Fairfax House Values
Fairfax house values have definitely appreciated dramatically over the last 10 and even 5 years. Although these home values have not yet reached the point where a piece of Fairfax property is unattainable to the average Virginia buyer (as is often the case with the surrounding area). Home values in Fairfax Virginia are just below the $430,000 mark. Prices in this range are considered a bargain by many especially considering that the surrounding area of Falls Church can easily see home prices in the $600,000’s and the luxury homes located in McLean typically start in the $800,000 price range. In fact, very few newly constructed single family homes are appraised at under the $500,000 mark (mostly because the absence of available land means that those looking to build their own homes often times must purchase and demolish those older homes in order to take advantage of the land). There is also a great deal of property value growth in terms of estimated median house/condo value. In the year 2000 the estimated median house/condo value was $192,100 in the year 2005 it had more than doubled to $426,200. With a slight dip in the national market effecting 2006 and 2007 appreciation numbers recent growth has not been as dramatic but the perceived value of Fairfax homes are still on the rise, especially as supply becomes more and more scarce.
Fairfax house values are among the more affordable for this area of northern Virginia. With Washington D.C. a relatively short distance away, those looking to relocate are either doing so for employment purposes or are looking for property investment opportunities. Not only are house values appraised higher because of proximity to the nation’s capital but also because of the excellent public schools, shopping, and transportation options that Fairfax offers its residents. These advantages of the area cause the median house prices of the homes that fall inside of the Fairfax city limits to increase.