Market Conditions for Fairfax County, Virginia Reported by Barb Northam, Associate Broker, REALTOR, CRS, GRI, e-PRO Updated October 26, 2009.

Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 4 1 2 3 4 5 Falling Rising

It's not exactly a Buyer's Market in Fairfax County. Buyers have more time to browse, choose and bargain, BUT the market is creeping up----Up 9% over last year this time sold price. The average Sold Price is $416K. Homes are staying on the Market an average of 62 days versus 96 days last year , and the Average Sale Price is 94% of the list price.(ATTENTION: This means Sellers are only slightly overpricing). Inventory is DOWN! Currently there are 5124 properties available. Low prices/correct prices will entice purchasers. Condition is a HUGE issue correlating directly with price. Well-priced homes in top condition ARE receiving solid offers around 45 days. There are no bargains in the sense of actual dollar amount. CONDITION is paramount at all prices; school districts increase in importance in driving sold prices (there is a direct correlation between Buyers' perception of 'good' school districts and sold prices and rate of increase of appreciation).! If you're a purchaser---watch for days on market and price reductions and don't be shy about making an OFFER! Sellers, you need to price your home realistically (which is AHEAD OF THE MARKET). 3 weeks on the market with little traffic & no offers translates to "your home is overpriced".At 45-60 days on the market with no offers translates to "your home is overpriced." Be willing to reduce the price aggressively and negotiate if you want a quick sale at the highest price possible!


Approximate Location Boundaries: ALL of Fairfax County: The Good, The Bad, The Ugly---and it all costs less now.

Location Characteristics: Schools in the top 10 in the country, loads of parks/recreation areas, shopping galore, and near major employment centers and commuter routes (and the not-so-soon-to-be-Tysons-rail) -- Fairfax County has it all!

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