Fairfax Virginia Homes Sales Prices are Still Moving Lower - This report shows unmistakably - the price trend that Fairfax VA homes prices of single family homes for sale in Fairfax VA declined quite a bit since last year. This report is based upon public MRIS Data* published June 10 2009. Fairfax VA has one thing in its favor in the DC area, and that is an incredible location, access to the Dulles Toll Road, proximity to everything and Dulles International Airport. So if you are thinking of buying, now is the time before rates climb further.
I created a 5 year comparison sales price chart based on MRIS Data* so that you can get a better grasp on Fairfax VA homes sales price trends. Please keep in mind now the Fairfax VA real estate market in has changed. In May of 2006 the average sales price was $550,656. Even though home prices are trending lower, we are now dealing with lower mortgage rates, but buyers are still having difficulty in obtaining financing and are very cautious proceeding forward. To compound this, mortgage rates have jumped substantially in the last few weeks alone. Higher rates = lower prices. This will effect future closings and lower prices. Those lower prices bring lower appraisals for future sales also. The market has changed and so have the rules of the game. In May of 2009 the Average Sold price for a home in Fairfax VA was $420,482 or a 24% drop in the average sales price.
*Metropolitan Regional Information Systems, Inc. (MRIS)
Real Estate Trend Indicator - <$100K to >$5M Format
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