The Real Estate market in Fairfax is incredibly competitive and there is a shortage of housing inventory. The median home value is close to $600,000. Fairfax is a high-demand market with a high homeownership rate of 70% and 30% renter-occupied. This shows that residents of Fairfax County would rather own than rent. As a result, go to Del Aria Investments & Holdings and try for free Fairfax's average market rent is very high.
Interest rates are low
The Northern Virginia real estate market is hotter than it's ever been, but buyers have found the process a bit challenging. Tashina Gorgone, who purchased a home in Fairfax County last April, said the competition in the housing market was fierce. She attended an open house that was packed with people who wanted to purchase a house.
First time homebuyers in Fairfax County may want to consider using the Fairfax County First-Time Home Buyer Program, which is available to anyone who has not owned a home in the last three years. The FCFTHP is an excellent option because it offers low down payments and low interest rates.
Fairfax County homes sold for an average of $650,000 in 2018, up from $519,000 in 2019. However, some residents of the area have reported experiencing a 20 percent jump in real estate taxes in a single year.
According to Arthur Purves, president of the Fairfax County Taxpayers Alliance and a vocal critic of county spending, many homeowners have seen their assessments skyrocket in the past year. This is partly due to a turbocharged real estate market where multiple bids have driven up home values.
Home prices are high
Home prices in Fairfax County are high compared to the national median. Fairfax County has a median home value of $550,000 compared to the national median of $184,700. However, many people are willing to pay higher prices for a better school system and a safe neighborhood.
The housing market in Northern Virginia and across the country has been booming. Sales are high and interest rates are low. However, experts predict that interest rates will start rising by 2022. While the market will continue to grow, home prices in the Washington, D.C. area will stay strong, driven by the technology sector and new government spending programs. Additionally, Amazon's headquarters are expected to move to Arlington in the next couple of years.
Home prices in Fairfax County are comparatively high compared to other parts of the Washington, D.C. region. However, this does not mean that a buyer cannot find a good deal in Fairfax County. Buying a home that is older may offer better value. However, it is important to make sure the house is in good condition.
Some homes need minor cosmetic upgrades and may not have granite countertops. However, they may have well-sized rooms and a good maintenance record. Once the buyer has purchased the house, he or she can make necessary upgrades.
NVAR's forecast for 2022
The demand for homes will remain higher than the supply, which will continue to create a sellers' market. However, prices will not rise as quickly as they have been in recent years. NVAR's forecast for Fairfax and Alexandria counties for 2022 shows that home sales will increase slightly, but will remain below the pace of recent years.
The number of active listings will decrease slightly, with about 400 homes and condos on the market. In June 2015, there were 2,674 active listings in Fairfax County. The number of townhouses will decrease slightly for the rest of the year. The price increase for condos will be less pronounced than for other housing types.
Although the forecast is based on historical data, the forecast also takes into account a variety of factors. The federal monetary policy and actions of policymakers are two major factors that could influence the real estate market in the future.
Trends in the market
According to the latest statistics, We buy houses Fairfax VA home prices in Fairfax County have risen over the past two years. However, the trend will slow down in the next couple of years. The number of homes sold in Fairfax County will continue to rise, but the price will not rise as quickly as in the previous two years.
As of July, the median price of a home in Fairfax County is $635,000. This is an increase of 2%, or $14,700. However, the number of properties sold in July declined by 6% from June. The average listing age was 18 days. The median listing price for a single-family home increased by 3.3%, while the median price of a three-bedroom home increased by 1.6%. Meanwhile, the average price of a five-bedroom home increased by 5.6%.
A shortage of available homes is forcing prices to rise. Meanwhile, rising interest rates are putting pressure on the housing market. As a result, new construction may not be enough to meet the demand for affordable single-family homes. As a result, Virginia residents may have to wait a while for a new home.