What is the average house price in Fairfax County? There are many factors to consider when deciding whether to buy or sell a home. The housing market in Fairfax County is considered a Sellers Market, which means that prices are higher and homes tend to sell faster. Therefore, you should expect to pay close to the asking price if you’re planning to buy a home in Fairfax. In fact, 45.5% of homes in Fairfax sold for more than the asking price last month, visit this page to known more.
Prices of single-family homes in Fairfax County
The median sales price for single-family homes in Fairfax County rose to $710,626 in January, up from $648,546 in January 2018. This increase was largely due to a larger percentage of single-family homes in the overall sales mix. Meanwhile, the average sales price for detached properties in Fairfax County rose 2.6 percent to $449,043 in January.
The market remains a tough one, though. A double-whammy of rising prices and higher interest rates has priced out some single-family home buyers. As a result, some lower-income buyers may have opted to stay on the sidelines for now or look for more affordable options in the outer suburbs.
Despite this trend, the housing market in Northern Virginia remains strong. The trend has been seasonal since mid-2020, with prices higher in the spring and summer, and lower in the fall. In the past year, the average price peaked in June, but has since dipped.
One of the biggest advantages of a single-family home is its flexibility. A single-family home can be fully detached, semi-detached, or row-style. Each of these offers unique characteristics, including privacy and plenty of space inside. In addition, a single-family home also has greater flexibility to customize the interior and exterior of the property. However, the downside is that a single-family home will require a larger down payment and regular maintenance.
Number of owner-occupied housing units
According to the Census Bureau, there are 24,146 people living in Fairfax County. There are 8,800 households. This means that there are roughly 16,000 units of housing available for rent. However, many of the units are not affordable, with approximately 48 percent of Fairfax households being renters. Despite these challenges, Fairfax has adopted policies to increase housing production while preserving affordability.
The census Bureau uses the American Community Survey (ACS) to obtain this information. It asks a variety of questions, including the presence of hot and cold running water. The survey also asks about the presence of kitchen appliances, including a range and a refrigerator. The data are used by local and federal governments for purposes such as housing assistance and rehabilitation loans. It also allows public health officials to determine whether a certain area is at risk for waterborne diseases and groundwater contamination.
While the number of buying of housing units is increasing, renters are more likely to have children. While less than 1% of Virginia homeowners are under 25, this proportion is significantly higher than the percentage of renter households. Single-family homes and small multifamily buildings have the highest percentage of renter households. After the recession, the stock of single-family rental homes rose significantly, and are still a significant component of the rental stock.
Fairfax County has the third-highest number of owner-occupied housing units. This proportion of owner-occupied housing units is higher than the national average of 64.4% and is significantly higher than neighboring geographies. Additionally, Fairfax County employees’ commute times are significantly longer than the average US employee, with 2.76% of workers experiencing super-commutes.
Months of supply of homes on the market
The months of supply of homes on the market is a useful measure of the housing market’s available inventory. A low months’ supply indicates a seller’s market, while a high months’ supply indicates a buyer’s market. In the current market, there are roughly four to five months of inventory available.
A balanced market typically has at least six months of supply. A buyer’s market typically has a supply of seven months or more. However, in many markets, the supply is still less than six months. The NAR reported that the month’s supply in November was only four months, a slight increase from November 2016, but less than the five months recorded in 2014.
The amount of housing inventory varies throughout the month, depending on the pace of home sales and new listings. The NAR publishes the current inventory figures once a month. As the supply of homes on the market continues to rise, a buyer’s market becomes increasingly more competitive.
If months of supply of homes on the market is between two and four months, the market is considered a seller’s market. With less competition, a seller of house has more control over the price and can raise it if necessary.