The Fairfax property market in the state of Virginia has been noted for a number of negative indicators in comparison with previous years, and as a whole has been seen by real estate professionals and observers as having gone through a period in decline with the connection with the overall challenges facing real estate markets in Virginia and in the country as a whole.
In this regard, various negative pieces of data were collected from the 2010 period in Fairfax property transactions showing a fall both in the overall value of land in this area of the state as well as in terms of the volume of sales being successfully made by realtors and present homeowners.
On average, a piece of residential Fairfax property in the 2010 period for real estate transactions was found to cost $520,274, in terms of the price being listed by realtors in this market. This price estimation represents a 1.8% gain from the previous, 2009-listed average price for Fairfax, VA homes. The median price now being asked for residential Fairfax property purchases stands at $301,500, according to data collected during summer 2010.
This represents a decline at a rate of almost 1/4 from the price which could be asked of residential Fairfax property during 2009. In terms of square footage, Fairfax property is valued at an average price of $242, which again has lessened from the last year, this time at a rate of 5.1%.