Fairfax, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Fairfax Neighborhoods Since 2000




Fairfax, VA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Fairfax Housing Market Information

With a population of 24,013, 8,467 total housing units (homes and apartments), and a median house value of $557,738, Fairfax house prices are not only among the most expensive in Virginia, Fairfax real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Fairfax, accounting for 53.17% of the city's housing units. Other types of housing that are prevalent in Fairfax include large apartment complexes or high rise apartments ( 24.90%), row houses and other attached homes ( 20.96%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fairfax. Owner-occupied housing accounts for 68.27% of Fairfax's homes, and 63.76% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Fairfax's housing was primarily built during this period, from the '40s through the '60s. A full 57.54% of the city's housing hails from this era. Other housing ages represented in Fairfax include homes built between 1970-1999 ( 30.25%) and housing constructed between 2000 and later ( 10.69%). There's also some housing in Fairfax built before 1939 ( 1.51%).

Fairfax Home Appreciation Rates

Real estate appreciation rates in Fairfax's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.06% during the period.

Over the last year, Fairfax appreciation rates have trailed the rest of the nation. In the last twelve months, Fairfax's appreciation rate has been 1.22%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fairfax were at -0.17%, which equates to an annual appreciation rate of -0.70%.

Relative to Virginia, our data show that Fairfax's latest annual appreciation rate is lower than 50% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fairfax differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fairfax - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Fairfax real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$557,738

Fairfax, VA HOME PRICES

Value Range
> $1,108,000 2.7
$831,001 - $1,108,000 7.7
$554,001 - $831,000 29.9
$443,001 - $554,000 27.2
$333,001 - $443,000 17.6
$222,001 - $333,000 7.6
$111,001 - $222,000 6.3
$56,001 - $111,000 0.6
$0 - $56,000 0.4

Very High for VA
Very High for Nation

Value Relative to Nation Value Relative to State
4.58806984647838 4.15512465373961

Number Of Homes And Apartments:
8,467

Fairfax Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
116.85% 4.59% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,152 / per month

Homeownership Rate

Homeownership
Owners 68.27
Renters 31.73
Vacant 3.56

Housing Market Details

 

Age of Homes

AGE OF Fairfax HOMES
2000 or Newer 10.7
1970 - 1999 30.3
1940 - 1969 57.5
1939 or Older 1.5

Types of Homes

TYPE OF Fairfax HOMES
Single-Family 53.2
Townhomes 21.0
Small Apt. Buildings 1.0
Apt. Complexes 24.9
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Fairfax HOMES
No Bedroom 1.15
1 Bedroom 8.03
2 Bedrooms 17.44
3 Bedrooms 35.03
4 Bedrooms 28.72
5 or more bedrooms 9.62