Compared to over all DC Metro area market and the local Loudoun County real estate market; Fairfax County real estate market was sluggish in August 2015.
We saw a slim percentage (1.29%) of rise in the sales volume compared to double digit in both DC Metro & Loudoun county housing report (13.97%).
Inventory is on the rise at 7.09% compared to August 2014.
Positive news/numbers is the attached homes did stay strong with increase in average sold price. Median sold price only drop by by 0.31% compared to 2014 August real estate market in Fairfax.
What would be the fall real estate market in the Fairfax County area looks like?
The biggest news/sale we had was many of the employers of Exxon Mobil had to put their homes on the market. With the surge in the relocation we did see a larger number of single family homes in the Fairfax, Chantilly, Oakton and Herndon area.
My thoughts are Fairfax county real estate market will continue with slow and steady pace growth. Areas like Herndon where Ryan, NV Homes are selling town homes & condos started to offer incentives with buying their interest rate. This was not seen/heard a year ago when they started selling at Discovery Square.
Low gas prices in 2015 has also opened the options for Northern Virginia buyers to consider Loudoun and Prince William county. Loudoun has been a biggest competitor for Fairfax county real estate market. As we know in Loudoun home buyer can purchaser a newer home for the same/lower purchase price. Basically purchasing power goes up for the home buyer in the area. Also with silver metro line coming to Ashburn has also helped surge Loudoun housing market.
Will the trend continue if the Fed raises interest rate or the oil prices goes up during harsh winter weather?
Here are the charts for the August housing/real estate market in Fairfax county of the Northern Virginia area:
Blog -thoughts/opinions are Ritu Desai at Samson Properties personal. Please seek advice from appropriate consultant about your real estate decision
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