Fair Oaks, Virginia Housing Market Prices
Fair Oaks Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 147% above the Virginia median$632,092
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Median rent 44% above the Virginia median$2,270
Housing Market Overview
| Metric | Fair Oaks | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $632,092 | $256,082 | $248,835 |
| Price Trend (Annual %) | 0.4% | 3.5% | 7.5% |
| Median Gross Rent | $2,270 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 2.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fair Oaks is about 147% higher than in Virginia. Rent is about 44% higher than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Fair Oaks, up about 0.4% and 2.6% a year respectively. Rent is changing faster.
Median rent in Fair Oaks rose about 25.5% between 2015 and 2024, from $1,809 to $2,270. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 5.1 yearly household incomes in Fair Oaks.
Buying the median-priced home in Fair Oaks costs roughly 23.2 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fair Oaks. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Fair Oaks | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $632,092 | $256,082 | $248,835 |
| Median Household Income | $124,434 | $93,527 | $80,455 |
| Price-to-Income Ratio | 5.1 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Fair Oaks fell about 38.5%, while median household income rose about 17.5% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Fair Oaks | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.3% | 61.5% | 58.5% |
| Rental Rate | 54.1% | 29.8% | 31.2% |
| Vacancy Rate | 4.6% | 8.7% | 10.2% |
| Median Tenure (years) | 9.0 | 15.0 | 15.0 |
| Median Year Moved In | 2017 | 2011 | 2011 |
Fair Oaks has a homeownership rate of 41.3%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 4.6%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Fair Oaks | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1998 | 1982 | 1978 |
| Median Number of Rooms | 4.4 | 6.0 | 5.5 |
The typical housing unit in Fair Oaks was built around 1998. On average, 2.3 people live in a home with about 4.4 rooms, staying for about 9.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fair Oaks, Virginia.
What is the median home price in Fair Oaks, Virginia?
The median home price in Fair Oaks, Virginia is $632,092, higher than the Virginia average of $256,082.
What is the average home price in Fair Oaks, Virginia?
The typical home price in Fair Oaks, Virginia, reported as the median sale price, is $632,092. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Fair Oaks, Virginia?
The median gross rent in Fair Oaks, Virginia is $2,270 per month, higher than the Virginia average of $1,579.
What was the median gross rent in Fair Oaks in 2020?
In 2020, the median gross rent in Fair Oaks, Virginia was $1,944 per month.
What is the price-to-rent ratio in Fair Oaks, Virginia?
The price-to-rent ratio in Fair Oaks, Virginia is about 23.2, meaning it would take roughly 23.2 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fair Oaks.
Are home prices or rent rising faster in Fair Oaks, Virginia?
Both home prices and rent are rising in Fair Oaks, up about 0.4% and 2.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Fair Oaks, Virginia?
41.3% of households in Fair Oaks, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Fair Oaks, Virginia?
The housing vacancy rate in Fair Oaks, Virginia is 4.6%, lower than the Virginia average of 8.7%.
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