Real Estate Trends in Fairfax, Virginia: What's New in 2024?

Real Estate Trends in Fairfax, Virginia: What's New in 2024?

Fairfax is a beautiful and historic destination to visit, but it's an even better place to call home. From scenic hillscapes and outdoor activities galore to thriving arts and entertainment centers, Fairfax, VA has it all.

With the latest Fairfax real estate trends, there has never been a better time to buy or sell a home. Investors, homeowners, and homebuyers can look forward to falling mortgage rates and rising home values, especially in the suburbs.

Are you interested in moving to Fairfax? Are you an investor or homeowner looking to make a profit on your property? If so, keep reading this guide to learn why now is the time to do it.

Interest Rates Are on the Decline

Interest rates on mortgages are falling. In February, the average rate on a 30-year mortgage fell below 7.3%. Now, experts are estimating that rates should decline to sub-seven percent by the end of 2024.

The National Association of Realtors modestly projects that mortgage rates will hit 6.3% by December 2024. Meanwhile, Bankrate and Fannie Mae predict that interest rates could fall below six percent by year-end.

Declining interest rates are good news for investors and homeowners looking to sell or buy a home in Fairfax. The cost to borrow will be lower, meaning a higher pool of prospective buyers and more affordable home rates.

Buyers Are Looking in Distant Suburbs

Demand among low- to middle-income buyers has reached a climax in Fairfax. At the same time, the supply of affordable homes is dwindling. Many prospective buyers are looking in more affordable suburbs as a result.

The most popular Fairfax suburbs for real estate investing are in Prince William, Loudoun, and Stafford counties. But make sure you act fast before the housing supply starts to dwindle in these areas, too.

Migration to distant Fairfax suburbs is not only occurring because of uneven supply and demand. Many people are looking for a more laid-back lifestyle now that remote work has taken root in Virginia's job economy.

Homes Are Appreciating Fast

The tight real estate market in Fairfax, combined with dropping mortgage rates, is good news for investors and homeowners. Home values and prices are on the rise, making this the perfect time to sell.

Townhomes, in particular, are packing in more of a profit punch in the Fairfax area. Duplexes and small multiunit buildings are also appreciating, though new zoning changes in the area mean new construction units are on the way.

The only mitigating factor here is rising property taxes. As home values continue to increase, the cost of owning them will, too. Make sure you carefully balance this factor with the potential for profits before investing in the market.

Take Advantage of These Real Estate Trends

These Fairfax, Virginia real estate trends make it the perfect time to sell a home. But you better act fast because they also mean local real estate may soon swing into a buyer's market.

Need a property manager to take care of your Fairfax, VA investment portfolio? PMI of Fairfax offers a comprehensive suite of services in Fairfax and surrounding areas. Contact us today to learn more!