee buyers for real estate in Fairfax County include, Alexandria, Annandale, Centreville, Fairfax Station, Herndon, Lorton, Springfield and Vienna. 

Metro stops are located in Alexandria, Annandale, Lorton, Springfield and Vienna. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-Mail

Fairfax County VA real estate is a high volume, high price range real estate area.  Most luxury home communities for Northern Virginia are located there.  Great Falls, McLean and Vienna are known luxury homes areas.

Average Price in Great Falls is $2,014,303.
Average Price in McLean is $2,377,364.
Average Price in Vienna is $1,018,141.

Many home buyers in these price ranges will have private financing, high down payments or pay cash.  However, home buyers in average price ranges are now finding financing more difficult without significant down payments.  First time home buyers seeking the convenience of Fairfax County to employment locations in Washington, D.C. or Tysons Corner, the Dulles Corridor or close-by Montgomery County, MD will have a difficult time locating in Fairfax County. 

The average price for a detached single family homes in Fairfax County is about $680,826.  The average income for a family in Fairfax County is about $110,000. 

Towns with homes in the price range of first time homee buyers in Fairfax County include, Alexandria, Annandale, Centreville, Fairfax Station, Herndon, Lorton, Springfield and Vienna. 

Metro stops are located in Alexandria, Annandale, Lorton, Springfield and Vienna.