Continuing on the 'underdog' theme currently polarizing the national sports landscape, a more local underdog came up big during the final tabulations for Northern Virginia Real Estate statistics in 2017. The City of Fairfax, Virginia witnessed the strongest year over year total Sold Dollar Volume (SDV) increase with gains clocking in at an amazing 48.08%. What is more astonishing could be how great it outpaced the surrounding suburban communities in other statistical categories. When directly compared to its neighbors (Fairfax County, Loudoun County, Prince William County, Arlington County and City of Alexandria) the City of Fairfax experienced a 7.16% increase in Average Sold Price (ASP) which also ranked first out of previously mentioned areas. Average Sold Price was $527,169. Total sold was 456 units which is an 38.18% increase over the previous year.
For 2017, the remaining areas ranked as follows: City of Alexnadria 10.42% increase in Sold Dollar Volume (SDV); Arlington County 9.11% increase (SDV); Prince William County 7.82% increase (SDV); Fairfax County 6.64% increase (SDV) and finally, Loudoun County 5.54% increase (SDV). Arlington County had the highest Average Sold Price of $657,341 and Fairfax County had the most closed sales with 16,109 units.
The City of Fairfax is currently witnessing a rebirth of sorts with several new planned Mixed-Use development projects on the drafting table and a renewed focused for smarter growth with a maximization of existing open space. One long standing complaint has been the limited access points to the overall Metropolitan transportation infrastructure. The community does need to give greater attention towards it's existing public transportation system and alleviating local traffic. The closet Metro Station (Vienna/GMU - Orange Line) lies just outside its borders. Maybe the City will decide to go for goal on fourth down and add a light rail line or expand their bus service in the near future to maintain it's ever changing landscape.
Data Source: MRIS. Statistics provided via MarketStats. Data was compiled on 1/4/2018.