Hello and welcome to today’s blog post, where we’ll be discussing the ins and outs of home buying in the competitive market of Northern Virginia, with a particular focus on Fairfax County. My name is Abraham Walker and I am a real estate agent with Keller Williams Realty, dedicated to helping you find your perfect home.
Fairfax County, which accounts for 40% of all transactions in Northern Virginia, has been experiencing a very active and competitive market. The majority of homebuyers are moving to the northern part of the region, with Reston and Herndon being particularly popular.
February 2023 Fairfax County Top Sales By Price
Let's look at the top real estate transactions in Fairfax County by sales price in February 2023.| # | Address | Beds | SqFt | DOM | SP | SP/LP Ratio |
|---|---|---|---|---|---|---|
| 1 | 524 Innsbruck Ave | 6 | 13232 | 195 | $7,100,000 | 94.7% |
| 2 | 9133 Old Courthouse Rd | 6 | 15275 | 251 | $5,900,000 | 87.4% |
| 3 | 2128 Polo Pointe Dr | 8 | 8429 | 0 | $4,238,472 | 100.% |
| 4 | 1431 Highwood Drive | 7 | 8345 | 15 | $3,715,000 | 100.5% |
| 5 | 2035 Hunter Mill Rd | 5 | 10060 | 40 | $3,300,000 | 92.2% |
| 6 | 8000 Old Falls Rd | 5 | 6797 | 107 | $3,050,000 | 101.7% |
| 7 | 10698 Bright Willow Ln | 4 | 5671 | 126 | $3,027,057 | 149.2% |
| 8 | 318 Owaissa Rd SE | 8 | 8529 | 81 | $2,905,000 | 100.2% |
| 9 | 6935 Espey Ln | 6 | 7829 | 73 | $2,800,000 | 100.% |
| 10 | 1120 Cedar Dale Ln | 6 | 7286 | 4 | $2,695,000 | 100.% |
In February 2023, the average sales price in Fairfax County was $715,000, with single-family homes averaging $979,000, townhouses at $601,000, and condos at $371,000. The market is still seeing properties sell over the asking price, with the average over-asking price being $26,833. This means that homebuyers should be prepared to offer more than the list price in competitive situations.
To help navigate this challenging market, I recommend scheduling a virtual consultation via Zoom, where I can walk you through the home buying process and answer any questions you may have. You can schedule this consultation by filling out the Perfect Home Questionnaire at https://askaw.us/m/link-in-bio.
When searching for a home in Fairfax County, it’s crucial to be prepared for a competitive environment. Some tips for buyers include getting pre-approved, viewing properties as soon as they hit the market, and being ready to pay over the asking price for top-tier properties.
For sellers, it’s essential to prepare for a quick sale, declutter and depersonalize your home, and consider light staging. It’s also a good idea to request a rent-back if needed and ensure that your listing agent is communicating with the buyer’s agent and lender before accepting any offers.
In conclusion, the Northern Virginia housing market, particularly in Fairfax County, remains competitive. By working with a knowledgeable and experienced real estate agent like myself, you can navigate this market with confidence and find the perfect home for you and your family. Don’t hesitate to reach out and schedule your virtual consultation today!
Remember, I am Abraham Walker from Keller Williams Realty, and I am here to help you find your dream home in Northern Virginia. Schedule your virtual consultation now, and let’s get started on your home-buying journey!
