(In an occurring post column, we examine a top performing community in the Washington, D.C. Metropolitan Region)
Falls Church, VA
Population 14,014 (2016)
The City of Falls Church continues to experience strong real estate growth and appreciation across the Metro Region. For 2017, the community had a Median Sales Price of $745,000, an increase of 5.23% from the previous year. There were 221 total closed sales (+21%) and Days on Market was 37 (unch). Total Sold Dollar Value for 2017 was $171,010,218 - up 21.39% year over year.
However, what is most surprising is the significant lack of active Inventory currently on the market. As of this posting, there are only 17 'active' listings on the Multiple Listing Service (MLS) with 10 listings 'under contract' or pending sale. The average sales price for the active listings is $1,030,594 with the lowest listing priced at $295,000 and the highest listing priced at $1,728,000.
Over the past five years, when compared to the surrounding areas, we see the following graph in terms of Median Sales Price :
When measured against Fairfax County, Arlington County and the City of Alexandria, the City of Falls Church has consistently outpaced it's local neighbors. In fact, we can demonstrate the margin being 25-30% at almost every data point.
How will the City of Falls Church rank as we move through the upcoming Spring market? Based on available statistics, the community should remain quite desirable and maintain the high level of Demand amongst prospective Buyers. It will indeed be worth watching for the remainder of 2018.
MarketStats Chart -
City of Falls Church, VA
http://184.106.219.108/report/mls/1/drp?action=pdf&uid=142290795710503&sid=28177d9e-5730-f24f-bdb6-54cfd9429c54&agg_type=YEARLY&f_id=1000&loc_type=4&loc_id=51610&time_period=2017
(MarketStats & MLS data compiled on February 15, 2018)