While the strong housing market has been seen for past few months in the Loudoun County but Fairfax county has a weaker/mixed housing market. For many years, we have seen Fairfax housing market as recession proof and attracted buyers who don't want to commute from neighboring counties. Fairfax also has a higher price point and attracted buyers who are stronger financially.
April market in the Fairfax county has mixed numbers: Single family/detached homes was stronger than the condo and townhomes market. The days on the market continue to be a bit longer compared to last year. On a positive note, these numbers are very slim on a negative side but overall Fairfax will always hold a stronger market for buyers who want to stay in the area.
Facts from DC metro area housing market:
In the DC metro area, Falls Church City remains the most expensive location in the region with an April median sales price of $707,460, (down 9.3% from last year).
The lowest median DOM was in Alexandria City, where it is 10 days (down from 16 last year) and in Washington D.C., where it is also 10 days (up from 8 days last year).
Washington D.C. saw the largest increase in inventory of 11.3%, with 1,307 active listings. Fairfax City saw the largest percentage decrease of 23.8%, from 80 to 61 listings.
Bottom line : Lower interest rate, commuter location & an attractive school district will keep Fairfax housing market in balance in a short or long term.
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