Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Fairfax County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $619,611 | $257,048 | $242,182 |
| Price Trend (Annual %) | 3.8% | 4.1% | 8.2% |
| Median Gross Rent | $2,229 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fairfax County is about 141% higher than in Virginia. Rent is about 47% higher than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Fairfax County, up about 3.8% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Fairfax County rose about 27.6% between 2015 and 2023, from $1,747 to $2,229. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Fairfax County.
Buying the median-priced home in Fairfax County 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 Fairfax County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Fairfax County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $619,611 | $257,048 | $242,182 |
| Median Household Income | $150,104 | $91,409 | $78,145 |
| Price-to-Income Ratio | 4.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fairfax County rose about 40.2%, while median household income rose about 43.5% between 2009 and 2023 — 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 | Fairfax County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.8% | 61.1% | 58.2% |
| Rental Rate | 30.5% | 29.9% | 31.3% |
| Vacancy Rate | 3.7% | 9.0% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Fairfax County has a homeownership rate of 65.8%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 3.7%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Fairfax County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.75 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1980 | 1981 | 1978 |
| Median Number of Rooms | 6.5 | 6.0 | 5.5 |
The typical housing unit in Fairfax County was built around 1980. On average, 2.7 people live in a home with about 6.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fairfax County, Virginia.
What is the median home price in Fairfax County, Virginia?
The median home price in Fairfax County, Virginia is $619,611, higher than the Virginia average of $257,048.
What is the average home price in Fairfax County, Virginia?
The typical home price in %s, reported as the median sale price, is %s. 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 Fairfax County, Virginia?
The median gross rent in Fairfax County, Virginia is $2,229 per month, higher than the Virginia average of $1,514.
What was the median gross rent in Fairfax County in 2020?
In 2020, the median gross rent in Fairfax County, Virginia was $1,898 per month.
What is the price-to-rent ratio in Fairfax County, Virginia?
The price-to-rent ratio in Fairfax County, 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 Fairfax County.
Are home prices or rent rising faster in Fairfax County, Virginia?
Both home prices and rent are rising in Fairfax County, up about 3.8% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fairfax County, Virginia?
65.8% of households in Fairfax County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Fairfax County, Virginia?
The housing vacancy rate in Fairfax County, Virginia is 3.7%, lower than the Virginia average of 9.0%.