Market Conditions for Fairfax County, Virginia Reported by Romie & Tricia Oplinger, REALTOR, ePRO, ABR, GRI, CSP, RECS Updated July 25, 2008.

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

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

Northern Virginia real estate continues to favor buyers. The market has slowed and homes are taking a longer to sell. The average number of days on the market has gone up to 83 from 65 a year ago. Prices will probably continue to slowly trend downward because of the large number of foreclosures and short sales on the market. Lenders have raised credit score and down payment requirements, and are being more conservative in approving loans, so there is less chance of buyers bidding up prices any time soon. The downward trend in prices also makes it harder for appraisers to increase prices by allowing for inflation.
The nationally respected school system, relatively low crime rates, proximity to Washington D.C., large number of high tech and multinational companies providing employment, 4 seasons of weather without extremes, and many other factors make Fairfax County a very desirable place to live. Once you get beyond the high cost of housing, everything else is affordable and enjoyable. Check out our website www.LetsMove.net for links to many of the communities within Fairfax County.

ZIP Code: many

Approximate Location Boundaries: Fairfax county is about a 30 minute drive from downtown DC

Location Characteristics: Fairfax county is a large metropolitan area with over 1,000,000 residents. It contains many suburban/urban enclaves such as Reston, Herndon, Mclean, Vienna, Oakton, City of Fairfax, Centreville, Chantilly, Fair Lakes, Annandale, Burke, Springfield, Tysons Corner, and Lorton. The county offers a wide range of recreational activities through its many parks, clubs, and sports organizations. It is home to George Mason University.

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