2017 Annual Fairfax County Real Estate Market Report
They both have sibling rivalry yet common traits of being siblings. Both the counties in Northern Virginia had a strong 2017. Loudoun had a leverage since homes are newer and many of the buyers especially home buyers who have an option to telecommute choose a newer home over an older home in Fairfax County. Fairfax has strength due to commute (location, location, location!) and to a certain degree, the parent feels school district is stronger in Fairfax County. Click here to read 2017 Loudoun County real estate market report.
Irrespective of where a home buyer decides to live both the counties had a phenomenon 2017 real estate year. Multiple offers were very common on a right priced home. Vienna did see a dramatic increase in the real estate new construction and a price increment. Reston with metro now in full year of operation has helped many of local commuters to ride silver line. Herndon metro stop to be completed in 2018 will help further help to elevate the commuter stress.
List price to sales price: Most of the homes sold close to the list price. As per the market stats in April which is the peak of our spring housing market, the homes were sold 98.7% to the original list price. The lowest we had was 96.7% in January but considering a sluggish winter market that is a common trend. For a homebuyer relocating or not know how strong Northern Virginia real estate market is this can be a very helpful guide to understand how low you can bid on a home in the area.
Days on the Market: Similar to Loudoun County; Fairfax County homes were on the market average 30-70 days. Which as a local Fairfax County real estate agent I consider as a stable or a normal market.
Inventory: Just like across the country we struggled with tight inventory in the Fairfax County. I had buyers house hunting from a starter home to $1.5+ Million all facing challenges of tight inventory. Which according to many economists may still be the same saga in 2018.
New Construction in Fairfax County: While Fairfax County does not have an abundance of new construction for masses it does offer an option for high-end price point buyers options to live close to major highways or metro stops. Home buyers have choices to buy a townhome in high $700K to Million. Single-family homes starting at Million plus. And a strong demand for these homes was reflected in 2017 market.
Interest Rate: The average interest rate for 2017 was just shy of 4%. But it fluctuated between 4.20 in spring to a lower end 3.88%. 2018 already has seen an increment in the interest rate compared to 2017.
2018 Future Trend in Fairfax County: If you had read my recent blog about the impact on Taxes in the Northern Virginia market you will learn I personally don't think it will have a direct impact. Overall Fairfax county will continue will be a steady growth. Unlike Loudoun County, Fairfax County will see a higher demand for a luxury real estate. Volume and price increment is inevitable in our area. Remember we are not as expensive real estate market as New York, Silicon Valley area or Seattle. Interpretation of the above information is done by Ritu Desai at Samson Properties. If you have a question or concern about your finance or mortgage or home purchase or sale please contact an appropriate counselor.