Homethinking - Make Better Decisions

An experienced Realtor will negotiate a much higher price than their fee takes away and reduce the stress of selling your home

Current Home Prices and Sales

Fairfax Realtors report that as of July 1, 2011, the median list price for homes in Fairfax, Virginia was $459,900, representing an average asking price of $222 per square foot. As of May, 1, 2011, the median sale price was $409,000 on the 295 homes sold in April of this year, a five-year high for the Fairfax real estate market.

Housing Value Trends 2007-2011

According to Fairfax Realtors, there has been an overall decline in the list price per square foot of residential properties from $233 in October 2008 to a 5-year low of $214 in November 2010. As of June 2011, homes listed for sale in Fairfax had risen to a median price per square foot of $222, a nine-point five percent increase over the previous year's values.

In June, 2007, about five percent of all completed home sales in Fairfax were at a loss to the seller. The number of residential properties sold at a loss continued to rise to a record 34 percent of sales in February 2010 recording a negative result for the seller. As of May 2011, Fairfax Realtors reported that about 25 percent of all home sales result in a financial loss to the seller.

The number of homes sold each month has fluctuated over the past five years from a low of 101 housing units sold in January, 2011, with spikes in sales occurring in July of each year.

Demographics

According to the 2000 U.S. census, the median age of residents in Fairfax is 38. Total area population is 22,823, including 16 percent single adult males and 12 percent single adult females. Fifty-seven percent of residents here are married, with the remaining 14.5 percent being either widowed or divorced. Twenty-nine percent of Fairfax households include one or more children.

The average household size is 2.61 persons with an estimated median annual income of $94,659 and a per capita income of $41,452. The January 2011 cost of living index for Fairfax was 134.7, higher than the national average of 100. As of March 2011, the unemployment rate was five point one percent.

Types of Housing

The median home size in Fairfax is 1,660 square feet with 58.4 percent of housing units being single-family detached homes and 36.9 percent condominiums. Multi-family dwellings and trailer homes make up the remainder of the housing units in Fairfax. The average year that homes were built is 1982, with nine percent constructed before 1960.

Owner-occupied units make up 69 percent of the residential properties in Fairfax, with renters living in the remaining 31 percent of houses, multifamily homes, and condos.