Market Conditions for Fairfax, 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: 2 1 2 3 4 5 Falling Rising

Average Sold Price is down over last year this time, at $428K.(a 4% decrease, but up over last month). Properties are staying on the market an average of 46 days. Homes are selling for an average of only 96% of list price. With the limited number of houses in Fairfax City, there really aren't many bargains. Still, purchasers are demanding property condition to match the price, and sellers must be willing to negotiate and participate in concessions. There is a barely 3 month supply of properties on the market---a normal market for inventory..


Approximate Location Boundaries: The City of Fairfax

Location Characteristics: Great Location - home base for George Mason University, schools, shopping, and the "old town" feel of the 'revitalizing' city of Fairfax--they're going Gangbusters on City improvements (NEW Library, more new Retail/Commercial/Condo complexes coming in 2009). Don't miss the Chocolate Festival in February, the Farmers' Markets, and the other city celebrations!

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