Just over 20,000 people live in Fairfax. Despite the low population, it's a booming market for any real estate investor. But what do you need to know about the market in this area?
We've got you covered.
Read on to learn what you need to know about the real estate market in Fairfax, Virginia.
Fairfax is often considered a desirable location due to its proximity to Washington, D.C. Fairfax County is also home to George Mason University, so students flock to the area.
The region offers employment opportunities in multiple sectors, including government, technology, healthcare, education, and more. Many professionals and families are drawn to Fairfax for its job prospects.
Fairfax County is known for its top-rated schools and educational institutions, attracting families seeking quality education for their children. The robust school system is a significant driver of housing demand.
House prices in Fairfax, Virginia, have historically been higher than the national average, reflecting the demand for housing in the area.
Different neighborhoods within Fairfax can have varying home prices based on their proximity to amenities, schools, transportation, safety, and overall desirability.
The more popular the neighborhood, the more in-demand housing is - both for buyers and renters. If you're looking to invest, you'll want to ensure you choose the right neighborhoods.
You can even look at investing in neighboring cities. The high prices in Fairfax are pricing many people out. They could be looking for more affordable rentals in places like Vienna.
Or look to invest in student housing.
Picking up property near George Mason University will be worth the money, but you'll have a high turnover rate. If you're tired of filling vacancies, a good property management company can ensure you always have responsible tenants.
Inventory is another major issue when it comes to real estate trends in Fairfax. There are just not enough homes for all possible home buyers and real estate investors.
The level of new construction and real estate development in Fairfax can significantly impact housing inventory. New developments add to the available inventory, potentially meeting demand and affecting market dynamics.
Diverse housing options help expand housing availability in Fairfax. If you want to invest in a rental property, you can look at townhouses, apartment buildings, condo developments, and more.
Interest Rate Hikes
Mortgage rates in Virginia are relatively high. They're currently around 7 percent for a fixed 30-year mortgage and almost 7 percent for a fixed 15-year mortgage. These high rates can make it difficult for first-time home buyers to break into the market.
But that does make it a more favorable market for real estate investors since there will be a higher demand for rentals.
Real Estate Market in Fairfax, Virginia: Now You Know
There's a lot going on in Fairfax's real estate market. Now that you know the lay of the land, you'll be able to figure out how to invest.
Do you need more advice? Do you want help managing your properties? Contact PMI of Fairfax today.