Fairfax County: Real Estate Pricing Trends
MEDIAN PRICE HISTORY
This chart reflects a 5 year history of median price levels in Fairfax County. The blue line is for all housing types; but as you see, detached homes (purple), attached homes – i.e. townhomes (pink) and condos (red) have all followed a very similar pattern. While median home prices do bounce around from month to month, over time the trend becomes clear; homes prices in the area have been steadily increasing for several years.
ARE PRICES BEING NEGOTIATED?
Buyers and sellers both need to know: “Are buyers in this market expecting to negotiate down from the asking price, or are the buyers expecting to pay the asking price?” It’s an important question. Sellers need to price according to market expectations. Buyers need to know, too, so they are looking at properties in the right price range, and so they know how to present a offer that might be accepted.
The 5 year history shown on this chart reflects the “ORIGINAL list price to sale price” ratio. Again, it seems clear that, while you may see more negotiation in home prices around the end of the year, overall, sellers are getting prices at or very close to their asking prices. The “take away” is that sellers should price to sell, not for negotiation. Buyers should plan to pay full asking price for the home of their choice.
The chart below demonstrates what most of us would expect; sellers who do not sell quickly are more likely to negotiate or drop their price.
*Please note, all charts on this page are updated on or about the 10th of each month as new statistics are available from our local multiple listing service. So please check back for the most current information.
Interested in more Fairfax County Real Estate Statistics? Check out this page showing the seasonal changes and giving you insights as to when might be a good time to list, and when might be a good time to buy.
You can also learn more about the regional market by checking out the page on Northern Virginia Regional Real Estate Market Stats which also contains information that is updated monthly.
When you’re looking for a REALTOR that knows the market,
you can trust Vicky Chrisner.