Fairfax, VA Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Fairfax, VA Housing Market Trends

With 24,019 people, 8,577 houses or apartments, and a median cost of homes of $658,280, 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 55.21% of the city's housing units. Other types of housing that are prevalent in Fairfax include large apartment complexes or high rise apartments ( 23.73%), row houses and other attached homes ( 18.90%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.17%).

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 68.12% of Fairfax's homes, and 60.32% 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 53.52% of the city's housing hails from this era. Other housing ages represented in Fairfax include homes built between 1970-1999 ( 32.17%) and housing constructed between 2000 and later ( 13.12%). There's also some housing in Fairfax built before 1939 ( 1.19%).

Fairfax Home Appreciation Rates

Appreciation rates for homes in Fairfax have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 46.93%, which ranks in the top 50% nationwide. This equates to an annual average Fairfax house appreciation rate of 3.92%.

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 7.47%, 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 2.60%, which equates to an annual appreciation rate of 10.82%.

Relative to Virginia, our data show that Fairfax's latest annual appreciation rate is lower than 80% 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:
$658,280

Fairfax, VA HOME PRICES

> $1,191,000
1.8%
1.8%
$893,001 - $1,191,000
13.8%
13.8%
$596,001 - $893,000
43.0%
43.0%
$476,001 - $596,000
25.7%
25.7%
$357,001 - $476,000
7.5%
7.5%
$238,001 - $357,000
4.5%
4.5%
$119,001 - $238,000
2.6%
2.6%
$59,001 - $119,000
0.6%
0.6%
$0 - $59,000
0.7%
0.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for VA

Value Relative To Nation

Number Of Homes And Apartments:
8,577

Fairfax Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
162.96% 4.60%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,680 / per month

Homeownership Rate

Owners
68.1%
68.1%
Renters
31.9%
31.9%
Vacant
4.3%
4.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.1%
13.1%
1970 - 1999
32.2%
32.2%
1940 - 1969
53.5%
53.5%
1939 or Older
1.2%
1.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
55.2%
55.2%
Townhomes
18.9%
18.9%
Small Apt. Buildings
2.2%
2.2%
Apt. Complexes
23.7%
23.7%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.4%
1.4%
1 Bedroom
7.5%
7.5%
2 Bedrooms
18.9%
18.9%
3 Bedrooms
32.3%
32.3%
4 Bedrooms
28.0%
28.0%
5 or more bedrooms
11.8%
11.8%
0.0% 100.0%
% OF HOMES