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Home Values Still Declining

Recent reports show that the real estate market continued its decline in the 3rd quarter making it the 17th consecutive quarter for falling home values.  Home values are 25% below the peak of the market in June of 2006. An interesting fact shows that during the Great Depression, home values fell 25.9% in 5 years.

Around 23.2% of the single family home owners with mortgages were underwater in the 3rd quarter which was up from 22.5% in the 2nd quarter.  Times are getting tough and we’re starting to see more and more homes being foreclosed on.  11 markets had negative equity above 50% and the leading market was Las Vegas with 80.2%.

I’ll give you my honest opinion about homeowners that are underwater.  I know for a fact that they’re losing sleep every night thinking about one of the biggest investments that they purchased going awry.  I have friends that are in this predicament.  It has to be very hard to not just throw in the towel and start over.  The market is not picking up anytime soon and the worst part about it is the home values will probably never reach what they were in 2005-2006.  Can you really blame people walking away from their homes?  I know I don’t judge anyone because it’s devastating.

Here’s a chart of the median sales price in Fairfax, VA in the past 5 years

Fairfax median sales prices

Homes for sale in Fairfax, VA

  1. 4 beds, 3 baths
    Home size: 2,150 sq ft
    Lot size: 10,850 sqft
    Year built: 1964
    Days on market: 1
  2. 4 beds, 4 baths
    Home size: 2,622 sq ft
    Lot size: 10,206 sqft
    Year built: 1980
    Days on market: 1
  3. 4 beds, 4 baths
    Lot size: 11,656 sqft
    Year built: 1985
    Days on market: 2
  4. 4 beds, 2 baths
    Home size: 2,340 sq ft
    Lot size: 10,534 sqft
    Year built: 1957
    Days on market: 6
  5. 4 beds, 4 baths
    Home size: 3,398 sq ft
    Lot size: 8,399 sqft
    Year built: 1975
    Days on market: 6
  6. 4 beds, 3 baths
    Home size: 2,783 sq ft
    Lot size: 10,985 sqft
    Year built: 1972
    Days on market: 6
  7. 5 beds, 4 baths
    Home size: 3,707 sq ft
    Lot size: 23,640 sqft
    Year built: 1981
    Days on market: 8
  8. 4 beds, 3 baths
    Home size: 2,610 sq ft
    Lot size: 27,357 sqft
    Year built: 1960
    Days on market: 8
  9. 4 beds, 3 baths
    Home size: 2,350 sq ft
    Lot size: 10,771 sqft
    Year built: 1973
    Days on market: 8
  10. 5 beds, 3 baths
    Lot size: 10,792 sqft
    Year built: 1964
    Days on market: 8
  11. 4 beds, 4 baths
    Home size: 3,613 sq ft
    Lot size: 5,975 sqft
    Year built: 1998
    Days on market: 9
  12. 3 beds, 2 baths
    Home size: 1,290 sq ft
    Lot size: 10,209 sqft
    Year built: 1977
    Days on market: 10
  13. 4 beds, 3 baths
    Home size: 3,441 sq ft
    Lot size: 20,000 sqft
    Year built: 1963
    Days on market: 13
  14. 5 beds, 7 baths
    Home size: 7,000 sq ft
    Lot size: 5.00 ac
    Year built: 2017
    Days on market: 13
  15. 4 beds, 4 baths
    Lot size: 11,439 sqft
    Year built: 1953
    Days on market: 13
  16. 4 beds, 3 baths
    Lot size: 15,503 sqft
    Year built: 1961
    Days on market: 13
  17. 4 beds, 4 baths
    Home size: 3,354 sq ft
    Lot size: 10,784 sqft
    Year built: 1985
    Days on market: 14
  18. 4 beds, 3 baths
    Home size: 1,830 sq ft
    Lot size: 11,382 sqft
    Year built: 1971
    Days on market: 15
  19. 4 beds, 3 baths
    Home size: 3,117 sq ft
    Lot size: 16,199 sqft
    Year built: 1976
    Days on market: 15
  20. 5 beds, 6 baths
    Lot size: 26,614 sqft
    Year built: 1955
    Days on market: 18
  21. 4 beds, 3 baths
    Home size: 1,886 sq ft
    Lot size: 12,250 sqft
    Year built: 1964
    Days on market: 19
  22. 4 beds, 3 baths
    Home size: 3,159 sq ft
    Lot size: 10,392 sqft
    Year built: 1977
    Days on market: 20
  23. 5 beds, 8 baths
    Home size: 7,326 sq ft
    Lot size: 14,678 sqft
    Year built: 2006
    Days on market: 20
  24. 4 beds, 3 baths
    Home size: 2,290 sq ft
    Lot size: 10,530 sqft
    Year built: 1966
    Days on market: 24
  25. 5 beds, 5 baths
    Home size: 5,923 sq ft
    Lot size: 39,631 sqft
    Year built: 1962
    Days on market: 24

See all Real Estate for Sale in the city of Fairfax.
(all data current as of 11/23/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.


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