What Is The Average Home Price In Fairfax City VA?
Recognized by Forbes as being one of the best places to live in the USA, Fairfax is a city nestled in the suburban expanse of Washington, DC metro region. Fairfax is an independent city and it is part of the Washington metropolitan area, but it was designated by the Fairfax County as the county seat. Here you can find an attractive mix of properties such as office, retail, residential and commercial.
The city of Fairfax is about 20 minutes away from Washington, DC. Its vibrant neighborhoods, award-winning schools and parks, diversity and excellent quality of life places this city amongst the most expensive cities to live in. But if you consider moving to this area make sure you contact one of our top real estate agents in Fairfax VA to help you find the best properties for the right price.
Are homes expensive in Fairfax?
It is estimated that since 1999 the median home sale price in Northern Virginia has appreciated by 140 percent. Since Fairfax is located in this region, the appreciation affected this city as well. It is estimated that the average cost of living in Fairfax is about 40% higher than the average of Virginia and 50% higher than the national average.
Daily goods and services, as well as housing, have the highest price index. Housing prices are high in this area and the median home value, according to a major listing website, stands at $570,000. Home prices increased in the past year with almost 5% and they tend to increase more in the following year. Median rent prices are around $2,400 which is higher than the average $2,200 of the Washington metropolitan area.
Because Fairfax is a seller’s market, which means there are more buyers than active homes listed for sale, home prices tend to increase. The median list price per square foot in Fairfax is around $310, which is higher than the metropolitan average of $237.
Is it expensive to live in Fairfax?
Fairfax city is amongst the most expensive places to live in and you need to have a good monthly income to keep up with the costs of living. A family budget calculator estimated that a family of two adults and two children, in Fairfax city, would need to earn about $110,000 per year to live comfortably.
Fairfax is a small city situated in a world-class metropolitan area, which makes it a desirable place to live not just for its spot in this important metropolitan area but also for its beauty. Fairfax is renowned around the USA for its award-winning parks and schools which also contributes to the high cost of living. Also, the events that take place in Fairfax are well known. With the best parades and colorful fireworks, these events attract thousands of tourists and this also contributes to the economic prosperity of the area.
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